The Exchange of Milano it is in slight progress at the end of the morning, in line with the other price lists of the Old Continent. The Ftse Mib index rose by 0,1%, around 22.600 points. In August, the seasonally adjusted index of orders to industry it was up 8,7% from +0,4% in July (revised from +0,2%). This is the highest level since June 2016.
Same trend a Frankfurt, which updates the highs. The Ifo business climate index in Germany rose to an all-time high of 116,7 in October. Better Paris (+0,3%), driven upwards by the excellent results of Kering: +7,5% thanks to the boom in Gucci's accounts. The luxury rally extends to lvmh (+1,2%). On the other hand, the manufacturer of ballpoint pens and razors is in sharp decline Bic (-9,3%), after hitting a four-year low: it reported sales in the first nine months below expectations.
In Milan, Moncler loses 0,4%. The luxury company yesterday presented its third quarter results. Revenues rose by 12,4%, year on year, to 329 million euros: +4,1% for the wholesale channel, to 151 million euros. Ferragamo -2% Luxottica -1,4%.
The best market is Madrid, +0,5% on the eve of the confrontation between the Catalan Parliament and the Rajoy government. Stock markets outside the euro area are in negative ground: Zurich -0,1% London -0,2%. Unexpected leap in British GDP in the third quarter, up 0,4% on the previous one, bringing growth on an annual basis to +1,5%.
The EFSA and ECDC's One Health report euro/dollar it remains within a contained fluctuation range, between 1,1754 and 1,1770, reapproaching the session high following the better-than-expected reading from the German Ifo for October. Italian bond market showing slight growth together with the Bund on the eve of the ECB directorate. The spread is stable at 158 points, the 2,04-year bond drops to 2,06% from XNUMX% at the last closing.
Il Petroleum Brent is trading at $58,4 a barrel, up 0,2%. Eni -0,4% Saipem -1,8%: Barclays and Société Générale raise their target price the day after the quarterly data is presented.
Business Square go back to flying on the roller coaster of Mount Paschi. Upon returning to the Stock Exchange, the bank's stock exceeded 5 euros, reaching a top of 5,24 euros after having opened at 4,1 euros. Analysts, who underline the high volatility of the shares, had reasoned on a starting price of around 4,3 euros, close to the 4,28 euro valuation made by the Sienese institute on a prudential basis. Equita analysts have a target price of 4,3 euros and see a "limited upside compared to our estimates from a purely fundamental point of view". Also for Banca Imi the fair value is 4,3 euro. It should be remembered that the Treasury had paid 6,49 euros for the recapitalization of the bank.
Equita's analysts reduce the banking sector's estimates by an average of 9% and lower the weight in the portfolio from neutral to underweight. According to the experts, the consensus for 2019 is overestimated by 16% and reflects an overly optimistic scenario in terms of the cost of credit.
In Piazza Affari they advance Where's Banca (+ 1,3%) and Unicredit (+ 0,6%). Intesa Sanpaolo +0,6%. In the next budget law there should be a reform of the legislation on credit securitization, which should help banks to dispose of NPLs. Bper -0,5%: Moody's downgraded its rating, negative outlook.
Still among the financials, it shines FinecoBank with an increase of 2,2% recording the absolute maximum. This morning Kepler-Cheuvreux raised the target price to 8,50 euros from 8,20 euros. Judgment Buy confirmed. Generali +0,1%. Barclays and Société Générale raise the target price.
It slows down the growth of asset management collection. In September there were flows of 3,56 billion against 8,6 in August. The total for the first nine months is 79,4 billion. The assets of the industry update the maximum to 2.046 billion.
Mediaset it is the best blue chip with a 2,5% upside. Mediobanca Securities raised its recommendation to Outperform (from neutral) in a report entitled "The time has come", even if the target price was reduced from 3,63 euros to 3,61 euros. For the business bank, the agreement with Vivendi can be found with compensation in the order of 700 million. The group will publish the results for the third quarter of 2017 on November 7th. Fiat Chrysler -1,5%.
