Recovery of the European stock exchanges after the data of the German confidence index: the Zew rises by 0,5 after the catastrophic drop of the previous month (-6,8%). In Milan, the FtseMib index now gains 0,21% (against the initial -0,7%), the Paris stock exchange reduces losses to -0,04% (against -0,8%) Frankfurt -0,11, 0.90% (from -600%). Last week the overall European Stoxx XNUMX index returned to its pre-Brexit referendum levels.
Tonic start for the Btp. The 1,054-year rate initially fell to 1,065% from 1,050% in yesterday's holiday session, while on Friday it closed at 114%. The differential between the ten-year Italian and German reference bonds marks 5 basis points at the start, the lowest since last April XNUMXth.
The effects of the drop in yields made themselves felt at the start of the session on financial stocks. Insurance companies lose share: Generali now -0,66% but has dropped to 2%, Unipol -2%, UnipolSai -2%. In Paris Axa loses 1,7%, Allianz -1,3%. Banks were also down (sector Stoxx -1%). Unicredit loses 1,5%, Intesa -1,6%. Mediobanca -1,3% and Ubi -1,6% fall.
Monte Paschi + 0,16%. The consortium guaranteeing the capital increase has reached 11 banks: the lead banks Mediobanca and JP Morgan, already supported by Santander, BofA-Merrill Lynch, Citi, Credit Suisse, Deutsche Banck and Goldman Sachs, have been joined by Commerzbank, Bbva and Jefferies. Bad start to management: Banca Mediolanum -1,32% (from a minimum of .2,7%) and Azimut -2,4% (later -0,95%).
The increases in crude oil support the oil companies: Tenaris +3%, Saipem does well +1,22% despite the stop by the Polish antitrust to the North Stream gas pipeline. Barclays confirmed the overweight rating and the target price of 0,54 euro. Enel slides down by 1,3%, Telecom Italia is 1,27%%. Among industrial stocks, StM gains 1.57%. Fiat Chrysler +0,41%%, parent company Exor -1,2% down. Leonardo unchanged.
The Libyan government supported by the United Nations has appointed a committee of five to lead the country's sovereign wealth fund (Libyan Investment Authority) which has assets of 67 billion dollars. The committee, specifies a note, will not have to sell the assets of the fund and will have to defend its interests, following the lawsuits in which it is involved. In Italy, Lia holds stakes of less than 2% in UniCredit, Eni, Leonardo Finmeccanica, Enel and Fiat Chrysler.
Unchanged Recordati, after a slight upturn. This morning the company announced the death of the chairman and chief executive officer Giovanni Recordati. The board of directors meets today to resolve on the attribution of new offices and powers. The general manager Andrea Recordati has already reaffirmed ownership and the management will go ahead with the strategy outlined.
DiaSorin drops by 3% to 58,7 euros. Morgan Stanley has downgraded the recommendation to Equalweight from Overweight. The stock has gained 25% since the beginning of the year, closing 2015 with a 45% increase. On Thursday Diasorin reached its all-time high at 62 euros, on Friday it closed at 60,6 euros, a price which corresponds to a capitalization of 3,39 billion euros.
