Piazza Affari closes down for the sixth session in a row, -0,55%, with the Ftse Mib at 22.437 points. It is still Apocalypse now for Leonardo, -4,16%, after the collapse on Friday, when sales were triggered by disappointing accounts (especially due to the helicopter sector) and downward forecasts for 2017; today SocGen cuts the judgment to hold, from buy. Rain of sales on Telecom, -3,23%, with Goldman Sachs revising the rating to neutral. Fight the banks, while the International Monetary Fund promotes the ECB tightening on new non-performing loans. Outside the main basket, Mps sink, -4,49% (3,919 euros per share) and Carige -1,85%; small recovery for Creval, +1,71% after the losses of the last few sessions.
The climate remains cold also in the other European squares: the worst is Paris, -0,73%, where EDF (which controls Edison in Italy) loses more than 10% due to the cut in the 2018 guidance on EBITDA; Frankfurt, -0,40%; Madrid -0,42%; London -0,24%.
Wall Street opens weak, conditioned by the uncertainties about the tax reform. Currently, the session continues at a slow pace, but positively. General Electric loses more than 4%, after the cut to the dividend and the start of a radical restructuring. The market instead rewards Qualcomm, which rejected a proposed $103 billion purchase of rival Broadcom, stating that the offer “drastically” undervalues the company.
Stable the euro-dollar ratio, with the exchange rate around 1,166. Oil is flat, despite the production cuts and waiting for the meeting in Vienna on November 30th. Brent $63,53 a barrel.
On the secondary side, the yield of the 10-year BTP remains at 1,83%, the spread with the Bund is also stable, 141.10 basis points, -0,21%.
On the primary side, the Treasury has today assigned all 6 billion euro of BTPs with various maturities at auction. The three-year return is negative. On the first day of issue of the new BTP Italy the total value of the orders received is just under 2,15 billion euro.
Returning to Piazza Affari: the best stocks of the session are Ferrari +1,17%; Mediaset +1,05%; ; Moncler +0,91%; Bfor 0,9%.
At the bottom of the list, in addition to the securities already mentioned, Unipolsai -2,17%; Fineco -1,89%; Ynap -2,17%. The downgrade of Credit Suisse to neutral from outperform weighs on the latter.
