European price lists are falling, also held back by the judicial storms in the auto sector. In Milan, the Ftse Mib index lost just over 0,4% below 21.300. Weak Paris e Frankfurt (-0,1%), flat Madrid. London + 0,2%.
Holds the dam of Fiat Chrysler, at 12, down 1,1%, around 9,40 euros, but clearly recovering on the prices recorded yesterday evening on Wall Street on the wave of the news of the infringement procedure initiated by the US Department of Justice and on this morning's opening (-3%).
Mediobanca's baseline scenario (outperform rating) foresees a total cost equal to 10% of the maximum potential fine (4,6 billion dollars), therefore 460 million plus the costs to solve the problem with updated software.
For Equita, the risk is the prolongation of the dispute over time (in the last conference call Sergio Marchionne said he expected it to be concluded by the end of the year). Furthermore, "until the issue is resolved, any M&A hypothesis recedes over time", add the broker's analysts. Banca Imi underlines that FCA's situation is very different from that of Volkswagen.
Down too Daimler (-2,3%) after its headquarters was raided yesterday as part of the investigation into the emissions scandal.
On the macro front, the increase in Germany of the consumer confidence index, which rose to 10,4, the highest since 2001.
However, it strengthens the dollar against the euro: cross at 1,117 from 1,125 yesterday. The market awaits the Fed's minutes tonight. This morning, the European Central Bank's chief economist, Peter Praet, said it was premature to talk about a return to inflation. This afternoon Mario Draghi speaks in Madrid.
Stable rates on the market for bond: the 10-year BTP is trading at 2,11% (unchanged since yesterday), the Bund at 0,40% (unchanged), spread at 170 basis points.
Petroleum up slightly: Brent is traded at 54,5 dollars/barrel, up by 0,6%. In the previous five sessions, all up, it gained 5%. The market expects positive news from tomorrow's OPEC meeting. They advance Shell e Bp (+ 0,2%), Eni falls by 0,6%. Saipem -0,9%.
It bounces Trevi (+1,3%) after a negative start under the pressure of the Mediobanca Securities report: the investment bank lowered the rating on the stock to underperform and the target price to 0,7 euro. The fears concern the debt which, with a decreasing EBITDA, could become unsustainable in the next few years. The spin-off or sale of the Oil&Gas divisions that absorb more capital remains the preferred solution.
The cut by Moody's rating of China (the first since Ten An Men) has a modest impact on the price list. It misses though Ferragamo (-4%). The Florentine house makes about 31% of its sales with Chinese customers, including direct sales in the territory of the People's Republic (14%), Chinese tourists in Macao and Hong Kong (7%) and Chinese tourists traveling in Europe and the USA. In an event organized by Kepler Cheuvreux yesterday, the management of the Florentine company met some investors and, according to rumors, they would have shown themselves to be particularly cautious on the profitability prospects (Gross margin) for 2017.
Financials are weak: the basket of banks falls by around 0,4%. Keep on running Bpm bank (+3,10%) continues to run, driven by rumors about the sale of a portfolio of NPLs worth around 750 million euros with underlying real estate, the offers should be around 250-300 million euros, therefore up to around 40% of the nominal value.
Out of the main basket, the performance of the Creval (+4,8%) in the wake of the possible arrival of an insurance partner.
Diasorin +0,5%: launched the new Liaison SHBG test for the diagnosis of disorders related to androgen hormones.
leap of sapphire (+ 4%). Technological investments (+2,1%) marks new all-time highs, after four consecutive upward sessions. The company is the leader in Italy in digital security and business information services.
