European markets are slowing down but remain in positive territory. Price lists welcomed the prospect of starting tapering, i.e. the reduction of purchases by the ECB. The euro, on the fourth consecutive day of rising, trades at 1,182.
In Milan +0,02%, the Ftse Mib index is just above 21.800. Plus sign also for Paris +0,45 while the rally in Madrid continues +0,9% after birth of the government of Pedro Sanchez. Frankfurt also advanced +0,2% despite the surprise drop in industrial orders in Germany (-2,5% against a forecast of +0,8%).
They open tonight in Charlevoix in the province of Quebec, the work of the G7 to which for Italy the debutant Giuseppe Conte participates. The prime minister, who will preside over the council of ministers before leaving, explained that "the first thing will be to make yourself known, the second to be respected". Deputy Prime Minister Luigi Di Maio this morning assured the Confcommercio assembly that VAT will not go up. Angela Merkel instead foresees "difficult discussions" with the US on tariffs and sanctions on Iran and does not rule out the possibility that the meeting may end without a common declaration.
The 2,86-year BTP strengthens to XNUMX% (-5 basis points) and biennial at 1,20% (-15 basis points). Spread -8 basis points to 239 (at 13 pm). The German 0,50-year bond passed the XNUMX% mark this morning in terms of yield, reaching up to 0,517%, after having closed yesterday at 0,463%. The 5-year CDS on Italian debt is down, reaching 12 basis points around 223 from yesterday's closing at 232.
- Japanese investors last week they sold the most foreign government bonds since April 2017. The reason is the political turmoil that has driven Italian government bonds lower and volatility higher in global sovereign debt markets. Oil is trading this morning at $75,8 a barrel, up 0,5%. All eyes are on the next OPEC meeting, where the possibility of increasing production will be discussed.
The title is prominently displayed in Milan Saipem +2,5%. The Cepav due consortium has signed the contract with Rete Ferroviaria Italiana for the construction of the first construction lot of the Brescia-Verona high-speed/high-capacity section, for a total value of 1,645 billion euro. Saipem holds a 59% stake in Cepav due. Mediobanca securities assigns a neutral rating to the stock and a target price of 3,8 euros. Analysts in the report say: “While this contract does not have the high margins of offshore contracts we believe it is good news for the company as it supports the order book. Eni e Tenaris both +0,9%.
The rebound of banks continues in line with Europe: the sector index gains 1,45%, the European basket 1%. In great evidence Bper Banking +2,65% after recent declines. The first partner Unipol calls on executives to proceed expeditiously on the path to reducing non-performing loans, CEO Carlo Cimbri said he expected "strong and quick responses" on this issue. Banco Bpm also performed well +2%.
In red instead the other Bigs: Unicredit -0,5% Intesa Sanpaolo -0,4% Ubi Bank -0,7%. For the latter, Credit Suisse lowered the recommendation to Neutral this morning. Well managed and insurance: Italian post + 1%. Fineco Banks + 1,32%. Generali +0,6%. Great insight of Catholic +4%. Equita Sim reiterated the Buy with a target maintained at 11 euros. Among the flat utilities Snam: Environment Minister Sergio Cost called the Tap pipeline "useless".
In the rest of the price list, the leap forward of Saes Getters, up 12%. the company sold the gas purification business to the US Entegris for 350 million dollars. Entegris, headquartered in Billerica, Massachusetts (USA) is a leader in advanced materials and specialty chemistry solutions for the microelectronics and other high-tech industries. The final price will be subject to possible adjustments.
Astaldi +2,1%. According to the Bloomberg agency, a potential buyer for the Bosphorus bridge, the Turkish Yaritim has valued the 33% stake of the Italian construction group up to 467 million dollars for a total value of the work of 1,3-1,4, XNUMX billion dollars.
