After a promising start, Business Square pull the oars in the boat while awaiting Moody's verdict on the rating of Italy and France. The Ftse Mib index drops by half a percentage point around 18.800 points. In balance Paris, they advance instead Frankfurt (+ 0,3%) and London (+ 0,2%).
They go up again i BTP: the yield rose to 2,23% from last night's 2,16% and lo spread with the Bund it widens to 191 (+7 basis points). The Treasury has placed all 6,5 billion euro of annual BOTs (first tranche) maturing in February 2018, offered today at auction. The average yield marked a very slight rise to -0,247% from the all-time low of -0,25% reached in the January auction.
THEeuro it weakened against the dollar to 1,064, from 1,066 yesterday.
A new positive signal is coming from the real economy. In December, the seasonally adjusted index of industrial production recorded a 1,4% increase, according to Istat, after having recorded a 0,8% increase in November (revised from 0,7%) on a quarterly basis. This is the largest increase since August. For the whole of 2016, the increase is 1,6%, the maximum for six years.
Improving the international situation: the American president Donald Trump converts to 'one China' policy during a telephone conversation with the Chinese leader.
Petroleum up with Brent at 56,2 dollars a barrel (+1%). Eni slips down by 0,4%.
The slowdown of the banks weighs on Piazza Affari. The worst is Banca Popolare dell'Emilia Romagna (-6,47%). The institute closed 2016 with a net profit down by more than 90% and proposes a dividend of 6 cents from 10 cents on 2015. Creval also down (-4%): it closed 2016 with a net loss of 333 million. At the end of December, the bank had a phased-in common equity tier 1 ratio of 11,8%. Bpm bank loses 3,2%.
You have Ubi (+1%): it closed 2016 with a loss due to write-downs and adjustments, but the existence of a profit at a normalized level induces the Board of Directors to propose a dividend to the shareholders in any case. Unicredit advances 0,5%, Understanding -1,40%.
Fiat Chrysler advance 2%. In reverse StM loses 2,1% in the wake of Infineon, after the US blocked plans to acquire Wolfspeed Power.
Brilliant Buzzi (+ 3,2%) and Salini Impregilo (+3,3%) after the optimistic declarations of the managing director and main shareholder Pietro Salini.
The Luxury stocks are doing well in the wake of Kering (+3% in Paris). Ferragamo +2,4%: HSBC raises the target price to 31 euros from 29 euros, confirms the Buy rating. Moncler + 0,7%.
