European markets in the balance, awaiting the next choices of the European Central Bank and the ongoing discussion with Brussels on the various national budgets.
Piazza Affari confirms positive ground: the index Ftse Mib rises by 0,34%% over 17.300. The other Stock Exchanges were weaker: Paris -0,04%, Frankfurt 0,09%. Retrieve Deutsche Bank +0.6% and rises by 0,6% to 13,36 euros. The rebound from the historic lows of early October is around 35%. Surprisingly, the third quarter of 2016 closed with a profit of 278 million euros and a pre-tax result of 619 million.
London +0,04%. GDP in the third quarter went better than expected: +0,5% in the three months, +2,3% since January. The good news comes from Nissan. The Japanese group has decided that the new Qashqai will be produced in Sunderland, despite possible post-Brexit wins.
The lightening of positions in government bonds in the Eurozone continues. The yield of XNUMX-year bund (+0,09%) and that of BTP (1,48%) rise to the highest level since June.
Slight drop in yield for i Semi-annual BoTs. In today's placement, the 6-month bond achieved a yield of -0,295%, down by 4 cents compared to the previous auction, updating the all-time low recorded on 27 May (-0,262%). Good demand, which stood at 9,627 billion euros. The supply/demand ratio was 1,60, down slightly from the previous month's levels when it stood at 1,73. The auction regulation falls on October 31st. Oil rose slightly with Brent at 50,1 dollars a barrel (+0,3%). In the previous three days it fell by 3,5%. Eni loses 0,2%, the decline of Saipem continues -1,8%, which lost 3% yesterday.
The reaction to StM's accounts was good, up 8,09% after announcing its third quarter results this morning, which ended with an increase in gross margin above analysts' expectations. A statement announces that profitability will continue to grow in the fourth quarter. Continues the rise of Fiat Chrysler, which gains 2,1%, after rising by 4,3% yesterday following the good quarterly data. Today, rumors about possible agreements with PSA or BMW are also supporting the purchases.
Cnh Industrial -1,4% and Prysmian -1,3% are down. Bankitalia will publish today a specific document on the state of health of the banks less significant, directly supervised by via Nazionale, which will highlight how generically critical judgments on the crisis of Italian institutions are exaggerated. This was stated by the governor of the Bank of Italy Ignazio Visco in an off-the-cuff passage of his speech to the World Savings Day.
Spin into positive ground Monte Paschi +4,27%. Unicredit +0,43%: CEO Jean-Pierre Mustier is studying the conversion or buyback of cash convertible bonds. In this way, the bank tries to reduce the amount of the capital increase. The cashes, which were issued in 2009, trade at around 35 cents and Cet1 includes 80% of the nominal value and are mainly held by shareholder foundations but also by some foreign shareholders, including the Abu Dhabi sovereign wealth fund, Libya and Allianz. “In the event of a repurchase at 100 paying in shares”, calculate the analysts of Equita (rating hold and target price at 2,7 euro) “there would be a limited benefit on the capital of 600 million euro, but a dilution for shareholders who they do not own the bond”. Intesa Sanpaolo +0,4%: Il Sole 24 Ore maintains that the sale of properties for 500 million is in the pipeline. They go up Banco Popolare+1% e Pop. Emilia +1,1%.
