Despite the denials, Bloomberg's indiscretion about a possible reduction in the purchases of securities by the ECB continues to have credit on the markets. After a negative start, the markets recorded a rebound thanks to the push of banks and insurance companies, potential beneficiaries of a rate hike. But the rally was short-lived: activity in Italy's services sector, judging by the services PMI, slowed its pace of growth in September. “The most recent data on the Italian economy outline a scenario of persistent weakness in the levels of economic activity”, confirms the monthly note from Istat.
At 12 the index Ftse Eb reports a drop of 0,16% just above 16.200 points. Losses between 0,7 and 0,8% for Frankfurt, Paris and Madrid. London, yesterday at its highest since spring 2015, falls back by half a point.
The market discounts the effect of the possible reduction of asset purchases by the ECB ahead of the expected deadline, on the Fed's "tapering" model. The yield on the 10-year BTP rose to 1,38% from 1,26% to its highest level since 26 June.
The yield of XNUMX-year bund rose to -0,05% from -0,9%. The hypothesis of a rise in interest rates is advantageous in the future banks and insurance companies which are the two best sectors this morning. The euro, which yesterday fell to 1,117 against the dollar, recovered to 1,121.
Positive ground in Milan for banks, insurance companies and oil companies.
Lead the way up Ubi +2,3% followed by Pop. Emilia +1,9%. Pop. Milan +0,4%, UniCredit +0,7%. Better Entente +1,3%.
Continue there instead Monte Paschi landslide -4,6% which marks a new all-time low. It was set for Friday 14 October a board of directors which will have to give an update on the progress of the business plan, a project that will be approved ten days later, ie on Monday 24 October. Consob extended the ban on short selling until 5 January 2017. in Frankfurt Deutsche Bank earn 0,3%. The Platow Brief newsletter wrote that the bank's public shareholders say they are confident they can reach an agreement by the end of October with the American authorities for 4/5 billion.
Good insurance: Generali+2%, UnipolSai+1,8%, Unipol +1,3%.
The prices of Petroleum they are on the rise after the release of API (American Petroleum Institute) data that indicate US crude stocks declining for the fifth week in a row. Brent rose by 1,3% to 51,56 dollars a barrel, Wti rose by 1,3% to 49,34 dollars. At Piazza Affari Eni advances by 0,8%: Deutsche Bank has raised its judgment to Buy from Hold, the target price is 15,25 euro. The group has signed a 20-year agreement with Mozambique's state-owned company ENH with BP for the sale of liquefied natural gas (LNG) from the South Coral field, an important step to start the project. Saipem +0,4%, Tenaris +0,7%.
The fear of a rise in the cost of money, on the other hand, weighs on the utility: Enel -1%, Acea -1,5%, Snam -1%.
Telecom Italy loses 1,8%. The French telecommunications group Sfr loses 5%, after the antitrust blocked the offer of competitor Altice.
Weak the Agnelli stable: Exor -0,6%: UBS raised its target price to 35 euros from 32 euros, confirming the Neutral rating. Fiat-Chrysler -0,6%.
