Negative session for the European stock exchanges. Milano, held back by the new rules on bank non-performing loans, is no exception. The Ftse Mib index falls by 0,3%, below 22,499 points. In pale red Paris (-0,07%) And Frankfurt (-0,3%). It's an exception Madrid (+0,75%). The market awaits developments in the Catalan situation, which apparently lacks any news. According to a Reuters poll, the Madrid stock exchange should close 2017 with a 14% profit, with a significant reduction compared to the +20% estimated in the previous poll. The news that the Board of Banco de Sabadell (Catalan) will meet today to evaluate the transfer of its headquarters away from Catalonia is especially surprising.
The change euro dollar it is flat at 1,177. Pressure on peripheral bonds eases. The yield on ten-year Bonos initially reached 1,80%, the highest since March, and has now returned to 1,76%. The BTP trades at 2,20%, the German Bund at 0,47%.
Good i macro data for Italy. The leading indicator of the trend of the Italian economy returns to growth, signaling a strengthening of short-term growth prospects, supported by manufacturing and investments. “In a favorable international economic context, the growth of the Italian economy is strengthening, supported by the manufacturing sector and by investments”, writes Istat.
Bounce the Brent: +0,9% to 56,3 dollars. Stocks are declining sharply US oil, but the data on oil production in the United States weighed more, rising to its highest level since July 2015 at 9,56 million barrels per day. Russian President Vladimir Putin has said that producing countries are ready to extend the cuts started in early 2018 until the end of 2017.
Eni + 0,4% Saipem +0,1%. On the rise Saras (+0,63%). Royal Dutch Shell has announced that the largest refinery in Europe, the Dutch one of Pernis near Rotterdam (which has a production of over 400 barrels per day), will remain closed in the period October-November for renovation works.
Target practice on banks continues in Piazza Affari after the announcement of the new legislation on all categories of non-performing exposures (unlikely to pay, past due and Npl). Italy, according to Credit Suisse, could be the most disadvantaged country, for various reasons. This morning Equita lowered its opinion on the banking sector to neutral due to the risk of higher provisions due to the new ECB guidelines.
Bpm bank -1,7% Unicredit -0,6% Intesa Sanpaolo-1,4% Where's Banca -3%. To note the collapse of Creval (-9%). Moody's cut the long-term rating, the medium-term rating is under observation.
It shines at the top of the list Telecom Italy (+2,2%). This morning Arnaud de Puyfontaine left the doors open to a possible separation of the network as long as it creates value.
The Currency Police Unit of the Milan Guardia di Finanza is searching the offices of Vivendi and the Natixis brokerage firm in Paris as part of the investigation into the attempted takeover of Mediaset (unchanged) which is under investigation for market manipulation, in addition to President Bolloré, also the CEO of the French company, de Puyfontaine.
The utility sector is the best in Europe (+0,9%). Also among the best on the list Italgas (+ 0,7%), Terna (+ 0,45%) and Snam (+ 1,13%). A2A (-0,9%) is ready to raise to 40% of Acsm Agam, the Brianza utility, from the current 25%.
Riscossa by Pirelli which gains more than 3% to 6,675 euros, in addition to the placement price. Fiat-Chrysler -0,6%. The company has communicated to the trade union organizations a new layoff period for workers on the Maserati Levante line and in the press department of the Mirafiori plant in Turin. Exor, +0,6%, celebrates Investor Day today.
In luxury they brake Ferragamo -1% and Yoox -0,7%. Retrieve Tod’s (+0,8%) despite several failures. This morning RBC reduced the target price to 52 euros from 53 euros, confirming the Underperform recommendation. A few days ago Kepler reduced the recommendation to Reduce (lighten) from Hold. Target down to 54 euros from 58 euros. HSBC has decided to cut the target price to 58 euros from 60 euros, confirming the Hold judgment.
All-time high for the tile manufacturer Panaria Group (+3,8%) and for Siti B&T, manufacturer of tile machinery. They are advancing in the media sector TV world (+4,3%) and Giglio (+1,5%). Axelero +3,4%. In reverse esprinet (-3,7%) records new lows since 2016.
