Piazza Affari loses momentum, in line with the other European lists, despite the progress of the oil companies. The index Ftse Mb down 0,57% just above 22.200. The drops in Paris and Frankfurt were more conspicuous. Better Madrid – 0,45% and London -0,3%. The rise of the euro above 1,192 against the dollar penalized the lists, which hits the Auto and Tech stocks in particular. But they also retrace the financials. Indeed, the halt in Congress on the US tax reform suggests a difficult start for banks and financial services on Wall Street, yesterday in full rally.
On the macro front, the Italian GDP increased by 0,4% in the third quarter compared to the previous quarter and by 1,7% compared to the third quarter of 2016 (+0,5% and +1,8% the initial forecasts). Activity in the Italian manufacturing sector grew in November at the fastest rate for over six and a half years, but below expectations. However, the strong recovery in investments bodes well.
News in German politics. Angela Merkel's Christian Democrats and the Social Democrats of the SPD met yesterday evening with the President of the Federal Republic Frank-Walter Steinmeier in a first, exploratory attempt to verify the possibility of a new 'grosse Koalition'.
The Italian secondary trades in positive territory in the late morning, in line with almost all of the European sector, supported by signs of robustness for the bloc's economy coming from the PMI indices but also by the approaching end of the year, a period traditionally characterized from a light supply: Bund 0,35%, Btp 1,75%.
Although widely expected by the market, the agreement, signed yesterday in Vienna, on the extension of crude oil production cuts to the whole of 2018 supports oil prices. Brent oil strengthens up 1% to 63,30 dollars a barrel after the agreement of the OPEC-non-OPEC countries on the continuation of production cuts. Wti at $57,74.
Particularly tonic Saipem +1,78%, which yesterday announced new orders in Saudi Arabia for 400 million and which received an increase in the target price from JP Morgan. Eni 0,29% salt, Tenaris in parity.
The effect of the weak dollar weighs on the values most exposed to the overseas market. He misses out Fiat Chrysler -1,46%, after losing up to 5%. Minus sign for too Cnh Industrial -1% and Brembo -1,4.
In sharp decline stmicroelectronics -1,4%.
Dollar effect also up Ferragamo -2% Campari E-2,1 Buzzi -2,28.
Banks are holding back throughout Europe, in Milan they are saved only Unicredit +0,77%. In red the rest of the sector: Understanding -0,6% Bpm bank -2% Where's Banca -1,29%. Pull back after the rally too B for Bank -2%.
Mediobanca -0,6%. Mediobanca Private Banking starts today, the new division of the Milanese investment bank. The operation is part of the acceleration process defined by Mediobanca's industrial plan in the Wealth Management sector which envisages growth through external lines, such as the acquisition of the Barclays business in Italy, the growth of Compagnie Monegasque de Banque and, lastly, the merger, just completed, of the subsidiary Banca Esperia, in which Angelo Viganò has been operating since 2009.
Italian post -0,57%. The new employee employment contract, should lead to a significant increase in costs. Average monthly increases of 103 euros.
