A day of achievements for the European Stock Exchanges, which do not follow Tokyo and Wall Street on the upward road. The weakest is Milano: the Ftse Mib index falls by a good 1,3%, below 22,400 due to pressure from the banks. Down too Paris (-0,4%). Unchanged Frankfurt. The worst market is Madrid down 2,4%. Caixabank and Banco Sabadell, two banks based in Catalonia, both lost almost 6%. After the intervention of King Felipe, who defined the promoters of the referendum as "irresponsible", the proclamation of the independence of Barcelona is expected. At 21 the governor Carles Puidgemont will speak on Catalan TV.
Sales hit i Spanish bonuses. The 1,75-year yield rises by seven basis points to XNUMX%, the highest since March. Drag effect also for i BTP: yield rises by 5 basis points to 2,176%. The Italy-Spain spread fell to 47 basis points from 49 at yesterday's close after a session low of 46 basis points. The German Bund, considered a safe haven, holds steady: +0,435% from 0,46%.
The market didn't like that European Central Bank intends to ask lenders in the euro area to bring the provisions on newly classified non-performing loans to 100% starting from next January XNUMXst. Full coverage of unsecured non-performing loans must take place over two years, that of secured loans within seven.
The European sector index loses 2%. The former Popolari banks are down sharply: Bpm bank -4,8% Where's Banca -4,2% B for Bank -3%. They miss out too Understanding (-1,5%) And Unicredit (-2%).
Sad return to Piazza Affari for Pirelli which yields 2%, to 6,37 euro, compared to the placement price of 6,5 euro. The stock opened at €6,49 and hit a low at €6,28. Bad day for too Fiat Chrysler (-1,2%) And Ferrari (-0,4%).
The decline also affects utilities. Enel loses 1,7%. The company has issued a series of bonds, with various maturities. for a total of 3 billion dollars. Telecom Italy -0,7%: Cassa Depositi e Prestiti could consider entering the capital of the company if the government were to request it in the exercise of special powers. Claudio Costamagna, president of the CDP, spoke about it yesterday on television.
The bear doesn't even spare Moncler, which loses 3,7%. Mediobanca lowered its recommendation to Neutral, the target price confirmed at 26,2 euro. Conversely, Piazzetta Cuccia raised the target price of Yoox Net à Porter (+2%). Brent oil is down 0,5% to $55,7. Eni loses 1,2% e Saipem the 2,4%.
Chilling variations among small caps. The profits are triggered on Whitehand, a strong game again today, to then turn negative and lose 14,63%. Yesterday the stock had jumped by 30,68%. Below Falck Renewables, which lost 6,3% on the Kepler downgrade that brought the recommendation to "hold" from "buy", raising the target price to 1,6 euros from 1,5.
Bad sitting for Gefran: -3,2%, which adds to yesterday's -18%. Profits taken on Centrale del Latte (-6%) after +40% in three sessions.
esprinet, a distributor of computers, servers and software with a strong presence in Italy and Spain, lost 1% to mark the lowest price in the last 12 months. This morning Banca IMI decided to cut the recommendation to Hold da Buy.
Trevi loses another -3,3% and is at its lowest level since 2004. Instead, buy on Lily (+ 1,9%).
