European stock markets are slowing down after yesterday's strong rebound. In Milan the index FtseMib it drops by 0,9% around 16.500 points. More massive losses of Madrid (-1,3%), Paris (-0,7%) And Frankfurt (-0,3%).
ll Btp to 10 years it goes to 1,207% from 1,19% of the last closing. Yesterday the yield fell to 1,17%, to its lowest since 8 September, after the Fed's monetary policy meeting. The spread between 128,9-year BTPs and Bunds was little moved, due to the negative trend this morning also of the German paper , to 128 basis points from XNUMX at yesterday's close
European economy slows down: the PMI index composite shows growth at its lowest for almost two years. Drastic judgment by Rob Dobson economist of Markit: “The expansion rate in September has in fact slowed down to the lowest value in twenty months. If the general picture shows very slow quarterly growth close to 0,3%, it also remains clear that the economic recovery is still fragile and fails to generate any kind of real drive. As a result, job creation is faltering, with employment rising at the weakest rate since April. Similar indications also came from Germany.
This morning Promethea ha GDP estimates revised downwards of Italy to +0,7% for 2016, from +0,8% in June.
Back the Petroleum in view of the Algiers summit next week between the producing countries. Brent fell by 0,8% to 47,2 dollars a barrel, after two days of increases in which it rose by a total of 4%.
THEEni falls back by 0,5%. The company has reached a strategic agreement with Sonatrach for the implementation of renewable energy projects in Algeria. Tenaris -2%.
Saipem -0,7%. This morning Kepler-Cheuvreux it improved the target price to 0,45 euro from 0,40 euro. Judgment remained Hold. Based on current prices, the new target price projects a rise of more than 20%. Below Enel (-1,3%), Snam (-1%) and A2A (-1%).
Difficult day for the banking sector. He misses out bpm (-0,5%) after the resistance of the pensioners' associations to the merger with the Banco Popolare (-0,5%).
The rumors of Reuters on a possible involvement of the State in the security of Montepaschi (-2%). The agency reports that European bank regulators are skeptical about the success of the 5 billion euro capital increase. If the recapitalization were to fail, it would open the door to public intervention.
Goes down Understanding (-1,3%). Jefferies has started hedging with a Buy recommendation and a target price of 2,6 euros. Goldman Sachs instead confirmed the Neutral judgment and reduced the target price to 2,20 euros from 2,30 euros.
Unicredit goes against the trend (+1,1%). This morning the Bank took a double promotion. Jefferies has started hedging with a Buy assessment and a target price of €2,75. Goldman Sachs has included the stock in its Conviction Buy List, raising the target price to 3,8 euros from 3,5 euros. According to the US bank, the interest of the investment in Unicredit lies in the fact that today the market already takes for granted a strong dilution due to the forthcoming capital increase, but if the management manages to complete the sale of a series of assets , the dilution may be significantly lower. At current prices, underlines Goldman Sachs, Unicredit is traded on the Stock Exchange at a multiple of 4,9 times the profits forecast for 2016, against an average of European banks (Stoxx 600 Banks) of 10 times.
The other Financials are negative: Azimuth -2% Banca Mediolanum -1,3% Fineco Bank -1,6%. Insurance companies go down Generali -1%. Weak industrialists: StM -0,6% Leonardo -0,2%. It's an exception Ferrari (+ 0,5%) on the highs from the quotation in the wake of Apple's offer rumors about McLaren. Fiat Chrysler -0,5%.
Shower of report cards for luxury:
– back off Yoox -1%: Credit Suisse has started hedging with an Outperform recommendation.
- Ferragamo +2%. Kepler-Cheuvreux brought judgment to Buy from Neutral this morning. Target price 25 euros from the previous 20 euros.
– Moncler it loses 2,7% after the French fund Eurazeo yesterday sold 6% of the capital on the market.
It's on the rise Moleskine +13% higher in the price of the takeover bid (2,4 euro) which will be launched by the Belgian group D'Ieteren, which acquired 41% from the three funds that controlled the company.
