The recovery of Asia, heartened by the good (and surprising) data of Chinese exports also saves the European stock exchanges: for now, the specter of a recession caused by the clash on tariffs is receding. But Donald Trump has already reacted by announcing that "I can do much more" to harm China.
Attention now shifts to the quarterly reports of the major US banks, arriving in the afternoon. In the meantime, the European lists are recovering from yesterday's lows. Milan, which slipped to the prices of 19 months ago, today recovers almost half a point above 19.400 points. In parallel, Paris, Frankfurt and London rose +0,7/0,8%. Slightly up Madrid. The spread drops towards 300 basis points from 306 yesterday: Btp 3,51%, Bund 0,53%.
This evening Moody's announces the possible change in Portugal's rating, currently Ba1, or "junk": the market expects a promotion. By the end of the month, the agency will pronounce on Italy, currently the rating is Baa2, with a negative outlook. Oil rebounds. Brent at 81 dollars a barrel after two days of decline. The international energy agency has found that "the current level of supply is adequate for the needs of the demand".
Saipem is up 1%: the company is in the running for some large contracts in Saudi Arabia, in the order of a billion dollars, or more. Saudi Aramco is about to close tenders in the offshore sector for three billion dollars. Saipem is in pole position for works at sea. Eni +0,5%. Utilities are also up: Snam + 1% A2a starts well but then goes into negative territory.
Continue shooting stmicroelectronics +1%. All up the banks, Unicredit +1%. The Independent Research company confirmed the BUY judgment on the institute, however lowering the target price to 16 euros from 17 euros. Banco Santander yesterday started hedging the stock with a Buy recommendation and a target price of 16,80 euros. The potential upside compared to current prices is close to +40%. Intensein San Paolo + 1,7% Bank Bpm + 2,2%.
Carige + 6,5%. Green light from the Board to finalize the agreement with Bain Capital Credit for the sale of 400 million UTP. The Bank intends to verify all the turnaround methods with the identification of an investment bank to explore possible combinations. November 30 is the date scheduled for the presentation of the Capital Conservation Plan. Salt too Fiat Chrysler +0,7%, but slows down Ferrari at -0,2%. Nthe rest of the price list:
Vola Tiscali +5,4%. the Russian shareholders intend to sell the entire stake in Tiscali and the hypothesis bouncing on the markets is the stew. Those interested are Fastweb and the Swiss-German fund SpringWater Capital.
Fila +0,5%: After the acquisition of the US company Pacon aims to grow further by external lines. As part of the forthcoming capital increase, the controlling holding company Pencil has already resolved to subscribe its stake to B shares, with multiple voting rights.
