Mixed closure for the European lists, at the end of a session lacking momentum and conditioned by the weakness of German industrial production in August, which indicates how difficult recovery after the crisis can be, perhaps more than expected. The positive trend on Wall Street is not enough to lift spirits and the trend in infections is worrying. To stem the pandemic, Brussels has decided to close bars and cafes for a month, while in Italy the state of emergency has been extended until January 31 and you need a mask outdoors. In Italy, the new positives are 3.678 today, a number not seen since April.
In the end Frankfurt gains 0,12%; Paris -0,28%; Madrid -0,33%. London is practically flat, as is Piazza Affari, +0,03%, which limits the damage thanks to the leap of a giant like Enel (+3,15%), supported by a Credit Suisse study on renewables, which gave sprint to the sector throughout Europe.
Well Wall Street, with increases of more than a percentage point in the American morning, thanks to partial reverse of Donald Trump on the increasingly awaited aid plan for families and businesses. After yesterday's tweet announcing the end of negotiations between Democrats and Republicans, postponing the plan until after the elections, the president changed his mind, asking Congress to approve targeted aid for airlines and small businesses for a total of 160 billion dollars, plus $1.200 checks for citizens in need.
The turnaround, after the drop on the eve, favors American Airlines, Delta, United, JetBlue and even Boeing, although it has cut its sales forecasts by 11% over the next ten years, due to the coronavirus. Furthermore, the big tech companies seem mostly to ignore the House Judiciary subcommittee report accusing them of abusing their dominant position.
On the foreign exchange market, the euro moved slightly ahead of the dollar, in the 1,176 area. Among raw materials, oil is back in the red, after the recovery achieved in the last two days. Brent is down 2,5% and trades at 41,58 dollars a barrel. The bullion is doing well, with spot gold gaining almost half a percentage point, 1886,7 dollars an ounce.
On today's economic agenda, the update on industrial production in Germany and the unexpected drop in production of 0,2% per month and 9,6% per year stand out, against expectations of an increase. For Italy, on the other hand, there is good news in trade, because in August retail sales rebounded: +8,2% compared to July. On a trend basis, the increase in value of sales is 0,8%. "In Italy, the recovery phase of industrial production - writes Istat - is accompanied by comforting signs for orders and exports" and "even the construction sector and the real estate market show a certain dynamism".
In today's session it is confirmed the intonation of Government bonds on the secondary side is good. The spread between Italian and German 127-year bonds drops to 0,84 basis points (-0,78%) and the BTP yield remains at an all-time low, +XNUMX%.
However, this is not enough to support the banks, on which many sales fell during the session: Bper is back in decline, -4,2%, under a capital increase, and in the wake of the shareholder Unipol -2,12%. Bad Mediobanca -2,38%. Banco Bpm, +0,18%, goes against the trend, with speculative appetites also tickled by the declaration of CEO Giuseppe Castagna according to which after Intesa (-1,17%) and Ubi there will be other bank mergers in Italy.
The black jersey among the blue chips belongs to Nexi, -5,67% (15,90 euro per share), following the placement by the shareholder Mercury UK Holdco of approximately 13,4% of the share capital at 15,50 euro per share.
Oil stocks are back negative, starting with Eni -2,72% (6,73 euros per share), penalized by the cut in the target price decided by Morgan Stanley to 6 euros from 7,2 euros.
Male Telecom, -2,48%, with S&P cutting its rating outlook to negative due to weaker revenue and earnings expectations. Purchases reward Ferrari +2,85%; Buzzi +1,38%; Diasorin +1,36%; CNH +1,04%.
Outside the main list, Roma is getting worse and worse (-20.79%, 0,20 euro per share), two days after the start of the mandatory tender offer for 0,1165 euro by the Friedkin group, which took over the 86,6% of the football club, and after the estimate of a loss of 204 million for the 2019/2020 financial year.
