Waiting session for the markets, already focused on themeeting between Chinese President Xi and Donald Trump on a Saturday in Buenos Aires. In Milan, the index falls by 0,07% around 19.150 points. Paris -0,6, Madrid -0,4% are doing worse. London falls by 0,8%. Frankfurt loses 0,7%. Continue the descent of Deutsche Bank -2% to 8,11 euros: historic low. The search of his offices by the police continues.
In the euro area, inflation is slowing down: consumer prices excluding volatile components rose by 1%, from +1% in October. The unemployment rate stable at 8,1%, the lowest in the last ten years. As regards Italy, in October the unemployment rate rose to 10,6% from 10,3%.
The performance of the bond market was stable: the 3,21-year bond traded at 0,32% against XNUMX% for the Bund. Spread at 289 points.
Brent oil fell by 0,9% to 59,1 dollars a barrel, on the lows of the last 13 months. On these price levels, November closed with a drop of 21%, the worst month in the last ten years. At Piazza Affari Saipem +0,5%. It also advances Eni + 0,3%.
Go back one percentage point Fiat Chrysler. The industrial plan (5 billion investments) did not warm up Piazza Affari, disappointed by the failure to sell Comau. HSBC raises the target price to 16 euros from 15 euros, Hold judgment confirmed.
Pirelli rises by 2% to 6,37 euros. This morning HSBC promoted the judgment to Buy from Hold, adjusting the target price to 7,50 euros from 8,0 euros. Potential upside +17%.
In slight progress Generali +0,3%. Leonardo Del Vecchio aims to increase the stake in the company to 5% from the current 3,5%, according to a statement by the Venetian entrepreneur himself on the occasion of theshareholders meeting of Essilor Luxottica.
Among the banks stands out the new leap of Carige +5,2% which approved the issue of the T2 subordinated bond of up to 400 million which will act as a bridge to the capital increase expected by April. The placement of the ten-year bond with a yield of 13% starts today with the private placement for 320 million in the Voluntary Intervention Scheme of the Interbank Deposit Protection Fund. The BoD also approved the deconsolidation of non-performing loans for a gross amount of approximately 0,9 billion (through securitization for which the Gacs will request) and the guidelines of a new industrial plan which also includes the M&A option.
The other institutes are weak. Intesa Sanpaolo + 0,1%. Unicredit -0,5%, it sold an NPL portfolio of around 590 million euro, gross of value adjustments, to two securitization vehicles.
The postponement of the decisions of the board of directors disappoints Banco Bpm -1,5%. The board has decided to empower the CEO to formalize an agreement on the sale of a non-performing portfolio of up to 8,6 billion euro. Furthermore, the agreement with Credit Agricole on consumer credit is in the pipeline.
