Positive session for the European stock exchanges, with Milan reaching around 20.000 points in the middle of the day. Leading the rise in the Ftse Mib is FCA's exploits, which gains almost 9% above 10 euros per share after communicating to the markets the update of the terms of the upcoming merger with Psa Peugeot and above all the reduction of the extraordinary dividend that will be distributed to FCA shareholders before the wedding, which should be consummated in the first half of 2021. The markets liked the operation because, the two groups communicated, the synergies of the merger which rise to 5 billion. FCA also drives the Exor stock which is up 3,5%.
On the other hand, the general good mood of the lists is given by the surprising growth of the Zew index, which measures the economic sentiment in Germany, the first European economy, and which increased in September to the point of reaching 77,4 points, i.e. a good 5,9 more compared to the previous month. This was announced by the Zew Institute. The evaluation of the general economic situation in Germany has also improved, settling at minus 66,2 points, 15,1 points more than in August: the general prospects for the German economy, according to the Zew "have improved significantly compared to previous month".
“The Zew indicator of economic sentiment has picked up again, a sign that experts continue to expect a notable recovery in the German economy. Brexit negotiations stalled and COVID-19 cases rise they failed to dampen the positive mood. However, the still negative outlook for the banking sector reveals fears of an increasing number of loan defaults in the next six months,” said Achim Wambach, chairman of Zew.
In Piazza Affari, however, the bankers continue to suffer. In the middle of the day Bper and Banca Generali are the two worst stocks, with a reduction of more than 1%. Still in red as well Unicredit, with the app and the site also down today. Intesa Sanpaolo -0,28%, Banco Bpm on the other hand gains 0,1% against the trend. The interview with Mirko Sanna, Director Financial Institutions of Standard & Poor's, also sowed uncertainty on Italian banks, according to whom "2021 will be the real key year for Italian banks: only in the coming months will we be able to establish the real consequences of Covid-19”. The Btp-Bund spread is always in the 150 basis point area.
Oil recovers: Brent is back above 40 dollars a barrel, Wti is approaching 38 dollars a barrel. Gold is doing well at 1966.48 dollars an ounce, while the euro continues its upward trend, which is now trading at almost 1,19 dollars.
