Weak session for European lists, worried since economic slowdown in Germany (GDP -0,2% in October compared to the previous month), from the change of course of Wall Street, from wall to wall of Italy with Brussels on the manoeuvre.
Piazza Affari is wearing a black shirt, -0,78%, 19.077 points, even if it stems the losses compared to the morning. The Berlusconi galaxy suffers above all after the quarterly reports: Mediaset -6,88%; Mondadori -3,99%. The risk of sanctions, due to the Italian perseverance in the 2019 measures, also keeps bonds in check: the spread between the Italian and German ten-year bonds rises to 311.50 basis points (after reaching 317 points in the session) and the yield rises to 3,52, XNUMX%.
Fractional decline the other squares: Frankfurt -0,52%, Paris -0,65%, Madrid -0,42%. London, -0,26%, monitors government discussion onBrexit deal.
Wall Street, which failed to rebound yesterday, at the moment it repeats the same pattern and after a good start it moves into negative territory with Apple down. The words of Jerome Powell are awaited this evening, who will also have to take into account the chiaroscuro data on US inflation: in October, +0,3% month on month and +2,5% year on year, i.e. in line with the expectations, but with a core figure lower than consensus on an annual basis (+2,1%).
The euro recovered some positions against the dollar, exceeding 1,13. Among raw materials, gold remains in the area of 1203 dollars an ounce, while oil is trying to rear its head after yesterday's slide, encouraged by the fact that Opec is considering cutting production up to 1,4 million barrels per day for 2019; Brent +1,76%, 66,62 dollars a barrel. The oilmen of Piazza Affari remain wary and closed another session down: Eni -1,47%, Saipem -1,3%, Tenaris -0,98%.
The worst blue chip is Mediaset, in the wake of the accounts published yesterday after the markets were closed. The Biscione, which has been at its lowest level for almost two years on the levels prior to Vivendi's takeover attempt, is suffering from the shower of revisions of the target price by analysts, due to fears about the future trend of advertising sales. Mediobanca analysts define the market reaction as "too aggressive".
Sales also prevailed on Telecom, -3,16%, in the aftermath of dismissal of CEO Amos Genish by the board controlled by Eliott and after the positive accounts of the rival Iliad, thanks to the important contribution of the Italian market. The board of directors will meet on Sunday to replace Genish. In pole position would be Alfredo Altavilla, who joined the board last spring and chairman of the nomination committee. Among the names that circulate for two general managers to join the CEO is instead that of Pier Giorgio Peluso, current financial director of the group, in the company since 2012.
The performance is particularly negative for Banca Generali, -3,21%; Post -3,19%; Bfor -3%. Bad Prysmian, -1,93% after the accounts. The purchases reward Buzzi, +2,74% and Pirelli +2,27%. Moncler, +2.05%, takes advantage of the optimism of the top management after the results. Luxury also benefits from Deutsche Bank estimates, which expects industry growth of 8% in 2018.
Atlantia did well, +2,01% and Brembo, +0,56%. Out of the main list Mondo Tv -30,92% and Datalgic -16,18% went down after the publication of the third quarter data and the disappointing estimates. Carige rebounds, +5,26%, after yesterday's record low. Weak IMA, -1,02%, after the quarterly accounts and the confirmation of the 2018 guidance which forecasts revenues of 1,5 billion and adjusted EBITDA of approximately 250 million.
