Nightmare ending for the European lists, which close the first session of December in deep red. After an uncertain start, the continental markets have taken the path of sales with determination following Wall Street, in turn declining, with Donald Trump who has reopened a tariff front with Latin America and has once again launched an attack on the Federal Reserve.
Closing: Frankfurt -2,02%; Parisi -2,01%; Madrid -2,05%; London -0,83%
Business Square it pays the highest price to uncertainty and moves away from 23 points, falling to 22.728, -2,28% compared to Friday's closing. Outside the main catalog there is a lot of vivacity in the publishing sector. Cir, +12,21%, leads the rises (Cofide +7,78%), pending a note from the board of directors on the announced offer of Exor (-1,99%), to take over the controlling share of the publishing group Cheetah (suspended, the whole session pending a press release).
On the Ftse Mib, on the other hand, there are no positive titles, while the greatest damages are borne by the utility sector, which suffers from the rise in the spreads. The spread between Italian and German ten-year bonds rose to 161 basis points (+1,81%), with a yield on the BTP of 1,33%. The clash over the Mes continues to animate the Italian political scene, while the number one of the ECB Christine Lagarde, in her introductory speech before the Economic and Monetary Commission of the European Parliament, warns that the Eurozone economy "remains weak" and that " the weakness is mainly due to global factors”. However, monetary policy can respond effectively, as it has already done, "even in the presence of negative external factors".
From the macro front, the Caixin indices in China appeared encouraging in the morning, which had highlighted a recovery in manufacturing activity in November. However, this was not enough to hold the afternoon dam, broken by Trump's Tweets, according to which Brazil and Argentina are guilty of having taken advantage of "a massive devaluation of their currencies, creating problems for US agriculture". From this premise came the decision to restore "tariffs on all steel and aluminum shipped to the United States from those countries". And to put a stop to this drift, the president wants the support of the central bank: "Lower rates and ease – Fed!".
THEeuro The greenback is recovering ground and is currently trading at 1,108. Gold is in slight decline to 1470,95 dollars an ounce. Bounce the Petroleum: Brent +1,16%, 61,19 dollars a barrel, in the hope that Opec, on December 5 in Vienna, will extend its production cuts, also counting on Saudi Arabia which wishes to surprise the market positively in view of the quotation on the Saudi Aramco Stock Exchange.
However, the oil stocks of Piazza Affari do not hook the recovery of the black gold and remain negative: Eni -1,04%; Saipem -1,78%; Tenaris -1,8%. Monday for them is not even too dark when compared to the losses of Recordati -5,01%; A2a -4,36%; Italgas -4,35%; Leonardo -4,29%; Ivy -4,05%; Snam -3,75%; Enel -3,66%; nexi -3,59%; Ferrari -3,39%.
Among the banks Unicredit it dropped 1,54%, on the eve of the industrial plan and after the announcement of the exit from the joint venture with Koc on the Turkish institute Yapi Kredi of which the Italian bank will now hold just under about 32% from the previous 41%.
In the field Ps it dropped 2,98, after Repubblica wrote on Saturday that the EU opposes the transfer of non-performing loans to Amco. In contrast, Banca Profilo +7,04%.
Telecom leaves 2,69% in the field. The company announced today that it has completed the sale of its 70% stake in Persidera to F2i TLC 2 and EI Towers, after having obtained the necessary authorizations from the competent authorities.
The session was especially interesting due to the ongoing game on Gedi, already in the spotlight a few weeks ago due to the challenge launched by Carlo De Benedetti to his children, with the patriarch who wanted to buy back the publisher of Repubblica, Espresso, Stampa and Secolo XIX , from Cir to 0,25 euro per share. Today Cir has reached its highest since last spring given the interest of Exor. According to Equita Sim, the sale of its stake in Gedi at a hypothetical price of 35 cents per share would raise 77 million for the Cir group, bringing the cash available to the holding company above 300 million and raising the question of the possible uses of the resources. For Exor, according to Mediobanca Securities, the operation would be positive because it would increase diversification in the media sector (which also counts the stake in The Economist) without having a significant impact on debt, which remains around 10% of assets and is preparing to fall case the alliance between Fiat Chrysler (-0,95%) and Peugeot which would involve the payment of an extraordinary dividend to the shareholders of the Italian-American group.
Remaining in the Agnelli galaxy, the Juventus -0,59%, is one of the best big caps on the day of the start of the capital increase.
Mediaset, -1,75%: the civil court of Milan has set December 6 as the date for the hearing regarding the precautionary appeal by Vivendi and Simon Fiduciaria against the merger project of Mediaset and Mediaset Espana into the Dutch holding company MediaforEurope (MFE).
