After Fed Chair Janet Yellen's first hearing, markets are starting to incorporate expectations of a normalization of monetary policies across central banks. European equities, which rose by about one and a half points yesterday, remain little moved with Frankfurt to +0,05%, Paris at +0,1% and London flat. Little move too Milano, with the Ftse Mib up by 0,23%, around 21.500 points.
In the first 4 months of this year, Italian exports grew by 6,6%, compared to a forecast for the whole of 2017 of an increase of 3-4%. The euro-dollar cross is stable at 1,143.
The German consumer price index rose 0,2% on a monthly basis and +1,6% on an annual basis in June. The 0,58-year Bund yields XNUMX%, close to year highs.
The Treasury has allocated all 7,25 billion euros of BTP medium and long term (three, seven, fifteen and twenty year maturities) offered today at auction. The average yield on the three-year bond rose to 0,23% from 0,15% on the placement in June and that of the seven-year bond to 1,57% from 1,35%. The rate of the 15-year BTP instead dropped to 2,77% from the 2,87% of the April auction while that of the 20-year bond rose to 2,93% from the previous 2,53%.
The 10-year BTP is traded on the market at 2,26%. The France/Germany spread narrows to 27 basis points, the lowest level since October 2016. A sign of a strong return of confidence in France and the Eurozone. Before the presidential election, it was as low as 73 basis points.
The English market authority decided today to inaugurate a special section of the list to facilitate the listing of "premium" securities controlled by oligarchs or sovereign wealth funds. A solution adopted to push Saudi Arabia to choose London as the location for the IPO of Aramco, the state oil giant.
Meanwhile the Petroleum it retreats by about half a point, despite the drop below 500 million barrels of US stocks. The Italian oil companies, object of the judgments of the brokers, are opposed. Saipem loses -0,3%: Goldman Sachs cut the target price to 5,1 euro from 5,3 euro, confirmed the Buy judgment. The home business also cut its target Tenaris (+0,2%) to 14,7 euros from 15 euros, Neutral recommendation. In the end Eni -0,2%: JP Morgan lowered its target price to 11,5 euros from 13 euros, confirmed Underweight. Goldman Sachs lowered the target to 17 euros from 17,7 euros, confirmed Buy.
Under the spotlight in Piazza Affari Telecom Italy +3,35%: S&P Global Ratings improved outlook to positive thanks to improved operating performance and cash generation. Meanwhile, Vivendi is still pressing the top management to bring Amos Genish on board. Everyone is entitled to follow their own interests but only in compliance with the rules and the national interest, said the undersecretary of the Mise Antonello Giacomelli, answering a question on the state of the confrontation between the government and Telecom Italia on the fiber network. Salt too Mediaset (+ 1,16%).
Generali +1,25% to 15,35 euros: the company has put 44 billion of German life insurance assets up for sale, under Generali Leben, some sources report. After the news, Crédit Suisse reaffirmed its neutral opinion (target price €15).
Among the banks, Unicredit -0,5% Understanding -0,3% Bpm bank + 0,1% Ubi -0,3%: Mediobanca restarted coverage with an Outperform recommendation.
Enel salt by 0,7%. SocGen has started hedging with Buy, target 5,60 euros. Of note is Beni Stabili (+2%), Citigroup has raised its recommendation to Buy. The rise infects Igd (+1,5%). Atlantia (+0,25%) is preparing for a capital increase of 3,8 billion in view of landing in Abertis.
In negative ground Cnh Industrial (-0,57%): difficulties with prices in the agricultural sector are growing in the USA. Advance Fiat Chrysler (+0,40%): the company has resumed production in the US of Ram diesel pick-ups sold outside the US market, while the automotive group is preparing for the verdict of the EPA, in the hope of being able to sell them. According to Mediobanca Securities, after an agreement with the EPA, the stock could rebound by as much as 20%.
Rebound greater than 8% for Zucchi: the prices benefited from the presentation of the results for the 2016 financial year, which ended with revenues down by 13,5% to 80,4 million, but also with the return of the accounts to profit of 4,5 million. In the morning, the stock was suspended in a volatility auction after having touched the maximum price of 0,0324 euro.
Finlogic +3%: the company active in the Information Technology sector announces that Hydra (investment holding and parent company of Datalogic) has purchased, to increase the 2,87% stake subscribed at the time of the IPO, a further 500 thousand shares, reaching a total equal to 10,28% of the share capital of Finlogic.
