New alarm signals are raining down on Italian and German industry. And the stock exchanges of the two largest manufacturers in the Eurozone slip into the red. At the end of the morning, Piazza Affari recorded a drop of 1,5% around 19.435 points, ahead of Madrid -1%. Weak Frankfurt -0,10%. Flat Paris and London +0,15% are doing better.
In January, Italian manufacturing activity recorded the fourth consecutive month of contraction, slipping to its lowest since mid-2013. The PMI fell last month to 47,8 from 49,2 in December, moving further below the 50-point threshold that marks the dividing line between growth and contraction. In January Germany's manufacturing PMI fell to 49,7, the first time under 50 in more than four years.
In January, consumer prices rose by 1,1% year on year, slightly accelerating from the +1% in December, against the +1% expected by the consensus. .
Go back to widen it spread at 261 points (+7 bps). The BTP weakens to 2,75% (+15 basis points), while the Bund holds its position, at 0,15%.
The euro appreciates against the dollar to 1,146 (+0,2%). the Brent contract loses 3 cents to 60,81 dollars. US light crude oil drops 15 cents to 53,64. Saipem -1,8%.
In Milan he loses his shots Telecom Italy -1,65%. Elliott looks set to climb above 10% while the question of the network remains stalled. Meanwhile, through Puyfontaine, Vivendi declares that he wants to stay in the capital "for a lifetime". For Enel's CEO Francesco Starace, Tim Gubitosi's CEO must first know if he remains managing director, then if he wants to separate the network and if he wants to merge with Open Fiber.
Banks continue to be targeted, not only in Italy: the European Stoxx index loses 1,2%, at these levels, the week will close with a drop of 4%, against +0,2% of the Stoxx 600 global index Deutsche Bank -3% on the day of presentation of quarterly data.
Bpm bank, down 2,3%, is the worst of the Italian blue chip list. Unicredit -1,3%. Bank of Emilia Romagna -0,7%.
The rally continues Ferrari + 2 % after the accounts awarded by analysts. Kepler Cheuvreux has raised the 2019 estimates and the target price from 105 to 110 euros, confirming the hold rating. Banca Akros did the same, bringing the target price from 110 to 120 euro (neutral rating), Equita from 123,5 to 124,5 euro (buy rating) and Mediobanca Securities from 104 to 113 euro neutral rating.
fca +0,7%. Moody's rating agency confirms 'Ba2' rating. Well Piaggio + 3%.
Bene Diasorin +2,7%, after the go-ahead from the Food and Drug Administration for the sale of one of its products in the United States.
Luxury is also on the rise: Ferragamo + 1,5%. Moncler + 1,5%.
Of note, outside the main basket, the decline of Mediaset -2,7%. This morning Barclays cuts the judgment to Underweight from Equal Weight with a target price raised to 2,5 euros from the previous 2,9.
