Solo Fiat Chrysler starts great the second week of January. The rest of Business Square is markedly down: the Ftse Mib index recorded a 1% drop in the middle of the day, just below 19.200. Paris, Frankfurt (Lufthansa loses 5%) and Madrid show declines of around half a percentage point. It's an exception London (+0,24%) to the tenth consecutive session of increase. The Italian unemployment rate recovered in November, reaching its highest level in about a year and a half.
Improve the sentiment of investors in the euro zone surveyed by Sentix: in January it reached a high since August 2015 on expectations that the election of Republican Donald Trump to the US presidency will support the economic recovery of the region.
The change euro/dollar is stable at 1,052. – After a weak start in the wake of the weakness of US Treasury bonds, the Italian secondary sector recovers ground: the spread narrows to 61 points, the 1,886-year bond yields XNUMX%.
After the markets are closed, the Treasury will release the details of Thursday's medium/long-term placements, completing the picture of the mid-month auction announcements. Unicredit hypothesizes the reopening of BTPs at 3, 7 and 20 years for a total amount of up to 7,5 billion.
The rating agency Standard and Poor's believes that the European Central Bank will not move away from its supportive monetary policy before 2018, despite signs of returning inflationary pressure.
Petroleum down: Brent fell by 1,5% to 56,2 dollars a barrel, after gaining 2,9% in the previous three sessions. Eni drops by 1,4%. Saipem -0,4%, Tenaris -0,7%.
Only the automotive sector shines. Volkswagen rose by 4,4% after reporting sales up by 2,8% in 2016, driven by expansion in particular on the Chinese market.
No less effervescent Fiat Chrysler (+1,8%) in anticipation of Sergio Marchionne's press meeting in Detroit. The stock exceeded 10 euros this morning for the first time since May 2015. The company announced yesterday that will invest a billion dollars in the relaunch of some production plants in Michigan and Ohio. Following the renovation, the new assembly lines will be able to produce a model now assembled in Saltillo, Mexico, thus adapting to the precepts of Donald Trump.
On positive ground too Brembo (+0,8%). This morning Mediobanca confirmed the Outperform recommendation, raising the target price to 69 euros from 59 euros. Estimates for the last part of 2016 are conservative. The broker expects revenue growth of 10,5%, above the company's guidance, and an EBITDA margin of 19%, above the company's target.
Among other industrial stocks, StM + 1,5%. Recordati it loses 1,8% and drops to 27,27 euros.
On the other hand, the banks are leading the declines: Unicredit loses 2,9% despite Jefferies' judgment which confirms the buy rating on the stock, raising the target price from 3 to 3,5 euros. Analysts believe that Gae Aulenti's strategic plan will allow the institution to rise to the top of the peninsula's banks. Understanding -1,7%. Thump of Bpm bank: -twenty%.
In sharp decline Italian post (-2,5%): the group has announced the repayment of the losses recorded by around 80 thousand customers on four real estate funds that closed in the red.
Among the utilities, Snam recorded a drop of 0,7% to 3,882 euros. At the end of the morning, the stock felt the effects of the downgrade by Exane which lowered the rating to Neutral from Outperform, cutting the target price to 4,2 euros from 4,7 euros.
Enel -0,1% Terna +0,1%: Jefferies raised the target price to 4,8 euros from 4,5 euros, confirmed the Buy opinion. They go down Mediaset (-2%) and Telecom Italia (-2%): Bernstein raised the target price to 1,1 euro from 1,05 euro, confirming the Outperform rating.
