Wall Street's exuberance doesn't help European stock markets which slow down in the afternoon. Piazza Affari closed down by 0,52%, falling to 19.255 points. Bonds also change sign: the yield on 10-year BTPs rises to 3,59% and the spread with the Bund moved to 308.90 basis points (+1,58%). The warnings raining down on Italy from many quarters do not affect the government and Prime Minister Giuseppe Conte excludes "significant changes to the manoeuvre", while the markets penalize the Belpaese. The number one of the ECB Mario Draghi, from Bali, recalls that for the countries of the Eurozone with high debt, full adherence to the rules of the Stability and Growth Pact is particularly important in order to safeguard solid budgetary positions.
The president of the Commission Jean Claude Juncker, from the pages of Le Monde says that "Italy does not respect its word", while the Monetary Fund complains that the 2019 maneuver under discussion "goes in the opposite direction to the suggestions". The minister Giovanni Tria moreover, it seems increasingly isolated: on the one hand, it reveals that individual savings accounts (Cir), the instrument with which the League wants to encourage Italian families to invest in BTPs, have never been discussed in the Ministry of Economy. On the other denies the Deputy Prime Minister Luigi Di Maio on Alitalia “I think the finance minister should talk about the things the Treasury does. I haven't talked about it." Thus on the hypothesis of entry of the Mef in the capital of the national airline, with a share of around 15 percent.
Meanwhile, the European Research Center (CER) he revises his estimates on the trend of Italian GDP downwards in the third quarter of the year: "On the basis of industrial production data and qualitative indicators, we now measure a 0,1% cyclical change and a drop to 0,9% of the trend increase".
A set that helps to weaken the attempt to rebound of the stock exchange and of the Italian paper, in a European context which weakens towards closure: Frankfurt -0,13%; Paris -0,2%; Madrid -1,2%; London -0,15%; Zurich +0,28%.
Wall Street instead celebrates quarterly earnings beyond expectations of major banks such as Wells Fargo, JP Morgan (which, however, travels slightly down) and Citigroup. Other industry giants such as Bank of America, Goldman Sachs and Morgan Stanley will reveal their accounts next week. Technologists are doing well, especially the so-called Faangs (Facebook, Amazon, Apple, Netflix and Alphabet) and the car. American stocks raise their heads after the slide in the last two sessions, also following some signs of easing in the trade war with China. The White House is reportedly moving forward with plans for a meeting between President Donald Trump and Chinese leader Xi Jinping at the G20 meeting in late November in Buenos Aires.
The euro is losing share against the dollar and falls again below 1,16, in the 1,155 area. Oil is up fractionally: Brent +0,36%, 80,16 dollars a barrel; Wti +0,68%, 70,82 dollars a barrel. Gold is moving slightly down, around 1219 dollars an ounce.
Piazza Affari still suffers. The worst blue chips are Telecom, -2,63%; Finecobank -1,69%; Enel -1,56%; Moncler -1,05%%. Banks in no particular order: Ubi down -1,2%, Banco Bpm up +1,67%. Outside the main basket, Carige recovers 6,52%, after yesterday's board meeting which opened up possible mergers and gave a mandate to the CEO to study the placement of a bond that could be guaranteed by the main shareholders. Purchases reward Pirelli +3,21%, with the automotive sector well tuned thanks to the glimmers on the front from the trade war. Good for Buzzi +2,73%; Leonardo +1,14%: Saipem, +1,06%.
Weak Luxottica, -0,38%, which yesterday presented to Consob the document on the mandatory public exchange offer after the contribution to Essilor of the Luxottica shares in the hands of Leonardo Del Vecchio. EssilorLuxottica will pay Luxottica shareholders who participate in the PEO a consideration equal to 0,4613 newly issued shares with a par value of 0,18 euro.
