Europe is patiently awaiting the development of the Catalan crisis. Na from the Madrid Stock Exchange -0,47%, meanwhile, the first signs of yielding are arriving: this morning a spokesman for the regional ministry of Catalonia for foreign affairs said that the Catalan regional officials will not obey orders from Madrid.
The other squares are much better. In Milan, the Ftse Mib index gains 0,4% above 22,400. Frankfurt and Paris are even better, both around +0,5%. London +0,1%. The euro weakens to 1,175 against the dollar, from 1,177 at the close. Brent-type oil trades at $57,9 a barrel. Eni -0,1%. Saipem -1,6% awaiting tonight's board of directors on the quarterly report.
No reaction from the markets to the outcome of the referendums in Lombardy and Veneto. The Spain/Italy spread drops to 37 basis points, the lowest level since last December. The value of BTPs is growing sharply, falling below the yield of 2%. The spread against the Bund reached a low of 156,3, a record low since August 10th.
Fitch confirmed Italy's BBB rating on Friday evening with a stable outlook, referring to "a diversified and high value-added economy, an economic activity that is regaining momentum but whose medium-term growth prospects remain fragile". This evening with the market closed, the Treasury will announce the details of the indexed Ctz and Btp auction on Thursday 26 October, the first appointment with month-end placements. Considering that the outstanding amount of the old May 2019 CTZ exceeds 12 billion, the Treasury could offer the new October 2019 zero coupon bond.
The Council of Ministers will meet on Friday to decide whether or not to confirm Ignazio Visco as governor of the Bank of Italy. Visco will thus be present at the meeting of the ECB directorate on Thursday which will sanction the changes to the Qe. Extends the Pir effect. The Siiq, real estate investment companies, could be equated to the Pir from the point of view of tax treatment. Piazza Affari immediately reacted to the indiscretion.
Aedes? is the best stock in Piazza Affari with a jump of 5%. The other stocks in the real estate sector were lively:?Igd +2%, Beni Stabili +3%,?Coima Res +3%,?Risanamento +1,7%,?Prelios unchanged. Banks withdraw. The sector trades at -0,26%. Deutsche Bank and Standard Chartered lost 0,5% and 0,9% respectively. In Milan Banco Bpm -1%,?Ubi Banca -0,9%,?Unicredit -0,5%.
Advance Generals instead +0,8%. The American broker?Jefferies?has raised the recommendation?to Buy?from Hold, bringing the target price?to 17,70 euro?from 16,80 euro. Atlantia -0,3% falls while the maneuvers on the front are underway Abertis -0,5% while the conference call on the third quarter accounts is underway.
Over the weekend, the Spanish press followed the dossier, with Expansion speaking of negotiations between the Italian group and Criteria, the main shareholder of Abertis, on the possibility of improving the Italian offer. According to the newspaper, the proposal could rise from 16,5 to 20 euros per share. According to the El Confindencial website, taken up by Bloomberg, the Minister of Public Works intends to ask the authorization of the Spanish authorities for any change of control over Abertis.
Among the utilities Italgas advances +1,5% on the day of the accounts.?Enel +0.6%. The French Engie gains 1,2%: according to a financial newsletter it is in talks for the possible sale of the liquefied natural gas (LNG) division at Total +0,8%. Stm +1,9% and Leonardo +1% are in positive territory.
Also arriving tonight are Luxottica's accounts +0,1%. Deutsche?Bank?cuts?the target price to 61 euros from 64 euros. Giorgio Armani said in an interview that he intends to maintain his stake in the group, equal to 5% before the Essilor operation. Safilo +3,8%,?announced that it has signed an agreement?for the commercial exploitation of the Rebecca Minkoff brand. Trevi still down -1,5%, on new lows since 2004.
Mediaset loses 0,1%: does not exist, says the company, a draft agreement with Vivendi.? Telecom Italia +0,5%, announced on Friday evening that it wanted to collaborate?with the government on the issue?of?the protection of national security and defence.?The Board?also?approved the creation of the joint venture with Canal+.
