The European stock exchanges have risen sharply since the opening the outcome, in line with forecasts, of the American vote. The optimism is supported by the good performance of German industrial production in September, which grew by 0,2% on a monthly basis, better than expected, which envisaged an unchanged trend. This reassures the state of health of the euro area. Milan is among the liveliest stock exchanges: at 13 pm the index rose by 1,6% over 19.500, better with Paris and Frankfurt, both up by 0,9%. Madrid is doing even better (+1,8%), London is also doing well +1,1%.
The euro gained ground against the dollar, returning above the threshold of 1,145 to 1,1453. The outcome of the midterm elections, according to most analysts, will trigger a drop in real rates and in the quotations of the dollar, "given that the probability of a further tax cut will decrease", explained the experts of Ing. The weakness of the US currency benefits emerging currencies: the yuan rises but also the Mexican peso and the ruble.
The BTP recovers positions while the risk of a political crisis is receding: the 7-year yield drops by 3,32 basis points to 3,39%, from 288% yesterday. Spreads at XNUMX.
The price of oil continues to slow down: this morning it traded at 72 dollars a barrel, 14 dollars less than the highs for the period reached in October. The drop in prices is accompanied by a rebound in oil refining margins in the Mediterranean area, which fell significantly during the summer. Saras + 1,16%. Eni + 2,28%. Saipem stretches +2,06%.
The stocks of the main basket are all in positive territory. After a bad start it also adjusted Ubi +0,2%. The institution closed the third quarter with 1,6 million euros of profit, also following the extraordinary charges and losses generated by the transfer of non-performing loans. The interest margin decreased slightly to 452 million. Bper + 1,8 %
Avanza Unicredit +1,17% on the eve of the quarterly.
The rally continues Understanding + 2,57 % after the accounts: according to Mediobanca Securities it is "a happy bank in an unhappy context". Bank of America Merrill Lynch confirms the Buy rating and a target of 3 euros and keeps the stock on the conviction buy list.
Also Campari +3,31% advances in the wake of analysts' judgment on the accounts announced yesterday: the target price of Jefferies rises (to 7 euros from 6,70), Rbc (to 6,60 euros from 5,70) and Bofa Merril Lynch ( to 7,50 euros from 6,20). In great dust Post (+ 3,25%)
Telecom Italy +0,60% on the eve of the accounts. The subsidiary Tim Brasil closed the third quarter with revenues in line with expectations and an EBITDA up by 9,8%.
Among the quarterly, the following stand out:
- Enel +1,7% which closed the first nine months with ordinary income of 2,88 billion, up from 2,583 billion in the same period of 2017. In the third quarter, Ebitda rose by 13% year on year to 4,27 billion euros, net of non-recurring items, the growth is 4%. Confirms the targets for gross margin and net income, but announces the upward revision of the estimated net debt expected at the end of the year. The company presents the industrial plan on November 20th.Snam Rete Gas +1,96%. In the third quarter, Ebit stood at 361 million euros, slightly better than expected. The industrial plan to 2022 it envisages investments of 5,7 billion euros, half a billion more than the old plan, above expectations. The company expects to pay a better-than-expected dividend of €0,226 next year.
Among the industrialists it advances Pirelli +2,9%: The Milan Court of Appeal has Marco Tronchetti Provera acquitted from the Kroll affair because the fact does not constitute a crime. Up about 2,3%. Cnh Industrial pending accounts, as well as Brembo +0,2%. They also go up Leonardo +1,9% and Fiat Chrysler + 2,4%.
Also noteworthy is the leap of Falck Renewables +6,8% and by Tiscali +17,91%. Fastweb is studying a raise by offering a higher price (30-40 million euros) and more hires (in addition to the 34 already agreed, another ten) to implement the 150 million agreement concluded in the summer.
