From black sheep to queen of Europe: after yesterday's crash, Piazza Affari raises its head and scores the best European performance, closing today the Ftse Mib up +2,13%, with Mps even euphoric (+17,46%). Confidence once again warms the financial heart of Italy and the spread between the ten-year Italian and the German bund collapses by 8,11%, falling to 174,4 basis points, with a yield below the 2% threshold at 1,98%.
A breath of fresh air which also comes from press rumors about the fact that the ECB is ready to use part of its 80 billion a month program to support Italian bonds, in the event of a surge in interest rates after the referendum. And on the macro front, the news that inflation in Germany marks a modest +0,1% in November and +0,8% per year, a somewhat stagnant figure, which Eurotower will have to take into account at its meeting on 7 December contributes and in the QE assessment after March 2017.
Instead, the other price lists of the continent travel in no particular order: Cac 40 +0,91%; Ibex 35 +0,55%; Dax 30 +0,36%; Ftse 100 -0,40%. Wall Street opens in moderately positive territory. News of a contrasting sign contributes to the upward and downward pressure on NY's stock markets. On the one hand, the American economy is running at full speed and the GDP in the third quarter grows by 3,2% against the 2,9% expected. On the other hand there is the unknown oil (-3,98% Brent) on the eve of the meeting in Vienna which will have to decide whether or not to cut production. Russia, a non-OPEC country, lets it be known that it won't be there, while positions within the cartel, it seems, still remain distant. The tensions over the price of crude oil are reflected in the financial statements of the giants of the sector: in the third quarter of the year Lukoil declares a net profit down by 70% to 54,8 billion rubles (795 million euros) and revenues down by 10% to 1,309 trillion rubles (18,9 billion euros).
Returning to Piazza Affari: the great protagonist of the day is, once again, Monte dei Paschi di Siena, more exuberant today than it was yesterday and the price per share is back above 20 euros (20,25). CEO Marco Morelli has also resumed the roadshow to look for investors, while, according to what some news agencies write, the signing of the sovereign wealth fund of Qatar is awaited, which would be willing to invest around one billion. The entire financial sector celebrates with Rocca Salimbeni: Ubi Banca +5,81%; Mediobanca +4,57%; Bfor +5,46%; Pop Milan +4,20%; Banco Popolare +4,14%; Intesa San Paolo +4,25%; Unicredit +3,24%, Finecobank +3,38%; Banca Mediolanum +2,36%. In the insurance sector, Unipol +4,19% and Unipolsai +2,49% stand out, while Generali, after the yes to Mps, celebrates with +2,83%. Positive day for Italgas, +1,26%, also thanks to the opinion of Goldman Sachs analysts, who raised the recommendation on the company to "buy" from "neutral", indicating a potential upside of 26% compared to current stock market prices .
Ferragamo effervescent +4%; Post 3,97%; Prysmian +3,39%; Telecom +2,78%; Exor +2,73%. The arrest of Lapo Elkann in New York instead it pours on its creature on the stock exchange: the title of Italy Independent, his eyewear company, manages to lose up to 8 percentage points, after a downward suspension in the volatility auction.
