European stock exchanges contrasted with volumes in contraction in the morning while waiting for the indications coming from the Fed, from the duty game and the next European appointments. TO Milano the index advanced by 0,1%, slightly better than Paris -0,04%. Frankfurt +0,33%. Almost flat London -0,06 to eve of the elections.
The decline in yields at the 12-month BOT auction has resumed. Against a demand of 8,983 billion euro, all the 6 billion euro offered were placed, with a consequent coverage ratio of 1,497. The issue price was 100,195 and provides for a gross yield of -0,191% from -0,135% in the previous auction. Btp purchases intensify, the 1,20-year yield drops to 1,23% from XNUMX% yesterday.
Modest movements on the foreign exchange market, where tonight's press conference from Fed Chairman Powell is expected. The yield on the 1,83-year Treasury Note rises to 0,31%. In Europe, yields in line with yesterday's, German Bund -XNUMX%.
Pound slightly down on the euro, 0,844, after the publication of a poll on tomorrow's elections: Boris Johnson's margin of advantage over Jeremy Corbyn has narrowed, nothing relevant as regards the formation of the government, but important as regards the process of detachment from the European Union, for which, as has been clearly seen in the past, a much larger than normal majority is needed.
This morning Saudi Aramco debuted on the Riyadh Stock Exchange: the stock, as expected, gained 10% to 35,2 riyals, equal to 9,40 dollars. The Wall Street Journal reports that there will be another stock placement next year, with listings, on one, perhaps two, stock exchanges in Asia.
The case exploded in Piazza Affari sapphire traded at 13 pm down by 21,6% after being suspended for a good part of the session (yesterday the share rose by 10%) due to the non-renewal of some licenses, such as Dior. During a press conference with journalists, CFO Gerd Graehsler explained that the company, which it will cut 700 jobs in Italy, will not distribute dividends for the next five years as it believes it can create more value by investing in the restructuring and revitalization of the company than by allocating resources to shareholders. Following this morning's news, Kepler-Cheuvreux has reduced the recommendation from Buy to Hold. As a result, the only purchase recommendation disappears.
Also declining Moncler -2,07%. This morning UBS cut its recommendation from Buy to Neutral, raising its target price from €40,0 to €42,0. Kering has put the acquisition project on hold, writes IlSole24Ore.
Slight progress for Unicredit +0,76% which received the promotion from Banca Akros.
Bpm bank +0,2%, will not fall below the Common Equity Tier 1 threshold of 9,505%, the minimum requirement has been set by the supervision of the ECB.
At the top of the index there is Pirelli +1,5%, best blue chip. Instead, it deflates Atlantia – 0,3%: Cassa Depositi e Prestiti denied having plans to enter the capital. S&P has put the holding company's rating under review, with negative implications.
Enel +0,67%%, Moody's assigned the Baa2 rating to the Spanish subsidiary Endesa, with a positive outlook.
Juventus -1,68%, tomorrow is the last trading day of the option rights. The climate in the sector is getting hotter. Abramovich reportedly received a billionaire offer from the United States for Chelsea.
Some improvements to note: Geox + 3%. Piaggio + 2% Fiera Milano + 2%.
Even better Rai Way +4% after the recent agreements with RAI.
Inwit +1,5%. The search for parties interested in acquiring up to 25% of the capital will start in the coming days. Tim and Vodafone, the two reference shareholders, will sell 12,5% each.
