After three consecutive sessions in red, Milan opens the week in the pink jersey. However, the pressure on Italian government bonds continues, with the spread which stands at 271,5 basis points from 267 on Friday and the ten-year yields worsening to 3,2%.
Business Squarei, which opened the first session of the week up 0,3%, consolidates gains and moves to +1,07% in the 21 basis point area led by FCA and the oil companies, in the running after the revision agreement of NAFTA signed by the USA, Canada and Mexico. In red telecom italy, which dropped 2,37% to 0,511 euro after the downgrade of Barclays, which revised the judgment from "equal-weight" to "underweight", bringing the target price from 0,7 euro to 0,46 euro. According to London bank analysts, the records achieved by the 5G auction – where the offers are close to 6 billion – could drive up costs and increase Tim's debt even if, according to Moody's, there should be no pressure on the rating.
The other European Stock Exchanges are also in tune, busy celebrating the agreement between the United States and Canada with Mexico's go-ahead for the new NAFTA free trade treaty. In short, Washington is waiving duties on cars and timber, while Ottawa in exchange opens its doors to milk arriving from the States. The compromise strengthens the dollar (at 1,1579 against the euro and pushes upwards Frankfurt (+0,59%). Positive also a Paris (+ 0,24%) and Madrid (+0,33%). Flat London (+0,05%), uncertain Zurich (+ 0,1%).
Tornado in Piazza Affari, as mentioned, NAFTA pushes oil: Tenaris + 3,78% Saipem + 2,34% Eni +0,76%. Also shop on Leonardo (+ 2,22%) and Moncler (+2,3%), while banks are looking for direction, continuing to feel the effects of the tensions on the spread: B for Bank -0,55% Bpm bank (0,05%), Unicredit (+ 0,49%), Intesa Sanpaolo (+ 0,68%).
Fiat Chrysler (+2,69%) enjoys the promotion of Dbrs, raised the company's rating to BB (high) from BB (low), with stable prospects, also reviewing the recovery rating on the Senior Unsecured Debt to RR3 from RR4, also in this case with stable prospects. The choice explains the agency, is the result of the solid relationship between profit and cash generation and the consistent reduction of debt, which has strengthened its financial structure.
