Piazza Affari is advancing on alternating current: a slow start, an upward leap in bank stocks, a subsequent slowdown. Close to noon the index Ftse Mib drops by 0,60%.
The other European Stock Exchanges also contrasted: Paris is up by 0,2%, Frankfurt loses 0,5%, Madrid +0,5%. The Ifo index has disappointed: the monthly survey on the expectations of German companies in February fell to 105,7 from 107,3 in January, the consensus was expecting 106,7.
The markets are still influenced by the oil -1,7%, weak after the leap of the eve.
Among the oil companies. Eni +0,1%, Tenaris -0,7%, Saipem +3%.
In the Italian price list, they are put highlight the banks supported by a Credit Suisse report entitled "Banks, tactical, non-strategic Buy" in which it is argued that credit institutions have fallen too much, they have arrived at valuations that discount a very heavy worsening of the macro scenario. “Prices incorporate a 50% risk of a recession, probably too much.”
Among the stocks preferred by the broker there is Entente +1,4%. “We focus on institutions with high fee income, good cost control and favorable valuations,” says the investment bank.
Monte Paschi rises by 5%. The bank would benefit from the project to accelerate the disposal of non-performing loans, currently under examination by the government. UniCredit +3%. Banco Popolare [BAPO.MI] is up by 4,5%, Ubi Banca +4,1%.
Also good Bper +1,18%. While lowering the target price to 8,4 euros to reflect a cut in the 2016-2017 EPS estimates, Exane reiterated its outperform rating on the bank, convinced that the popular company will be involved in an M&A operation before the end of the year: a 10% cost cut equals an increase in valuation of about 20%
Among the industrialists it shines Finmeccanica +2% after the announcement that the company has formed an alliance with the American Raytheon to participate together in the tender called by the Pentagon for the advanced training system of the pilots of the US Air Force.
StM -0,2%, Fiat Chrysler -0,12%, Prysmian -0,1%. These three stocks opened 1% down.
Luxottica -1,11% it corrects downwards by 1% to 53,40 euros, extending the loss since the beginning of the year to 12%.
The group has signed an exclusive licensing agreement with the Maison Valentino for the design, production and worldwide distribution of Valentino branded sunglasses and eyeglasses.
Also declining Safilo -2%. Citigroup analysts cut the target price on the stock to 9 euros from 11,5 euros. The new target price points to a potential upside of 6,6% on yesterday's close.
Out of the main basket, Recordati loses 7,8%: yesterday evening, with the markets closed, a historic shareholder sold his entire stake equal to 3,2% of the capital.
