Luigi Di Maio turns out to be a dove by imitating Matteo Salvini. "If within the negotiation - says the deputy prime minister - he has to reduce a bit of the deficit, it's not important for us". The markets believe it and bet on one maneuver review. The other European markets were also positive despite the fall of the German Ifo index to 102,2 from 102,9, a worrying sign of the deterioration in the business climate.
Milano +2,9% over 19.250 (after a peak +3,3%) leads the race of the bull ahead of Madrid +1,65%, Paris +1% and Frankfurt +1,2%. London's gains are more modest +0,88%: the agreement with Brussels on Brexit it was already a given.
The sprint of Piazza Affari can be explained by the reduction of the spread in turn linked to the prospect of a lowering of the deficit/GDP forecast for 2019, which could allow the Italian government to bring the clash with the EU Commission back. This evening, Prime Minister Giuseppe Conte will hold a government summit at Palazzo Chigi to discuss a reduction in the deficit target, currently equal to 2,4% of GDP.
The yield on the Italian 3,17-year benchmark fell this morning to 3,42% from 0,36% at the last closing, marking a low since the end of September. The differential against the Bund (latest figure at 280%) is just over 0,65 points. The two-year rate in turn slipped to 19%, its lowest since September 30, more than 0,97 basis points below the XNUMX% on Friday at the end of the session: in the space of a few weeks, the two-year rate almost halved the value of the yield.
THEeuro it is up on the dollar to 1,1377 (+0,3%), supported both by the openings of the Italian government and by the reaching of an agreement between the European Union and the United Kingdom on Brexit,
The severe warning of the chief economist of the ECB, Peter Praet, a close collaborator of Mario Draghi: "The Italian attempt to spend more while ignoring the European rules could lead to more stringent financial conditions, among which there could be higher financing costs such as have a wider impact on the economy, in particular on growth and investment.” This afternoon the president of the ECB will speak to the European Parliament.
Oil up 2% to 60,1 dollars a barrel, partially recovering from -6% on Friday. Eni +1,3% is in the running for the refining activities of the Abu Dhabi state oil company. It bounces Saipem +6,5%. HSBC raises its judgment to Buy, target price at 4,50 euros.
In Piazza Affari, the banks are galloping on the wave of the fall in the spread: the Eurostoxx Bank rises by 2,7%. Unicredit + 5,84%. Intesa Sanpaolo + 5,34% Where's Banca + 4,54%. Ps + 7,7%. Mediobanca .
The rebound of technology on the Black Friday shopping wave involves stm +3,6%. American consumers spent $6,22 billion, 24% more than last year. This was reported by Adobe Analytics, detecting the transactions of 80 of the 100 best online retailers in the United States such as Walmart and Amazon. Salt too Tim +2,96%. Despite Morgan Stanley cutting Equal Weight. We go back to talking about fusion with Mediaset +2,86%. Cassa Depositi e Prestiti intends to be the reference shareholder of the telephone network company, a project on which the government is working. Il Sole24Ore reports that the transmission network is pledged to the banks.
Among the blue chips also advance Fiat Chrysler +3,4% and Pirelli +0,6% which will be the sole supplier of Formula 1 also in the 2020-2023 period. Leonardo + 2,36%.
Outside the main basket they go up Aedes e Rcs Media Group +7,9%. Bucking Tiscali -3,1%.
Salt too Tod’s +1,68%. The founder and president Diego Della Valle says that within a year, a year and a half, the effects of the investments in the relaunch of the company will be seen. Fly Geox +4,14%. Equita Sim, after lowering the company's target from 14 to 2,4 euros on 1,6 November, today revised it to 1,3 euros.
