The stock markets of the Eurozone are starting to close the week on the rise, even if the gains, in line with Wall Street and the Chinese Stock Exchanges, are losing momentum. Piazza Affari marks progress around half a point, around 19 points. More limited gains for Frankfurt and Paris: London, affected by the resignations of ministers opposed to the Brexit agreement, rose by around 0,3%. The pound moved little.
"The uncertainties surrounding the medium-term outlook have increased." So, bluntly, Mario Draghi acknowledged this morning that the slowdown in the euro economy is deeper and is likely to last longer than expected. But the president of the European Central Bank nonetheless confirmed his intention to terminate the stimulus program at the end of the year and warned that "the lack of fiscal consolidation in countries with high public debt increases their vulnerability to shocks". And, without mentioning Italy, he added that "to protect households and businesses from rising rates, high-debt countries should not further increase their debt and respect the rules of the European Union."
Little moved it spread, at 306 points, the 3,48-year yield is 0,36%. The Bund trades at 0,35% (from 19%). From Monday 21 to Wednesday 5 (Thursday for institutional investors) the placement of the new Btp Italia reserved for savers will take place (the minimum denomination of one thousand euros). Unicredit expects funding between 8 and 7,7 billion against the 0,55 billion of the May offer. The coupon was then fixed at XNUMX%. Today, more than double the rate is expected.
In October inflation of the euro area has risen at the fastest pace for about six years, supported by energy prices. The bloc's final consumer price reading rose to 2,2% year-on-year last month after +2,1% in September and 2,0% in August. This is the largest increase since December 2012.
Il Petroleum dates back to the day after the jump in US strategic inventories, which rose by about 10 million barrels, the largest weekly variation for almost two years. Brent is up 1,5%, yesterday closing +0,7%. The data on inventories could give additional elements to those within OPEC who support the reasons for a production cut. Eni +0,6%. The state has no intention of reducing its quota, Matteo Salvini said yesterday. Saipem + 1% Tenaris +0,7%. On the Paris Stock Exchange the competing pipe manufacturer, Vallourec loses 20% after presenting lower-than-expected quarterly figures.
Little move Salini Impregilo (+0,4%) which yesterday launched a "preliminary and non-binding" expression of interest on Astaldi.
Among the various effects of Brexit, Mediobanca Securities identifies good news: the single European resolution authority will give banks more time to put the bonds issued under English law in order. Weak Unicredit e Intesa Sanpaolo (-0,2%). B for Bank -1,3%. Bper Leasing Sardaleasing completed a new leasing securitization transaction for a total value of 1,1 billion euro. New thud of Banca Carige (-5%).
In the rest of the list, sales continue on Prysmian (-2%).
Slight recovery Tim (+0,5%) awaiting indications on the head of the company that the company will have to choose on Sunday's Board of Directors.
In the automotive sector, good Ferrari (+ 1,3%) and Pirelli (+1%) even if Crédit Suisse lowered the target to 6.5 euros. Exor +0,2%. Kepler Cheuvreux cuts the target price to 65 euros.
In the rest of the list it stands out Fincantieri (+3%) which was awarded a contract worth over 200 million euros with Windstar Cruises.
