Stock markets in the Old Continent were weak at the end of the morning. Piazza Affari in particular falls: the Ftse Mib index -0,36% slips below 22,500 points. Paris was also down -0,14%. Madrid holds better -0,09%. New indiscretions arrive from Madrid on the match for control of Abertis. Acs, not having found financial partners for now, is considering relaunching the takeover bid on the concessionaire with a mixed cash offer and Hochtief shares for a total value of 17 euros per share. Atlantia? loses 0,15%.
Sale Frankfurt +0,14% Lufthansa grows by about 3% after the announcement of the possible agreement today for the purchase of part of Air Berlin, close to bankruptcy. EasyJet, also in an asset purchase of Air Berlin, was up 3%. In the spotlight during the day the speech that Mario Draghi will give in the afternoon at the meeting of the Monetary Fund, hit by the barbs of Donald Trump for the criticisms advanced on the tax reform.
Eurozone industrial production rose well beyond expectations in August. In detail, the index jumped by 1,4% on the month and by 3,8% on the year. The monthly rate is the highest since November 2016.? The euro travels at 1,1964 from 1,1857 dollars at the last close. Worth noting is the new high of Bitcoin after its launch (over eight and a half years ago) rising to over $5.000 for a bitcoin: the crypto-currency jumped to an all-time high of $5.183,97 for a virtual currency. A slight upturn for the Italian bond market, which sees the risk premium on the Bund shrink below 170 basis points in the ten-year stretch, after the first two votes of confidence in the House on the electoral law. Little changed the Spanish bonds with a yield of 1,62%. Even the German Bund is at yesterday's levels.?
Yields up for the Btp assigned this morning in auction by the Treasury. In detail: the Treasury issued the first tranche of the 3-year BTP expiring on 15/10/2020 for 4 billion against a request of 6,441 billion. The yield rose by 10 cents to 0,15%. The third tranche of the 7-year BTP maturing on 15/11/2024 was also placed: against requests for 3,455 billion, the amount issued amounted to 2 billion while the yield, up by 1 cent on last month's auction, it stood at 1,53%. Finally, the second tranche of the 30-year BTP expiring on 01/03/2048, assigned for 1,488 billion against a total demand of 2,065 billion, achieved a gross yield of 3,33%.
Crude?in decline of about 0,7% pending data on US inventories: Wti at 51 dollars and?Brent at 56,6. The oil companies moved little: Eni - 0,07%, Saipem -0,17%. Among the brightest stocks in Milan is Italgas +2,07%. Berenberg has started hedging the share with a buy rating and a target price of €5,30.” We don't think the current price correctly evaluates the unique dividend growth opportunity afforded by the tenders and consolidation in the Italian gas distribution sector”, explain the analysts.
Campari does even better +3,09% at 6,52 euros, a new all-time record. Effervescent Banca Carige +3% which is moving towards full participation in the conversion of bonds (with new senior bonds with a duration of 5 years, coupon at 5%) and is close to the sale of a property in Corso Vittorio Emanuele in Milan. The other banks are weak after the leap on the eve. Even the IMF sides with the EU in the request for softer measures than those indicated by the ECB for the management of new generation non-performing loans. In the European sector, the British HSBC, the French BNP Paribas, and the Dutch ING are down.
Unicredit -0,9%,?Ubi -2,5%, Banco Bpm -1,7%,?Intesa -0,6%. For the rest of the list: Mondadori's leap +5,29% should be noted, which further extends the impressive rise this year: in 2017 the stock gains 85%. Rcs? -1%. The president and CEO Urbano Cairo speaks of "very good results" also for the last quarter of the year, in terms of advertising sales. Cairo also confirmed that the company will return to dealing with books. Down Amplifon -7%. Azimuth also down -2,5%, Kepler reduced the target price.
