European stocks are in negative territory this morning, with commodity falls and profit-taking taking them to eight-week lows. The Eurostoxx 600 index slips to its lowest level since the end of September. TO Milano the FtseMib loses about 1,5% below 22 points. Also Frankfurt records losses exceeding one percentage point. More resistant Paris e Madrid (-0,5%).
Wall Street futures anticipate a start down 0,5%. Yesterday evening the US stock market closed slightly lower on fears of postponement of the tax reform.
The rise of theeuro at 1,184 on the dollar, on the highs of the month. The US currency pays the price of uncertainty about tax reform, but also the carry trade of speculation that sells euros and yen to buy dollars and profit on the interest rate spread.
Massive sales also on emerging currencies after the default of Venezuela. There Lira Turk hit new all-time low, losses of 2% to 3% per Real Brazilian e russian ruble.
Oil falls again: Brent is traded at 61,5 dollars a barrel, down by 1,2%, yesterday it closed down by 1,5%, in a context of large decline in raw materials. Preliminary data on inventories, released by the American Petroleum Institute, signal a very strong increase in the last week.
Energy prices in Piazza Affari are down sharply. Eni -1,5% Saipem -2,2% Tenaris -1,6%.
The target practice on the stocks of Piazza Affari has invested today Ferragamo (-6%), the worst blue chip. The luxury company ended the third quarter with results lower than consensus expectations. Revenues down 5,5% year on year to 287 million euros (+0,5% at constant exchange rates). Ebitda halved. The company has warned that there are small dreams of improvement, but there will be a lot of work to be done in 2018 as well.
Continue the shipwreck of Valtellinese credit (-7%) which pays the expected capital increase. In red the other banks starting from Banca Mount Paschi (-4%). Bpm bank (-1,6%) will buy UnipolSai's stake in PopolareVita at the price of €588,9m, of which €53,4m deriving from the distribution of available profit reserves. The participation will be immediately sent to Cattolica. For the bank, the restructuring leads to a positive total capital of 11 basis points on the fully loaded Common Equity Tier 1 ratio. Among the Bigs Understanding -1,2% and Unicredit -1,5%.
In the meantime, Astaldi crashes (-25%). The company announced last night the launch of a capital increase of 200 million euros, plus another capital strengthening operation of 200 million euros: no details were provided on the latter. The result for the quarter was penalized by 230 million euros of impairment losses on assets in Venezuela. Net loss of 144 million euros.
Still in disarray Trevi (-12%), which updates the multi-year lows after the postponement of the quarterly. De' Longhi also down: -12% at 24,5 euros. The majority shareholder De Longhi Industrial sold, with a lightning placement, 7,5 million shares, equal to 5% of the capital, at the price of 25 euros per share.
Rebounds after sharp declines Leonardo (+3,2%), promoted to Buy by Equita. Breath of fresh air also for Telecom Italy (+0,6%). An agreement on the management of the transmission network is looming after the change at the top of Open Fiber: in place of Tommaso Pompei comes Elisabetta Ripa, director of Cdp and former top executive of Telecom.
