Piazza Affari leads the European session by a wide margin. The markets of the Old Continent, supported by the positive messages of Mario Draghi, are not suffering the repercussions of the US-China confrontation. The chief economist of the ECB Peter Praet thought about it this morning to dissolve the risk of an acceleration in European rates, in line with the next US cuts: the central bank will have to remain on an accommodating line for a long time yet, Milan puts around 12 o'clock, a rise of around 1,3%. Much more modest gains in Frankfurt and Paris, just over 0,1%.
The performance of government bonds is favoring the relaunch of the Italian market, driven by the more relaxed climate on the maneuver front. The possibility that the forthcoming economic maneuver will safeguard public finances leads to a strong appreciation of the BTP, whose yield drops to 2,85%, from 2,95% yesterday. Spread with the Bund at 230 basis points, from 242 yesterday. The German 0,53-year yield, at XNUMX%, is at its highest since March.
The Treasury placed 1,75 billion euros of Ctz 2020 with yields down to 0,715 from 1,277% on an offer of 3,68 billion. The Btpei traded at 1,65%.
The Italian trade balance is still positive. Istat announced that in August the Italian balance of extra-European foreign trade presented a surplus of 1,749 billion euros, compared to a surplus of 2,527 billion euros recorded in the same period of the previous year. Exports showed a variation of 4,5% while imports of 12,4%.
Brent oil on the highs of the last four years at 81,6 dollars a barrel, yesterday the reference future gained 3%.
They advance on the wave of crude oil Eni (+ 1,2%) and Saipem (+ 3,2%).
It stands out among the rising stocks Leonardo (+3,3%). There US Air Force has chosen the MH-139 helicopter, based on the Agusta AW139, for the protection of missile bases and the transport of government personnel and special forces. The MH-139 program, offered by Boeing as prime contractor, is valued at approximately $2,4 billion.
Fiat Chrysler +0,9%. Moody's confirmed Fiat Chrysler Automobiles' corporate family rating (Cfr) at Ba2 and the probability of default rating (Pdr) at Ba2-PD, while changing the outlook on all ratings from stable to positive. Exor (+0,9%) Ubs raised its target price to 79 euros from 73 euros.
The other driver of the rally is the banking sector (+1,5% the index), stimulated by the recovery of the spread. Among the strongest banks Unicredit which advances by almost 2%. Intesa Sanpaolo + 1,5%. Mediobanca +0,6%: the agreement between the shareholders could be extended beyond 2019. Where's Banca+0,8%. Salt but without euphoria Ferragamo (+0,5%) despite the echo of the Versace operation.
Unchanged Telecom Italy after yesterday's assembly marathon.
This morning Rai Way announced a binding offer for Persidera, controlled by Telecom and by Cheetah (+ 3,6%).
It runs today too Bialetti, up 12,9% at auction.
Heavy Molmed (-7%) after the resignation of the president-founder and the announcement of a capital increase without option rights.
