In anticipation of today's meeting of the ECB, the race for the euro slows down in mid-morning, rising this morning to a new high for over three years above 1,24 against the dollar. Meanwhile, the Ifo index, which measures the confidence of German businesses, contributed to restoring good humor to the European markets pending the indications coming from Mario Draghi's press conference, rising to a record level of 117,6 points, better than forecasts . Also in the spotlight was the speech in Davos by the American president, Donald Trump, who should also comment on the latest decisions announced on the subject of duties.
Piazza Affari accelerates: the Ftse index advances The Milan Stock Exchange starts slowly and then accelerates, thanks to the push of banks and insurance companies: Ftse Mib index: at 11.30 am +0,44% to 23.726 points. Up also Paris +0,36% and London + 0,11%. Best of all Madrid +0,57%. Instead, it corrects downwards Frankfurt -0,13%.
The bond market moved little with yields in the euro area aligned with yesterday's levels in anticipation of Mario Draghi's press conference.
Brent oil traded this morning at almost 7 dollars a barrel, up 0,5%, and closed the previous three sessions positively. Eni -0,1%. Saipem+ 0,5 %
The Italian market, the best since the beginning of 2018, is mainly driven by banks and insurance companies:
- Intesa Sanpaolo earn 1%. Barclays raises its target price this morning.
- Banco bpm +1,5%. Barclays lowers the target price. MF writes that the bank is evaluating the possibility of expanding the scope of securitization supported by a state guarantee.
- Same performance for Bper Banking + 1,5%. Unicredit + 0,5%.
The insurance companies are good too.
- Generali +0,5% on the wave of the interest of Edizione Holding which intends to double its share, now just under 1%.
- Catholic +2%, on the maximum for three years.
Sales in the fashion sector are raining:
- Tod’s it loses 1,65% to 59,75 euros with intense volumes. Diego Della Valle said that 2018 will be a year of transition and that the fruits of the work of the new management team will begin to be seen in the second half of the year.
- Moncler it dropped 1,4% to 26,68 euro after the downgrade of SocGen to "hold" from "buy" with the target price raised to 30 from 28.
- Negative too Ferragamo -0,6% to 22,96 euros cut from SocGen to "sell" from "hold".
- In contrast to the industry Luxottica e Aeffe.
stm +0,5% recovered after the crash on the eve. This morning at dawn the group announced quarterly data. Revenue was $2,47 billion, better than analysts' estimates, above the company's growth guidance. The gross margin improved more than expected, to 40,6% from 37,5%. The first quarter of 2018 is expected to end with a sequential decline in revenues of approximately 10%, slightly worse than forecasts. The deputy managing director Jean Marc Chery will be the next president and managing director after the departure of Carlo Bozotti when his mandate expires.
The rally continues Editorial polygraphs: around 10.45 the stock marks a rise of 7,6% to 0,27 euro, appearing among the best of Piazza Affari, but falling back from the maximum reached at the opening. Following the strong volatility of the stock recorded on Wednesday, Borsa Italiana ordered a ban on placing "at best" orders on the stock.
Telecom Italy it is up slightly to 0,7365 euros. This morning Kepler-Cheuvreux reiterated the positive Buy opinion, but reduced the target price to 0,90 euros from 1,10 euros. Little move Fiat Chrysler -0,1% a few hours from the board on the accounts for the last quarter of 2017.
Northern Milan Railways holds, on the day of serious train accident happened this morning on the Cremona-Milan line.
Enough, enough, enough!