While waiting for more precise indications on the manoeuvre, the fever on the Italian debt drops, as expected. The Milan Stock Exchange, after the first prices in the red, started a recovery from the lows of Friday, securing first place among the European lists: at 12 the index signals an increase of around 1,60%, just above 21.050 points .
The other markets were also positive, in the wake of the renewal of the agreement between the USA and Canada on trade: Frankfurt advances 0,7%, Madrid + 0,9% Paris +0,2%. Almost flat London (+0,07%): the Conservative party conference got underway today, just over a month before Brexit. In Europe, high-tech, petroleum and chemical companies are on the rise. Those of travel are ballasted by Ryanair, -8% in Dublin after earnings alarm.
The euro devalues for the fourth consecutive day to 1,159.
The upward trend of oil continues: this morning Brent is trading at 83,2 dollars a barrel, from +5% last week. Eni + 0,7% Saipem + 3% Tenaris +4%. Mediobanca Securites writes in a report that the announcement of the agreement on NAFTA will have a positive impact for Tenaris, even if pipes were not the subject of the agreement. “We believe the US could change the current 25% tariff system against Mexico and Canada to a more friendly quota-based system. As a result, this should do good for Tenaris, which has manufacturing facilities in Mexico and Canada." Mediobanca Securities maintains the "Outperform" recommendation with a target price of 19,5 euro.
The initial flame goes out spread, but prices remain under pressure. The yield differential between the ten-year Italian benchmark, the BTp in December 2028, and the Bund in August 2028, after reaching 288 basis points at the start from the 267 points at the end on Friday, fell to 270. The yield, which soared at the start at 3,35% against the 3,15% of the final on the eve, it stands at 3,21. The two-year rate also weakens, to 1,10%, from 0,99% at the end.
In August, after the decline of the previous two months, a recovery in employment is estimated involving both permanent and temporary employees. The employment rate reaches 59% and unemployment drops below the 10% threshold, returning to the levels of the beginning of 2012. This was reported by Istat, which released data for August of employed people with the estimate indicating a +0,3% on a monthly basis, equal to +69 thousand units. For the second consecutive month, the estimate of people looking for employment is in sharp decline (-4,5%, equal to -119 thousand units).
The stable is highlighted Exor (+ 1,35%). Fiat Chrysler advances 3%, celebrating the NAFTA deal. Ferrari +1,8%. CEO Mike Manley is expected to make some appointments today. At the head of the EMEA area should be called Pietro Gorlier, until now at the head of the components business. Appointments are also planned for North America, with the choice of Manley's successors in Jeep and Ram. One of the most quoted names is that of Harald Wester, current director of the technology department.
On positive ground too Juventus (+1,36%) despite the departure of CEO Beppe Marotta.
Instead he suffers Tim: -2% to 0,51 euro, the low of the last five years. Barclays cuts judgment to Underweight, target price at 0,43 euro. The twelfth day of bidding of the auction for the assignment of frequencies for 5G has ended, which brought the total amount of the bids up to 5.958.562.258 euros. The race resumes today. Moodys is following closely, as he believes an increase in TIM's debt is likely, but the rating is not threatened.
Banks hold despite the level of the spread and the cut to neutral of the sector by Citi: Unicredit + 0,7% Intesa Sanpaolo +0,8% and Bpm bank -0,3%.
Mediobanca (+2%) will reduce its stake in Generali (+1%), selling about 3%, between May and June 2019. A part of these shares could be acquired by Caltagirone and Del Vecchio. UnipolSai + 1,3%.
Where's Banca (+0,5%) completed the sale of 95% of the mezzanine and junior securities of the securitization for a total value of 2,75 billion bad loans. Valtellinese credit -2%. Eleven out of 15 directors of the Credito Valtellinese board, including the chairman Miro Fiordi, communicated their resignation starting from 12 October, therefore shortly before the start of the meeting, requested by the shareholder Denis Dumont.
In the rest of the list, Leonardo (+2%) and Fincantieri (+1,5%) did well, which was awarded the contract with Lockheed Martin for the construction of the LCS 29 ship.
Suspended for excess reduction Astaldi, which reported on Friday evening that it had a total net financial debt of $1,898 billion at the end of June. The construction company, in serious financial difficulties, said it continued negotiations that the deal on the sale of the share in the concession of the third bridge over the Bosphorus.
