After Monday's leap forward, Piazza Affari consolidates pending more precise indications on the maneuver. The index falls by 0,16% while remaining above the level of 21 points. The other lists of the old continent are in positive ground with progress around 0,2%.
After a weak start, the ten-year BTP strengthens to a yield of 2,87%, consolidating yesterday's robust progress. The spread marks 220,6 basis points. The attitude of the major international managers benefits the Italian debt: BlackRock, already negative, has become positive (long): the Italian "card" is judged more attractive than its counterparts in Southern Europe (Greece, Portugal, Spain). Thus the Italy/Spain spread decreased to 137 basis points from the August peak of 175.
This morning the Minister of Economy Giovanni Tria, speaking in Milan, argued that to relaunch the GDP, which will end 2018 at a slower pace than in 2017, "public investments must rise to 3%" from the current 2% which “it is too low” to guarantee closing the structural growth gap that separates Italy from the average of the other European partners.
Little moved the euro traded at 1,167 against the dollar.
Oil was up 1,4% to $79,14 a barrel. On the rise Saipem +2,4% to 4,92 euro on the new highs for the period.
Recover Ferrari +0,2% after the 3,6% plunge later to the announcement, during the Capital Markets Day in Maranello, that the adjusted ebitda target for 2022 is between 1,8 and 2 billion euros, lower than the previous estimate of 2 billion. By 2022, 60% of the models that the Maranello company will produce will be equipped with a hybrid engine. A record 15 new models will be launched over the course of the plan. The SUV by 2022 will exceed consumer expectations, "But don't call it an SUV - asks CEO Louis Camilleri - his name is Thoroughbred". Fiat-Chrysler -0,2%.
The best stock is Buzzi Unicem +3,70 (but +7% in the initial stages) after the start of the purchase of treasury shares approved by the shareholders' meeting last May. Leonardo +1,4%. Prismian -0,8%.
Banks go down. Unicredit -0,9% Intesa Sanpaolo -1%. Mediobanca -0,6%, is interested in an alliance with Messier Maris, a French investment bank.
Mps Bank -2%, reduced the credit lines granted to Leonardo from 660 million to 310 million to recover from exceeding the regulatory limit set by Bank of Italy for related parties.
Eurozone lenders need to further reduce the stock of non-performing loans in order to improve financing conditions, strengthen their margins and make themselves more competitive. The president of the ECB said so in Paris Mario Draghi in an intervention in the French capital.
Still worth noting is the rise of Tim +2%. THE group leaders met the prime ministerPalazzo Chigi reported without providing details on the contents of the meeting.
