Business Square it returns, albeit slightly, below the threshold of 17 thousand points (Ftse Mib index at around 16.950 points) regained thanks to the mini rally of the last few days. The index falls by 0,7, better than Paris (-1,3%) after the resignation of François Hollande to reappear at the next presidential elections. Frankfurt -1% Madrid -0,7%. Just below parity London. The Euro Stoxx loses 1,1%, held back by all sectors. Among the worst are Tech (-2,2%), Oil & Gas (-1,4%) and Banks (-1,1%).
The three-week rally in stock markets following the election of Donald Trump has lost momentum. Last night Wall Street closed down with the S&P500 losing 0,3%, Nasdaq -1,3%. The decline continued into Asia this morning. Tokyo closed with a loss of 0,4%. Wall Street futures anticipate a downward start between 0,3% of the Dow Jones and 0,6% of the Nasdaq.
Traders await today's data on US labor market: Economists expect the US economy to have created 180 new jobs in November. But the spotlights are focused on Sunday's deadlines: the vote in Austria, a threat to the integrity of the eurozone in the event of a victory for the far right; even more the outcome of the Italian referendum and its repercussions on the recapitalization of Italian banks.
There is still pressure on government bonds. The yield on the 0,35-year Bund rose to 2%, the highest level since the end of January. The yield of the BTP fluctuates around 165%, while the spread has narrowed to 190 basis points from the recent peak of XNUMX basis points. L'euro consolidates yesterday's gain towards a weakened dollar at 1,066. Gold up to 1.174 dollars an ounce (+0,2%).
Backtrack by Petroleum after two days of pyrotechnic increases: Brent fell by 1,2% to 53,2 dollars a barrel. In the previous two days it gained about 15%. Oil companies are also down: Eni -1,4%, Saipem -2,2%. Saras also slows down (-2,5%), refining margins are reduced with the increase in crude oil.
In Piazza Affari slow down Mount Paschi (-0,9%): the acceptance period for the offer for the conversion of subordinated debt into shares expires today at 16 pm. A summit between the banks in the consortium and the institute's management is scheduled for Monday, after the result of the constitutional referendum. The goal would be to launch the capital increase on December 9th with closure on December 21st. Yesterday evening the Bank announced the renewal until 2027 of the bancassurance agreement with the French group Axa.
Generali, the next major shareholder of Siena, loses -1,2%. Unipol -2,4%. Azimuth -2%. The rest of the banking sector is weak. Understanding loses 0,1%. This morning RBC reiterated the Outperform recommendation, raising the target to 2,50 euros from 2,40 euros. Unicredit -0,5% Ubi -1,4% Popular Bank -0,9%.
Fiat Chrysler slows down (-1,3%). In Italy in November the group's brands recorded a growth of 10,4%, while in the USA it recorded a drop of 14,1%, much worse than expected. CNH-2%. Down also Prysmian (-1%) and Leonardo (-0,3%). The CEO Mauro Moretti has not ruled out the return of the dividend: "It's premature, but we're thinking about it".
stm (-2%) suffers from the weakness of the entire international Tech sector. Atlantia (+0,9%) announced yesterday the launch of a buyback program on 4,75% of the capital. salt Telecom Italy (+0,9%). Vivendi has denied that Vincent Bolloré is willing to sit down again at the negotiating table with Fininvest to discuss Premium with a three-way joint alliance in mind with the former telecommunications monopolist.
For Mediaset, analysts are focusing on the 3% growth in advertising in 2016, which will close "with a 'good increase' in terms of sales after a November that went well," said the managing director, Piersilvio Berlusconi.
Weak Luxury Stocks: Moncler -1,1% Luxottica -0,7% Yoox -1,2%. Standing out among the medium caps Salini (+4,6%): the CIPE should unlock investments of 11,5 billion euro.
