Luxury and industry, together with the rebound of oil, support the rebound of Business Square after yesterday's crash. The Ftse Mib index climbs above 19.400 (+0,2%), better than Frankfurt e Paris (just above parity), as well as of Madrid (-0,5% despite the brilliant growth in GDP: +3,3% in 2016). Instead, the rally continues London (+0,5%), up from 13 sessions.
The market for debt. The 1,898-year trades at 163%, spread stable at 793 basis points. In addition to Holland and Austria, active in the nominal segment, Germany also went to auction today in the indexed segment with the placement of 2026 million of a bond maturing in 7. The Treasury's offers begin tomorrow with an offer of 12 billion BOTs XNUMX months.
Il crude it stabilized after the heavy sell-off as the dollar decline triggered a series of re-coverings. Shortly after 12, Brent gained 0,55% to 55,24 dollars a barrel. The WTI rose by 0,60% to 52,27 dollars. Eni rises by 1,1%, Saipem -2%.
Industrial stocks were brilliant in the morning. At the top of the hit parade there is stm (+1,2%): Barclays has raised its target price to 9,3 euros from 8,5 euros, but the quotation has already well exceeded 10 euros.
Still on the rise Fiat Chrysler (+1%). Yesterday the CEO Sergio Marchionne said that by 2018 the group could make a big deal. Tomorrow the manager will participate in the meeting with analysts organized last year by Deutsche Bank.
They also go up Leonardo (+ 1%), Brembo (+ 1,3%) and Prysmian (+1,5%). But it's the day of luxury, thanks to the report in which Mediobanca Securities analyzes the effect of the patent box law on the sector.
The regulation introduces a system of subsidized taxation for revenues deriving from the direct use or licensing of intellectual property products for those companies that constantly work at an R&D level to exploit these resources. The benefit consists in the exclusion from the taxable amount of a percentage of the profit derived from the use of patents for a percentage of 30% in 2015, 40% in 2016 and 50% from 2017 onwards.
Favorite title is Ferragamo up 1,2%, supported by the promotion of Piazzetta Cuccia which raised the rating to Outperform from Neutral. Yoox + 1,3% Moncler +1%. He runs Brunello Cucinelli (+4,8%) after the good results announced yesterday.
The descent of the banks continues: Unicredit -2,4% Understanding -1% Bpm bank -2% and Ubi -1%. Among the insurance Generali + 0,9% Unipol -0,2%.
