In the middle of the day Business Square travels up 1%, to 19.644 points, just below the 2017 record set at the end of January (19.687). Paris gains 0,3%, while London e Frankfurt they lost 0,2%.
THEcomposite PMI index February's final euro area data, drawn up by Markit, rose from 54,4 to 56 points, in line with the preliminary and consensus. The figure is at a 70-month high. In Italy, the activity of the services sector in February grew at the fastest rate for over a year, proving to be better than expected and driving the expansion of the entire private sector together with manufacturing, which reached its best level for 14 months. The PMI services index, elaborated by Markit/Adaci, jumped from 52,4 to 54,1 points last month.
Stable situation on the market for government bonds. The BTP opens at a yield of 2,10% (yesterday 2,12%), Bund at 0,30% (yesterday 0,31%), spread at 180 basis points.
The main event of the day will be this evening (19 pm Italian time) the speech of the president of the Fed, Janet Yellenat a conference in Chicago. Investors are expecting confirmation that the US central bank will decide on a rate hike at its next meeting on 14 and 15 March.
The euro/dollar exchange rate is little moved at 1,051. Oil slightly up with Brent trading at 55,2 dollars a barrel (+0,3%). Eni + 1,5% Saras -0,2%: Credit Suisse cuts rating to Neutral from Outperform.
The positive streak continues Unicredit (+2%), fifth increase in a row and +13% over the week: Mediobanca restarted coverage of the stock with an Outperform recommendation and a target price of 19,40 euro.
In the meantime, the new "lean" structures of the institute's top management are taking shape. Fabrizio Palenzona has taken a step back and resigns from the position of vice president, thus paving the way for the review of the Bank's governance, which will formally enter into force with the 2018 budget meeting. Luca Cordero di Montezemolo would also be ready to leave the vice presidency, while among the managers he is Marina Natale exit. Meanwhile, from Consob communications it emerged that Capital Research and Management, so far the largest shareholder with 6,7%, fell to 4%.
Bpm bank +0,9%, even if Mediobanca lowered the target price to 2,8 euro from 3,2 euro, confirming the Neutral rating. B for Bank +2%: Kepler Cheuvreux raises the target price to 6,1 euros from 5,7 euros, Buy confirmed. Ubi +3,5%.
Understanding +2%. Carlo Messina, awarded by Larry Fink of BlackRock (second shareholder of the bank) in New York, where he met 70 shareholders, said that the US market appreciated the "transparent approach" adopted in the case Generali (+1,4%). “We were transparent and everyone appreciated it. We evaluated a dossier but the operation did not create value for our shareholders”. Unipol + 1,6%.
in luxury, Ferragamo +0,9%: Bernstein has started hedging with an Outperform recommendation and a target price of 32 euros. Goes down Luxottica -1%: Société Générale lowered the target price to 51 euros from 53 euros, Hold confirmed.
Weak industrialists: Fiat Chrysler -0,6% Leonardo -0,6% StM -0,4%. Among the minor titles, Geox -4,7% after the 2016 results which disappointed expectations. Thump of De'Longhi (-4,2%): Kepler Cheuvreux cut the recommendation to Hold da Buy, however raising the target price from 25 to 26 euros.
