SYRIA (AND TAPERING) CRUSH THE BULL
BANKS DOWN, ONLY FINMECCANICA RISES
Le European stock exchanges they go down. AND Milano, where the descent accelerates, is the black jersey: Ftse Mib index -1,98% at 16.605 points.
Content for now under 1% the decline of the other price lists: Paris -0,88%, Frankfurt -0,73% Madrid -0,98% and London -0,59%.
Weigh the effect Syria but also, on the Italian bond market, also the situation of internal political uncertainty.
Lo BTP/Bund spread which widens to 246 basis points (rate of 4,39%).
The winds of war blowing again in the world are pushing investors towards safe assets, the yield of the Bund drops by 2 basis points to 1,91%.
Il dollar it is stable at 1,3170 on its six-week high on the main counterparts in the wake of international tensions and a series of encouraging data from the US economy, which have reinforced the prospect of a reduction in the monetary stimulus as early as September.
Leggermente the PMI index of the euro zone referring to all manufacturing and services companies (Composite) fell in August to 51,5 from 51,7 in July. The Italian services index is below 49 points.
The price of the Brent-type oil at 115,7 dollars a barrel (-0,1%).
The only blue chip in positive territory Finmeccanica +0,97% thanks to a series of news and rumors. The subsidiary Drs has been awarded a contract with the US Army with a potential value of 455 million dollars. A second contract, worth 440 million euro, was won by a group of companies of which Ansaldo Energia is a part. Finally, according to La Repubblica, the government is pushing for Finmeccanica to sell Drs.
Telecom Italia retreats to Piazza Affari -3,84%. The title reverses course after five consecutive upward sessions. This morning Ubs cut its target price to 0,34 euro from 0,45 euro, the recommendation remains "sell". The stock is trading at a discount to the sector, our analysts see reason for a further downgrade given lack of fundamental support and elevated risk profile.
Stm loses 3,15%.
Fiat -2,65%. Sergio Marchionne is meeting today with the unions signing the contract to discuss investments in Italy, according to a union source, according to whom there will be "positive news" from the manager.
There is especially expectation to know the fate of Mirafiori plant in Turin where the redundancy fund expires at the end of September.
Banks withdraw. Intesa -2,68%, Banca Popolare dell'Emilia Romagna -4,35%, Unicredit -2,82%, Ubi -2,2% Mediobanca -3,27%. Banca Popolare di Milano also stops -1,59%.
Also Eni -0.52% slips into negative ground.
The losses of the utilities are heavy.
Enel is down by 2,9% following the issue of two very long-term bonds, also known as hybrids, for 1,25 billion euros and 400 million pounds. Down Enel Green Power -1,88%, A2A -3,48%%, and Terna -1,78%.
Diasorin -0,1%. Equita confirms the buy rating on the stock with a target price of 35 euros after the acquisition of BioFiore by Biomerieux at high multiples.
