Piazza Affari slows down after two days of strong increases (+5% between Tuesday and yesterday). The index Ftse Eb it fell by 0,40% at around 16.400 in the middle of the day. The decline of the other Stock Exchanges was more marked: Paris -0,7%. Frankfurt -0,8% , Madrid -0,6%. TO London the heaviest drop: -1,14%.
The only positive sector is that ofOil & Gas, up 1,7%. Brent crude rose by 0,3% to 52 dollars a barrel. Yesterday it recorded a 9% jump. The flame of oil fuels expectations of a rise in inflation and therefore of the scenario of higher rates.
For the investment banks, the OPEC agreement is not enough to change the prospects of the oil market, as there is still skepticism about the effective implementation of the agreement. For Jefferies it is important to keep an eye on stocks and US moves. Equita sees Brent at 50/60 dollars in 2017.
On the Italian list, the most consistent increases concern Eni +1,9% (among the broker's favorites), Saipem + 0,4% Tenaris +1,8%. It goes down the other way Saras (-1%): higher oil prices risk squeezing refining margins.
On the other hand, sales continue on government bonds especially those with long maturities, more penalized by a rise in interest rates. The yield on the 0,30-year German Bund is back above 1%, the highest in the last six months. The thirty-year yield is close to 2%, it hasn't happened since May. The XNUMX-year BTP moves towards XNUMX%.
The dollar falls against the other majors Currenciesafter gains in the previous session following OPEC's decision to cut crude oil production and positive US data fueling expectations for an interest rate hike this month. The greenback against the euro dropped by 0,2% to 1,0615.
The most positive macro note comes from the manufacturing sector which achieved its best result since June in November. The monthly indicator elaborated by Markit and Adaci, which measures the confidence climate of category purchasing managers, passes from 52,2 in October to 50,9. Among the individual items of the general index, that relating to new orders improved to 53,2, also in this case the highest since June, after 50,4 in October.
Down Mount Paschi (-1,4%). The negotiations on the entry of the Qatari sovereign wealth fund into the Bank's capital are in their final stages. But first the shareholders of the Gulf (and various investment funds) await the outcome of the referendum. Unicredit -0,2%, Intesa Sanpaolo -0,5%, Banco Popolare -0,7%. The exception is Bper Banca (+3,5%).
Generali (+1,68%) moved up by 1,3% to 12,10 euros. This morning Exane Bnp Paribas promoted the rating to Neutral from Underperform, leaving the target unchanged at 11,70 euros. Utilities are down, conditioned by the expectation of a rate hike: Telecom Italia -0,4%, Enel -1%, Snam -3,3%, Terna -1,4%.
Among the industrialists, Ferrari -1,7%: China has set a new 10% tax on luxury cars. It applies to vehicles costing more than €177. "It aims to induce more rational consumption and support the purchase of cars that use less fuel," explained the Ministry of Finance.
Leonardo -0,3%: yesterday evening the European Union announced the creation of a 5 billion euro fund to finance investments in defence, with particular regard to the integration between the armies of the individual countries. Recordati -3%.
To be noted among the small caps rebounding by Italy Independent, already suspended due to excessive increases with a gain of 9,5% at a price of 3,30 euros. From the all-time low of 2,72 euros on the day of the arrest of Lapo Elkann, president and co-founder of the group, the stock has rebounded by 22%. The quotation returned close to the issue price of the new "option" shares reserved for the market issued at 3,40 euro each up to a maximum of 4,89 million euro.
