The European markets were not moved in the morning in the absence of Frankfurt, which is closed today for holidays. It is in progress at Barcelona the general strike in protest after the police interventions at the polling stations last Sunday. However, the tension on the financial center eased: the Stock Exchange Madrid -0,92% is recovering from the lows of the opening.
The markets are stationary one step away from the absolute highs marked on the eve. Milano falls by 0,17%, the Ftse Mib index at 22,772. In slight gain Paris +0,21%. London +0.68%. Bae Systems leaves 2% on the ground.
The euro-dollar exchange rate moved little, at 1,174. It fell below 1,17 for the first time since mid-August last night.
Slight increase in yields: German Bund to 0,47% from 0,45%. Btp 10 years 2,16%. The differential between the Italian and Spanish ten-year reference rates appears stable at 54 basis points.
Brent around yesterday's closing prices of $56,11 (-2,5%). Eni + 0,29% Saipem -0,33%. Saras -0,98%: Equita has raised its estimates for the end of the year. Against a profit of 202 million, the coupon is expected to be 12 cents.
The macro signals for the Italian economy are positive. The growth expectations of the Italian economy for the coming months confirm a 1,5% increase in GDP for the whole of 2017. This was stated by the president of Istat, Giorgio Alleva, during the hearing in the Senate on the update note to the Def. The recovery is also supported by the demand for investment in machinery and equipment, expected to grow "at a higher rate than that observed in the second quarter of the year".
In the first half of 2017, Istat announces, the net debt to GDP ratio of public administrations was 2,4% from 2,6% in the corresponding half year of 2016. The government aims to end the year with a ratio of 2,1%.
The most evident movements on the Milanese list are dictated by the brokers' changes of opinion.
Ferragamo yields 2,96%. Exane cut the recommendation to Neutral, target price at 24 euros, from the previous 24,3 euros.
Tod’s -2,99%. Kepler Cheuvreux cuts the recommendation to Reduce, target price 44 euros.
Advance instead Yoox Net to Porter +1,36%. Jefferies raised the target price to 40 euros, Buy judgment confirmed.
Moncler +0,16%: Goldman Sachs has strengthened the Buy rating by adjusting the target to 25,90 euros from 25,60 euros.
Slightly declining Fiat-Chrysler -0,33% after the data on the registrations of september.
Flat Prysmian, at 29,08 euros: the company concluded the treasury share buyback programme. According to Banca Akros, it could compete for the purchase of General Cable in the USA.
Among the Spanish titles, Sabadell e Caixa they fell by 1,48 and 0,35% respectively, after being hit by a rain of sell-off yesterday in Spain's worst constitutional crisis in decades.
The two banks have significant exposure to the private sector of wealthy Catalonia, while Santander +1% and Unicaja +1,68% are not very present.
Flat morning for Italian banks. Where's Banca it dropped 0,07%, flat after yesterday's leap of +4% thanks to the promotion of Société Générale. B for Bank -0,3% Intesa Sanpaolo + 0,2% Unicredit -0,39% Bpm bank + 1,3%.
Numerous movements among the medium/small caps: Reply -8,25%. The parent company sold 7,7% of the capital at 190 euros per share, after the flash sale it remains with 47%.
Isagro +0,27%, lengthens yesterday's +13%. Lily +7,40%, announced important commercial agreements with Amazon.
Milk Center +10,58%, yesterday +6,5%.
The group has signed a strategic partnership with Alibaba, the Chinese company among the world's online commerce, for the marketing of long-life whole milk on the Chinese market. Chinese consumers will have the opportunity to directly purchase long-life milk (UHT milk with a shelf life of 300 days), 100% Italian, under the Mukki brand.
Trevi -1,11%, unable to react to yesterday's -17%. The drilling company yesterday warned that it will be forced to restructure its debt.
