In red the European stock exchanges after the collapse of German industrial production, which in December recorded the worst result of the last ten years. Business Square loses 0,18%, in line with Paris. Frankfurt it's under 0,5%, it's worse London (-0,6%). This morning it emerged that industrial production across the Rhine in December fell by 3,5% on the previous month, the sharpest drop since January 2009. Expectations were for a much more modest -0,2%. On an annual basis there is a real collapse: -6,8%. Only partially estimated, given that economists were expecting a 3,7% drop.
Meanwhile S&P Global Ratings lowered its estimates of economic growth in China this year at 5% compared to 5,7%, citing the impact of the coronavirus outbreak. The rating agency said it expects growth to pick up in 2021, to 6,4%. Reuters writes that China's first-quarter GDP could slow to +2%, but if the contagion were to stop, the rebound that would follow could lead to annual growth only marginally lower than that estimated a few months ago.
The euro trade at its lowest since October: operators are racing on the dollar as they await today's data on US non-farm monthly payrolls, from which we await confirmation that the labor market is in good health.
instead the Btp/Bund spread it stands at 134 basis points, with the Italian 0,95-year yield at XNUMX%, pending Fitch's judgment on Italy's sovereign rating.
Il Brent oil it is up 0,3%, to 55,1 dollars a barrel, from -0,6% yesterday. Barring sensational recoveries in the course of the next few hours, the week should close downwards: it would be the fifth with a minus sign. Yesterday, OPEC+ consultants and technicians recommended a temporary reduction in production to members of the enlarged cartel.
Saipem (-0,6%) announced that it has signed contracts for works in the offshore sector for a value of 500 million dollars. Eni -0,1%.
Among the bank slows down Unicredit (-0,55%) after yesterday's leap. Morgan Stanley has raised the target price to 16,5 euros. Bpm bank +1,6% after the +4% recorded yesterday before results disclosed after closed markets, which see a return to profit of 797 million euros, against a loss of 59 million in 2018. Bper after the data with a decrease of 0,5%. Ideas, however, for Mediobanca (+1,7%) in the wake of the results for the quarter.
FinecoBank (+2%) recorded inflows in January of 323 million, of good quality
Ps (+0,4%) slows down after the conference call on accounts 2019. The Sienese institute closed 2019 with a loss of 1,033 billion euros, compared to the profit of 279 million made last year. The 1,2 billion euro write-down of the Dta (deferred tax assets) weighs on the result. Net operating profit was 323 million euros, up 3,3%, while pre-tax profit was 53 million against a loss of 109 million in 2018.
nexi +1%. Sia's board of directors resolved to proceed with the listing, to be completed before the summer.
Always volatile Atlantia, already recovering towards the end of the session yesterday: today the share is up 1,3%, but remains at the mercy of the rumors about the possible revocation of the motorway concessions. Citigroup raised its recommendation to "buy" from "neutral" with a target price raised to 25,8 euros from the previous 22 euros. Luciano Benetton has fired Oliviero Toscani for comments on the Morandi bridge.
Among the utilities Enel (+1,3% to 8,24 euros) closed the fourth quarter with 17,9 billion euros of ordinary EBITDA, better than analysts' expectations and corporate indications. Net debt at 45,2 billion euros, against the 45,9 billion estimated by Enel. Forecasts for 2020 confirmed.
A2A -1,2%: Goldman Sachs cuts rating on Sell. The subsidiary of Monza and Brianza stands out with a leap of 4,3%. Acsm-Agam.
Sales on fca, which dropped 2% in the context of a still weak auto sector. Ferrari -0,2% Brembo -2%. They fear each other impacts of the coronavirus on the production chain of big houses.
Leonardo +1%: Morgan Stanley raises the target price to 13,80 euros.
Luxury still weak: Moncler -0,2%. Ferragamo -1%. Burberry announced this morning that it has closed 24 of its 64 stores in China, the others are open with reduced hours. In the press release, the managing director Marco Gobbetti warns that the epidemic is seriously affecting the demand for luxury goods.
