The European stock exchanges moved little at the end of the morning: investors remain cautious in anticipation of the conclusion of tomorrow's meeting of the Fed, which begins in the afternoon. This morning the euro re-tested the 1,20 level against the dollar. According to expectations, the meeting of the FOMC will conclude tomorrow with the announcement of the start of the normalization of the balance sheet of the American Central Bank (currently over 4.000 billion dollars).
A Milano the FtseMib index (+0,04%) recorded a slight increase around 22.400, in line with Paris. More lively Madrid (+ 0,5%), followed by London (+0,20%). Down, on the contrary, Frankfurt (-0,11%) despite the fact that the Zew index recorded an increase of 17 points in September compared to 10 in August: the elections in Germany are not a source of uncertainty. Of note is Heineken -3,5% after Fomento Economico Mexicano (Femsa) sold a 5,24% stake in the second largest beer producer in the world for around 2,5 billion euros.
Lo Call better than expected, it gave impetus to peripheral securities, including BTPs, causing limited pressure on the Bunds. The positive effect of the promotion of Portugal by the rating agencies also continues with a positive effect also for Spain. The Italy-Spain differential is growing again to 62 basis points. Madrid placed 2,95 billion 3- and 9-month bonds this morning.
Oil up slightly: Brent at 55,7 dollars a barrel (+0,4%). Wti at 50,3 dollars (+0,7%). Among the oil producers, Eni + 0,3% Saipem drops by 0,1%.
Backtrack into Piazza Affari's Telecom Italy, down 0,98% after yesterday's +4,7%. The company has denied plans to unbundle or sell the network, considered a strategic asset for the group and its business plan. An extraordinary board meeting will be held today. Macquarie today downgraded six European telecommunications operators but promoted Italian stock and BT to "outperform" citing heavy investment in infrastructure.
Among the industrialists, the performance of Avio (+1,15%) which, according to Equita, benefits from the interest in the defense sector that emerged with the purchase of Orbital by Northrop Grumman.
The propellant for Piaggio (+5,4%) is instead provided by the agreement with the Chinese Foton Motor Group for the development of light commercial vehicles.
Main basket stocks weak: Fiat Chrysler -0,1% Leonardo -0,7% stm -0,2%.
Luxury down after the release of a Morgan Stanley report. Under fire Moncler (-0,72%) which however recovered almost all of the -2% lost at the start. The company was downgraded to Equal Weight from Overweight (although the target price rose from 22,5 to 26 euros).
“It is one of our favorite brands – writes the broker – we remain very confident in the strength of the brand and in a better performance than that of our competitors; but after the market has raised its earnings multiples and the stock is up 50% year-to-date, we think the stock market could get some breathing room in the coming months.”
Su Ferragamo (-1,15%) the broker confirms the equal weight opinion: “We like the aspect of the restructuring, but we fear that the transition period will last longer than expected. In 2018 it could become an interesting story of relaunch”.
Also Tod’s (+0,3%) is seen as a potential story of recovery, but the broker fears new disappointing results in the second half. Yoox is down 0,8%.
The banks moved little: Unicredit -0,1% Understanding + 0,1% Bpm bank + 0,2% B for Bank +1%. In asset management they stand out Anima (+ 1,3%) and General Bank (+ 0,8%). esprinet loses another 4%, yesterday -15%, in the wake of disappointing results.
Weak Caltagirone Publisher (-2%) after the failure of the takeover bid launched by the controlling shareholder for the delisting.
