The malaise of Italian banks is making itself felt again. Piazza Affari reflects the discomfort and slips into negative territory. The other European price lists hold up better. Milano at the end of the morning, it recorded a drop of almost half a point just below 19.100. Above parity Frankfurt e Paris, both +0,1%. In balance Madrid, outside the euro area Zurich +0,4%. Advance London, a few hours from vote on the agreement reached by Theresa May's government with the European Union: very probable rejection.
The lists slowed down after the publication of the most important macroeconomic data of the morning, that of GDP of Germany, which rose by 1,5% in 2018. The data for the fourth quarter will be published in the next few days: based on the data for the entire year, growth should be zero or very slight.
THEEurozone trade surplus with the rest of the world it fell in November compared to a year earlier due to strong growth in imports. According to Eurostat data, the surplus of the area stood at 19 billion euros on an unseasonally adjusted basis, down from 23,4 billion in November 2017. Imports rose by 4,7% while exports showed a more moderate expansion, equal to 1,9%.
THEeuro it moved little against the dollar, at 1,147, on the day Mario Draghi presented the annual report of the European Central Bank.
ll ten-year BTP trades at 2,82%, from 2,84% yesterday. This morning the Treasury launched the syndicated placement of the new 15-year BTP in March 2035. This is the first syndicated operation by the Treasury since January last year, when the twenty-year BTP was issued in September 2038, for the amount of 9 billion. The yield guidance was reduced by two basis points to 18/20 bps on the rate of the previous benchmark Btp September 2033, which offers a rate in the secondary area of 3,16%
Bank of Italy announced that in November 2018 the amount of public debt reached a new record at 2.345,3 billion. From the point of view of those who hold it, the share held by foreign companies goes down, while that of retail goes up.
Enel -0,6%: it has been priced the new 'green bond' of one billion euro maturing on 21 July 2025.
On the front of the Petroleum Brent gains 1,4% to 59,8 dollars a barrel. Eni +0,5%, Saipem +1,2%.
They suffer the banks, after the news that the ECB has given each bank among the 119 that supervises the euro area a different deadline depending on its state of health and the weight of NPLs, but confirming that all institutions will gradually have to fully write down the stock of non-performing loans by 2026.
According to Mediobanca Securities, Italian banks have net NPLs of 125 billion, one third covered at around 70% and the remaining two thirds at 30%, "which implies a burden of around 18 billion euros for the system every year". Piazzetta Cuccia underlines that she cannot "exclude a further confrontation between the European institutions on this issue" and foresees "a negative reading by the market on the securities of Italian banks".
Confirmation comes from the heavy decline in credit securities, subject to several suspensions due to excessive reductions: Bpm bank -6,8% B for Bank -6,55% Where's Banca -8%. Suspended Ps.
Among the Bigs Unicredit -3,3%. Intesa Sanpaolo -2,4%, declared that it did not see a significant impact from the targets imposed by the ECB on the data relating to the 2018 budget and the 2018-21 plan objectives.
Avanza Fiat Chrysler (+1,2%) on the wave of reactions to CEO Mike Manley's meeting with the press at the Detroit motor show. The manager confirmed that the company is reviewing the 5 billion euro investment plan for Italy, in the light of the new legislation on incentives for the purchase of low-emission cars, therefore electric and hybrid. The CEO said he was satisfied of the 2018 results (the accounts will be published on 7 February) without providing further details, but Equita analysts (rating hold and target price at 17,8 euro) expect that the 2018 guidance, revised downwards after the second quarter of last year, is respected.
Ferrari +1,8%. Bernstein raises the rating to Market Perform.
Salini Impregilo -2,8%, is evaluating the possibility of investing directly in Astaldi +2,7%.
sapphire -2,5%. After the conclusion of the capital action, Bdl Capital Management holds 14,996% of the company, Hal Holding remains the reference shareholder of Safilo with 50,479%, while Vittorio Tabacchi holds 1,77%.
Fincantieri -0,8%. French Economy Minister Bruno Le Maire yesterday reiterated his support for the merger with Stx despite antitrust obstacles-
