GOOD ANSALDO, FINMECCANICA AND TELECOM ITALIA. BAGS FLAT, BUT MANAGED SAVINGS SHINE
European equities retreated in the morning after an upward start: the gains of some stocks were balanced by the sharp decline in the energy sector under pressure from the drop in oil prices. Eni limits the decrease to 0,16%.
Milan is no exception, almost unchanged (Ftse Mib -0,03% to 21.288) despite the ideas on some stocks. Frankfurt loses 0,14%, Paris falls by 0,11% while London records a fall of 0,18%. The decline in Madrid was more marked, leaving 0,67% on the ground.
The intervention of Wolfgang Schaeuble contributed to slowing down the eurozone markets. The finance minister speaking to the German parliament warned that the European Central Bank has "substantially exhausted its tools" to support growth. The euro fell to 1,288 from 1,289 at the close, the lowest in the last 14 months. The BTP trades at a yield of 2,32% (+2 basis points), the spread with the Bund narrows slightly to 133 basis points.
On the shields in Piazza Affari Finmeccanica +3% on the wave of interest from China Cnr Corp/Insigma for both Ansaldo Sts +5% and Ansaldo Breda. Telecom Italia also bought well +3% after the CFO of America Movil confirmed that talks will be held with Grupo Oi for a joint offer on Tim Brasil. Fiat is also up +2%%: the market is thinking about the turnover in Ferrari and the possible moves in view of the landing on Wall Street. Pirelli falls -1,5%. JP Morgan cut recommendation to Neutral from Overweight. StMicroelectronics loses 2,7%.
Rises of around 2% for Azimut and Mediolanum after the good data on harvesting in August. Among the banks, Banco Popolare is up by 0,5%: this morning Deutsche Bank decided to include it in the list of favorite European banks. Banca Popolare di Milano +1%. The other bankers and also the insurance companies moved little. Pirelli falls -1,5%. JP Morgan cut recommendation to Neutral from Overweight. Fiat rises by 2% while the newspapers talk about the resignation of Luca Montezemolo as president of Ferrari, a position he has held for 23 years. His place could be taken directly by Sergio Marchionne.
Cir drops more than 2% with normal volumes: yesterday the company announced an offer on outstanding bonds with a nominal value of 210,16 million.
