With the London market closed for the Bank Holiday, Europe is starting the week at a slow trot. In Milan, the Ftse/Mib index now reports a modest rise of 0,19% to 14909, on a par with Paris +0,08% and Frankfurt +0,14%. The government bond market moved little, the BTP trades with a yield up by two basis points to 5,75% and a spread of 433 basis points, unchanged compared to Friday's closing.
Germany has placed one-year securities on the market for 1,975 billion euros, again offering a negative return of -0,0246%, up from -0,054% offered last month. The demand was for 3,86 billion euros, compared to an initial offer from the German Treasury of 3 billion.
THEIfo index, a measure of German business confidence, fell in August for the fourth consecutive month. The results of the survey, conducted on 7 German companies, confirm the orientation of other recent indices, such as that relating to purchasing managers, as regards a weakening of the German economy, the largest in Euroland.
The euro was up slightly against the dollar to 1,2526 from 1,2512 by Friday's close. Oil strengthens with the WTI at 97,2 dollars a barrel (+1,1%).
Among the 40 Milanese blue chips, the price variations are contained while the great leap of Mediobanca stands out +4,24% due to the fact that the market appreciates the hypotheses circulated in recent days, even if denied by the group's top management, of spin-offs separating the assets of the investment bank from equity investments. Contrasted the rest of the industry with Banca Popolare dell'Emilia + 1,31% Understanding +1,76%. Down Unicredit -0,26% e MontePaschi -0,83%.
Among other declining stocks, Pirelli drops 0,67% after Kepler lowers the recommendation to hold da buy. In reverse Prelios runs up 12%. Down Fiat (-0,55%). Positive Stm (+1,06%), Finmeccanica +0,9%.
Among the oil companies, Tenaris (+0,91%) and Saipem (+0,48%) advanced after Goldman Sachs raised its target price to 55 euros from 52 euros. Almost unchanged Eni (-0,1%). Among the utilities, A2A stands out (+1,63%). Telecom Italia is also on positive ground (+0,35%).
Between the mid and small caps, Indesit records a +2,4%, while RCS is suspended due to an excessive increase.
