European stock markets are slowing down pending ECB decisions. The Reuters leak on a possible increase in German public spending is reflected in government bond yields, both in Europe and for T bonds. Caution on Italy is reinforced by Moody's opinion, published late in the morning. The rating agency (implicitly) confirms the Baa 3 rating but notes that the high level of public debt "is not destined to recover in the next few years". Indeed, the agency revises its 2019 growth estimate downwards, halving it from 0,4% to 0,2%, assuming an acceleration to 0,5% for next year. The projection for the 2020 deficit is 2,5% in percentage terms, awaiting details on the measures of the new government that is taking office in these days.
Business Square it falls by about 0,5% to just under 21.900 pending the Senate's vote of confidence in the Conte government. Weak data on industrial production in July: a drop of 0,7% month on month, against -0,1% of expectations. Down too Frankfurt e Madrid (-0,30%), Paris -0,1%. in this first part of September the EuroStoxx50 of the European blue chips gains 4% from the closing date of August 30th.
Gets better London (-0,10%). After the closure of Parliament, suspended from today until 14 October, the tug of war for or against Brexit continues at a distance. Pound sterling suffers, depreciating slightly. For Olivier de Berranger, manager of La Financiere de L'Echiquer, a French asset management company, whatever the outcome of the match, “the two major parties seem to agree on the need to conduct an expansive fiscal policy. British equities and the pound sterling could therefore arouse new interest for foreign investors provided they resign themselves to facing a period of uncertainty, for a very long time.
Il BTP treats at 0,92%, from 0,96% this morning. Bund at -0,58% yield, +1 basis point. Two days after the communications from the ECB. Barclays expects Mario Draghi to announce a 10 basis point cut in deposit rates to -0,50%, the introduction of a modulation of deposit costs for banks, so as to reduce the cost of parking, the commitment to lower rates later, if necessary, the restart of a small bond buyback plan (20-30 billion per month) and more advantageous conditions for the discounted liquidity auctions starting in September.
Corrects slightly their at 1.493 dollars an ounce, -0,3%. The report euro/dollar it stands at 1,104 (-0,1%).
Il Petroleum WTI was up 0,2% to $58 a barrel, the fifth consecutive day of gains, as Saudi Arabia had hoped for.
At Piazza Affari Eni + 0,7%. Saipem + 0,4%. Saras it advances by 1,7%. Refining margins stood at $2,7 a barrel in August. In the third quarter to date they are equal to 3 dollars/barrel after a second quarter at 0,2 dollars/barrel.
Le banks they reversed course. Institutions' bad debts decreased by 23,3% year-on-year in July as a result of some securitization transactions. Loans to households +2,5%, to businesses -0,4%. The value of BTPs held by Italian banks increased to 401,3 billion euros. Unicredit + 0,2% Where's Banca -0,2% Bpm bank -1%.
In the managed Poste Italiane -1,3%. Industry collected 4 billion euros in July, but net outflows for funds amounted to 599 million according to Assogestioni data
nexi -0,8%. At the Ministry of Economy and Finance, they are preparing to reopen the file of indirect participation in the payment company, SIA. Among the options on the table, there is also the Sia-Nexi merger.
Utilities are down: Enel -0,9% Ivy -0,1% Italgas -1% and Snam -0,6%.
Atlantia -1,5%. The new Minister of Labor Stefano Patuanelli wants to close the Alitalia dossier immediately. Thus he urged FS and Atlantia to respect the deadline of September 15 for the presentation of the final offer and the signing of the definitive contract by the Newco which will also include Delta and the Mef Luigi Di Maio, leader of the Movimento 5 Stelle, has said in a tweet that his movement had clear ideas including the revocation of highway concessions.
Slow down the automotive. Fiat Chrysler -0,6%. Les Echos reports that the leaders of Renault and Nissan are dissatisfied with the alliance, both would like to review it, also opening it up to the Italian-American partner. Brembo -0,5%.
Several company rating updates are on the way.
stm -0,34%. Equita raised its target price to 18 euros after the group was chosen by Renault-Nissan-Mitsubishi to supply high-efficiency silicon carbide power electronics devices for on-board chargers to be used in next-generation electric vehicles. Increase visibility on target of $1 billion in silicon carbide product revenue by 2025.
Amplifon -3%. Jefferies brings the target price to 25 euros, from 20,2 euros, but cuts the judgement.
Campari -0,1%. Bernstein raises the rating to Market Perform.
