The European lists are advancing, after the uncertainties in the mid-morning. The Milan index +0,5% around 21.200 points, ahead of Frankfurt and Madrid +0,3%. The brightest of all is Paris +0,6% despite the drop in business confidence (to its lowest since June 2016). The purchases are driven by the strong orders on Airbus signed by China on the occasion of Xi Jingping's visit. The London Stock Exchange also rose (FTSE 100 +0,2%), while the pound appreciated against the dollar to 1,322 (+0,3%).
Jacob Rees-Mogg, the leader in Parliament of Brexit supporters, this morning pronounced himself in favor of the separation proposal presented by Theresa May's government: this agreement is better than remaining in the European Union.
The euro appreciates slightly against the dollar to 1,131.
The markets are not reacting to the words of the deputy director of the IMF David Lipton on Italy which "has not yet faced its evident vulnerabilities and therefore finds itself unprepared for the risks weighing on the EU, from the slowdown in growth to the impact of protectionism and of Brexit".
This morning the Treasury placed 2 billion Ctz maturing in 2020 with a sharp drop in yields to 0,288% from 0,592% last month. The Italy/Germany spread narrows slightly on the ten-year segment to 252 basis points from 253 yesterday. The ten-year rate is substantially stable at 2,50%. The 0,1-year Bund is down -XNUMX%.
Pending the opening of the US markets, the rally in US bonds is reduced, pending the auction of two-year T-bonds. The bond rally deflates: the yield on 10-year Treasury bonds is 2,44%, from 2,41% yesterday. The spread between the yield of the US three-month bond and that of the 5-year increases, dropped yesterday to -1 basis points, this morning it is at -3 basis point. Even Goldman Sachs, today, downsizes the significance of the yield curve inversion, signaling that for the moment the inversion has occurred only on the XNUMX-month/XNUMX-year differential.
Brent oil was up 0,6% to $67,7 a barrel. In strong recovery Saipem +2,2%. Goldman Sachs raises its judgment to Buy, target price at 6 euros, from the previous 3,6 euros. Tenaris + 0,5%. Eni + 0,2%.
In Piazza Affari it shines Anima +2,7% after the interview in which CEO Marco Carreri reviews the partners for possible future mergers: Arca, Kairos and above all Mediobanca.
Also good Moncler +1,1%, promoted among the "top pick" luxury stocks by Morgan Stanley which also increased its estimates by a further 5%. According to the US broker's report, “the signals from China show that spending on luxury and sports goods remains strong during the year, but is concentrated on a few players, including Lvmh and Moncler”.
Among the featured utilities Ivy (+2,17%) ed Enel +0,8% which moves close to the record of the last ten years set yesterday at 5,6980 euros. This morning Goldman Sachs strengthened the Buy recommendation, bringing the target price to 6,35 euros from 6,20 euros. In renewable energies boom of Falck Renew +5% to the maximum since 2010. Good too Erg, +4% after the purchase of wind assets in France.
Among the banks it slows down B for Bank -0,8%. Bpm bank + 0,3%. Intesa Sanpaolo +0,67%, is preparing a maxi-cession of non-performing loans, about 10 billion euros in value. Mediobanca up sharply: +1,94%).
Tim +1,3% just a few days before the meeting: it seems that Vivendi and Elliott are negotiating an agreement. Among the industrialists it slows down Pirelli -1%. Still up Fiat Chrysler +0,7%. Retrieve stmicroelectronics +1%, on Leonardo (+2,23%)
