European stock exchanges advanced at the end of the morning in the wake of the approach on tariffs between China and the USA. In Piazza Affari (+1% around 18.800 points) the increase picked up speed after the positive outcome of the 12-month BOT auction: 5,5 billion euro allotted at a rate of 0,37%, a clear decrease compared to the 0,63% previous. A good premise for themeeting between Prime Minister Giuseppe Conte and EU President Jean-Pierre Juncker. France's decision to go beyond the balance constraints actually helps the Conte government in the negotiations with Brussels. But Commissioner Pierre Moscovici points out that "situations are different".
The spread also fell to 281 points (from 288) and the ten-year yield to 3,07% from 3,11% yesterday. Bund unchanged at 0,25% (unchanged).
The other markets were also positive: Frankfurt +0,9% and Madrid +0,6%, much more tonic in Paris +1,6%. The spotlight is on London +1,1% where tonight Theresa May faces vote of no confidence asked by the most Eurosceptic deputies. The pound appreciated to 1,252 against the dollar. The euro moved little at 1,132 against the dollar.
Brent oil rose 0,7% to $60,5 on the release of interim data on US crude stockpiles. Eni + 1,1%. Saipem + 0,2%.
In Piazza Affari it loses its shots Salvatore Ferragamo -6,25% later the farewell of CFO Ugo Giorcelli. Kepler Chevreux cut the rating to 'reduce' and the target price to 18,5 euros. Also today is a report by Deutsche Bank which reduced the target price of the stock to 23 from 24,8 euros (hold opinion) in a framework of caution on the entire sector due to the expected slowdown in China in 2019. Db has rating on Tod's cut +1% to Hold daBuy. Moncler + 1,19%.
Utilities are gaining across all markets, supported by declining bond yields. In Milan the best blue chip is Enel +2,54%. The company has begun construction of a large wind farm in Mexico. Salt too Italgas + 1,9%. Snam 0,9%. A2A + 0,9%. Atlantia + 0,7%. Tim +1,45%. Cassa Depositi e Prestiti intends to strengthen its presence in the capital, reports La Stampa.
Between banking, Ubi -1,5% downgraded from Morgan Stanley to 'underweight'. Some realizations on Banco Bpm -0,73% after yesterday's run following the announcement of progress in the plan for the sale of non-performing loans. Plus sign for Intesa Sanpaolo +1,12% and Unicredit +0,47%.
In the managed Italian post + 1%. General Bank + 1,5 %
Off the main list flies Intek (in volatility auction after an 11,65% rise) after the Antitrust ok on the purchase by the subsidiary Kme of the German competitor Mkm.
