Rise of Banks Protects Bull a Business Square, while the Bear, driven by new bad data on the economic situation, takes possession of the other price lists in the Eurozone. The Milan index rises at 14 pm by 0,39% over 22.200 points. In pale red Paris (-0,2%), Frankfurt (-0,1%). Madrid just above parity.
The final September Eurozone manufacturing PMI fell to 45,7 points. For Chris Williamson, chief business economist at IHS Markit, "the worst has not yet come, as preliminary data, such as the orders/inventory ratio, are continuing to deteriorate". Manufacturing activity in Italy fell in September for the twelfth month in a row and at the fastest pace since March to 47,8 in September from 48,7 in August.
The Fitch rating agency has once again cut its growth estimates for Italy, indicating a zero GDP for this year (previously it was expected at +0,1%) and cutting it to +2020% for 0,4 from +0,5%. For 2021, the agency instead indicates a growth of 0,6%.
"The assessment of the current investment conditions remain negative in all sectors, according to a survey by the Bank of Italy, but plans for the year overall are still expected to be moderately positive thanks to the support of the services sector", underlines the agency, adding that "the uncertain domestic political landscape and the deteriorating external environment are not conducive to a significant increase in investment."
On the debt securities front, the 0,83-year BTP remained unchanged at XNUMX%, spread 138. While waiting for the new European Commission to take office on XNUMX November, at the end of October the old Commission led by Jean-Claude Juncker will give an initial judgment on the 2020 budget proposal and ask for any corrections. The final judgment is expected on November 20.
THEeuro remains squeezed below 1,09. Oil was up 0,5% to $54,3 a barrel.
In great evidence the banks, waiting for a further decrease in the spread.
They lead the race Where's Banca +2,1% and Bpm bank +3,18%. The operators are examining the possibility of a possible merger between the two institutions. According to Castagna, number one of Banco Bpm, the merger between the two institutions "it would make sense, but at the moment there is no initiative to take”.
Unicredit +1,7%. "Eurozone banks should stop complaining about negative rates" and look for solutions to limit their impact, UniCredit CEO Jean Pierre Mustier, who is president of the European Banking Federation, told the Financial Times.
Italian post -0,96%. nexi +1,33%. To encourage the use of electronic payments, the government is considering the so-called cashback, a refund of between 2 and 4 percent of VAT on purchases paid for by card. Insurance is also up. Generali +0,67% renounced the tender for BBVA's bancassurance. Unipol + 1%.
Another script for Atlantia -2%. Prime Minister Giuseppe Conte confirmed that the process for the possible is underway revocation of the concession to Autostrade per l'Italia.
Among the industrialists stm gains 1,3% on Apple's progress. Well Leonardo + 1%. Pirelli + 1%. Fiat Chrysler + 0,7 %
Out of the main basket:
- Maire Tecnimont +2%. received the assignment to build an ammonia production plant in Russia, total value of the order, one billion euro.
- Mediaset +1,5%, communicated the data of the Italian activities in the first six months of 2019. Revenues of 1,0 billion euros, down from 1,29 billion euros in the same period of the previous year, also due to the expected decrease in revenues from subscriptions to the Premium offer. Ebit equal to 39,2 million euros, from -28 million a year ago. During the conference call, the company stated that in August advertising revenues in Italy grew by 5%, September should close with a plus sign, but with a slowdown compared to August.
