The Milan Stock Exchange increases by almost one percentage point (+0,99%) with oil and banking (Bper +8,02%), on a weak day for European stock exchanges and at double speed for Wall Street, while oil deploys its driving force after the agreement reached yesterday by the Opec countries to curb production.
For Italy there is good news from the macro front. 2016 should end with GDP growth marginally better than the 0,8% reported by the government in the latest update to the economic and financial document, while the PMI indicator for the manufacturing sector strengthens in November from 50,9 to 52,2 ,5 points, largest increase in the last 55 months. Instead, it drops in Germany from 54,3 to XNUMX points.
In red the other squares of the continent: Frankfurt is the worst, -1%; followed by Paris -0,39%; London -0,45%; Madrid -0,22%. Contrasted opening in New York: Dow Jones advances; the S&P 500 floats; the Nasdaq retreats.
WTI quality oil, a reference for the USA, confirms the rise above 51 dollars (51,65, +4,47%), while Brent exceeds 54 dollars a barrel (54,32), +4,78% .
At Piazza Affari oil producers remain in evidence with Eni +3,58%; Tenaris +4,11; Saipem +3,04%.
Strongly colored day for the banking sector. Monte dei Paschi, the most volatile stock in this week leading up to the referendum, lost ground by 3,69%. The unknowns about his salvation are a sword of Damocles for the future of the system. Tomorrow is the deadline for the conversion of bonds into shares and the bank hopes that the trend initiated by Generali will continue, which has announced that it will join with its 420 million subordinates (equal to 8% of the capital). According to the Wall Street Journal, the outcome is "crucial" to avoid, cascading, "a wider systemic crisis in Italy and in the Eurozone". If the voluntary conversion of the subordinated bonds goes through, from which Siena expects to raise more than a billion, the capital increase will be launched next week. In the meantime, Monte hopes to bring home the formal commitment of an investor, who will put at least one billion on the plate. For the undersecretary to the presidency of the council, Claudio De Vincenti, "there will be no need for any intervention by the state, MPS is perfectly capable of capitalizing on the market".
On the opposite side are placed almost all the other stocks of the sector. Bper is the queen of blue chips and makes a leap of 8,02%, waiting for a signal for possible aggregations. The hypothesis of a marriage with Creval (+6,14%) rewards both banks.
Purchases on Ubi Banca prevail +3,8%; Unicredit +2,97%; Intesa Sanpaolo +2,10%; Mediobanca +3,15%; bpm +3,37%; Banco Popolare +3,09%.
Still in great shape Generali +3,52%. On the other hand, a day of sales for Recordati, -3,43%; Snam -3,56%; Stm -2,49%.
The spread drops by 4% to 168 basis points, but the Italian 2-year yield remains above 2,04% (0,28% to be exact). The euro tries a small recovery during the day: +0,34. Gold loses XNUMX%.
