The uncertainty that dominates European politics is good for the stock markets, which, waiting for clearer indications on the Eurozone (and the ECB's appointment on Thursday), applaud the tests of dialogue between the USA and China. In Piazza Affari, the Ftse Mib index marks a recovery of around one percentage point, just below 18.600 points. More robust the rebound than Paris need Frankfurt, up a point and a half. Madrid earn more than one point, London +0,9% coinciding with Prime Minister May's frustrating mini-tour in the EU capitals (first stop in her friend Holland). The pound recovers positions against the dollar to 1,24 (1,1372 against the euro).
Investor confidence in the Italian economy worsens in December, according to what emerges from the monthly survey Zew dropped to -51,9, down 2,9 points compared to the November reading. Instead, the index relating to German investors was better than expected.
It weakens the BTP, to 3,14% from 3,10% yesterday. The yield on the Bund rose, to 0,27%, from 0,25%. spread to 287 basis points (+2). But the most relevant data concerns the enlargement of the gap between the French and the German decennial, on the highest since May 2017, at 47 basis points (+3). The markets thus price the change of course by President Macron grappling with the protest of yellow vests: the measures announced by the Elysée (a 100-euro increase in the minimum wage, the cancellation of a tax on pensions of less than 2.000 euros a month) will affect the deficit/GDP ratio. No comment by EU Vice President Valdis Dombroskis. Meanwhile, the government summit held yesterday evening in Rome decided to accept only minimal revisions: deficit/GDP at 2,2% in 2019, against the current 2,4% and 1,95% accepted by the Commission.
Oil is below 60 dollars: Brent at 59,9 (-0,1%). Saipem (+0,3%) suffered a cyber attack. leap of Saras (+ 4%).
Rising sharply Tim (+2,5%) later the announcement of the Vivendi offensive. The French shareholder has made it known that he will ask for the meeting to be convened, his goal is the revocation of five directors in Elliott's share.
But the most effervescent title is Bpm bank (+3,63%). The board of directors gave the green light to the sale of 7,8 billion Npl to Elliott International and to Credito Fondiario. The transaction took place at 30% of the nominal value. The bad debt management platform was valued at 143 million.
To drag the main price list is Prysmian (+5,7%) which momentarily exceeds +9%, supported by the news of the purchase of shares by the CEO Valerio Battista for 420 thousand euros.
Good performance for too stm, which scores +3%. Well the automotive: Cnh e Brembo +2%; positive too Fiat Chrysler. Bucking Pirelli, after the purchase and subsequent cancellation of the bond maturing in 2023 for 26,4 million.
Uphill Enel (+0,8%) after the promotion of Morgan Stanley (the target price at 6,20 euros). Plus sign for too Terna (+0,8%) ed Atlantia (+ 1,8%).
Still under pressure Moncler (-0,8%): on Monday Goldman Sachs lowered its judgment on the luxury sector. Down Tod’s (-3%): HSBC cuts rating a Cut Back.
Change course Astaldi, suspended due to excessive reduction after the surge on the eve. Within a month, the top management of the company will choose who to trust, for the emergency loan of 340 million euros: 70 million immediately and 270 million in the medium-long term. Salini Impregilo (+1%) should shortly submit an offer for Astaldi's activities in the construction sector.
Keep screwing Oviesse (-11%), which updates the new absolute lows.
