Diasorin, Moncler, Italgas and the banks keep Piazza Affari afloat, which closes slightly down, -0,13%, 19.328 points, a very negative session for the other European stock exchanges. Contributes to this result decline in the spread between the Italian and German benchmarks, which fell to its lowest since the beginning of October at 279.30 basis points (-2,92%), with the yield on 10-year BTPs narrowing to 3,07%. This is due to a certain degree of confidence in the agreement between Rome and Brussels on the budget law which avoids an infringement procedure, despite the fact that it remains difficult to square the circle between the government programme, expenditure and growth.
Today Fitch also cuts the estimates of Italy's GDPto 1,2% to 1% in 2018 and 1,2% to 1,1% in 2019 due to “domestic political uncertainty” and “global trade concerns”. A boost to the Italian economy could come from Cassa Depositi e Prestiti which, in the new industrial plan, puts on the plate "200 billion in three years to support businesses, infrastructures and the territory", over 110 billion should come from own resources and over 90 billions of additional resources from private investors and other territorial, national and supranational institutions. But the president of ACRI, Giuseppe Guzzetti, as representative of the shareholder banking foundations of the company, recalls: Cdp "must have a very clear compass, control of the economic and financial balance of investments".
The other European lists stop in sharp decline, on the day of extraordinary closure of Wall Street for i funeral of George Bush senior: Frankfurt -1,19%; Paris -1,36%; Madrid -0,57%; London -1,48%; Zurich -1,62%. A flight from equities continues following the crash in American stock exchanges yesterday, frozen by doubts about the trade agreements between the US and China and by the flattening of government bond yields.
Risk aversion continued into today Europe, despite rising Wall Street futures (the market remained open from 9,30 to 15,30 and will reopen from 18 to midnight, Italian time) and after the note of confidence from China on the meeting in Buenos Aires.
The euro-dollar exchange rate moved little, in the 1,134 area. Gold is stable, while oil proceeds slowly (Brent 62,19 dollars a barrel, +0,18%) on the eve of the Vienna meeting of the cartel of producing countries and their allies. Donald Trump's invitation not to proceed with production cuts hovers over the appointment. “Hopefully – writes the US president in a tweet – OPEC will keep the flows as they are, without restrictions. The world does not want to see, and does not need, higher oil prices!"
The oil stocks of Piazza Affari seem to fear not very encouraging scenarios and close in the red starting from Tenaris -1,89%. in the rest of the list the worst big cap is Buzzi -4,2%, followed by Stm -3,24%; Ferraris -1,88%; Prismian -2,18%. Fiat dropped 1,55%, also following the announcement of a possible agreement between Ford and Volkswagen which would strengthen the two competitors.
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The purchases reward Diasorin, +3,58%, in its second session on the Ftse Mib in place of Luxottica. Since the beginning of the year, the shares of the Piedmontese company have gained 4,9 percent. Based on analyst recommendations compiled by Bloomberg out of 11 reviews 3 are positive and 8 are neutral with an average 12-month target price of 87,03 euros.
Swing week for Moncler, which today rises by 2,01%. Among the banks, the best are Bper +1,86% and Ubi +1,75%. In asset management, Finecobank stands out +1,44%. Mediobanca made slight progress, +0,21%, on the day the big shareholders gave the green light to the consultation agreement which took the place of the shareholders' agreement. The agreement is for three years and Unicredit and all the other shareholders of the pact adhere to it, except obviously those who have given notice, namely Bollorè and Italmobiliare.
Among smaller capitalization companies, Trevi snaps by 16,61%, following the green light from the Board of Directors for Meil's offer on oil assets.
Juventus up, +8,74%, to be purchased according to Banca Imi and supported during the day by rumors that the Juventus club was in pole position to replace Diasorin among the four reserves in the main list. The other three are Amplifon, Hera and Interpump. The yellow is being resolved in these minutes by Borsa Italiana which should say the name of the replacement when the markets are closed.
