CHINA RECOVERS, LUXURY STARTS AGAIN
FIAT IN POSITIVE SOIL (AFTER 5 REDUCTIONS)
European stocks are trying to stay on track with Chinese stocks, highlighted this morning. The Shanghai market +2% reacts positively to the increase in the Purchasing Managers index (purchasing managers), which rose to 50,2 in October from 49,8 in September, it is the first time that the index exceeds 50, the distinction between a phase of economic contraction and phase of expansion, in the last three months.
In the Old Continent the global Stoxx 600 index rises by 0,3%. London +0,43%, Paris ie Frankfurt +0,7%. In Milan the Ftse Mib index gains 0,6% to 15631. The Bund Btp spread narrows by two basis points to 346.
“In Italy 'the fall in domestic demand was so violent as to create room for a rebound and the OECD leading index predicts the gradual attenuation of the reduction in GDP in the coming quarters'. The Confindustria Study Center writes it in its flash situation. Regarding the country's economic situation, the CsC adds that 'the statistics in August surprised upwards, but the climate of confidence remains at its lowest and the "least worst" in the summer could translate into a more marked decline in the autumn, thanks to the deterioration in the rest of the EU'.
There are still many open issues to be resolved between Greece and its international creditors before reaching an agreement on the payment of the next tranche of aid to the country. Reuters reported this, quoting an official German government source, adding that Greece will not be one of the main topics under discussion at this weekend's G20 finance ministers and central bank governors meeting in Mexico City, but it will probably still be addressed. on the sidelines of the event agenda.
In Piazza Affari, however, the price changes are modest. On the Milan Stock Exchange weighs the Eni down 0,51%, in line with the Stoxx index of oil companies (-0,7%). Fiat +0,37%, the Lingotto stock rebounds after 5 consecutive bearish sessions which brought it to the lows of the last three months.
This morning, the luxury companies led by are also highlighted Richemont +4%: the title was promoted by Bank of America Merrill Lynch. Luxottica salt by 1,33%, Tod’s is up 2,44%, Ferragamo of 3,7%. Prysmian earn 2,56%.
Unicredit 1,88% salt. The other bankers are brilliant after a slow start: Understanding + 1,05% bpm + 1,7%.
Pirelli +0,45%. The clash between Marco Tronchetti Provera and the Malacalza family rises in tone. The Genoese family has sent Gpi and Marco Tronchetti Provera & C Sapa a formal communication in which "in addition to contesting the non-compliance with existing shareholders' agreements" it requests "a compendium of Gpi assets" proportional to its share, including a share of 13 about % of Camfin +3%. The request was defined as "specious" by Gpi. Recourse to arbitration is inevitable.
Telecom Italy loses 0,99% After the spin-off, the company that owns the transmission network should be listed on the Stock Exchange: Vito Gamberale asked for the listing in an interview published today in Panorama. The managing director of the F2i fund urges the government to exert pressure on the former monopolist to proceed expeditiously with the spin-off of the network.
A2A loses 1% after a very volatile start. Il Sole24Ore reports that the company will test the market by the end of the year in view of the launch of a 500 million euro bond.
Snam Rete Gas loses 0,18%.
