In the United States there is the tech disease, unable to raise their heads for days. The Nasdaq went from +1% at the start of the session to -0,5%. Amazon from +2% to +0,1%. Apple Lossless Audio CODEC (ALAC), it drops for the fifth consecutive day, to 189 dollars, -1,8%. From the all-time highs reached at the beginning of last month, the stock is down 18%.
The Dow Jones loses 0,3%. Nike is the best, among the blue chips, +2%. Among the oil producers, Chevron + 0,5% Exxon Furniture -0,5%.
The crude type Brent it rebounds, after yesterday's -6,5%: +2% to 66,7 dollars a barrel. Over the past month, benchmark North Sea oil has lost nearly 25%. Reuters writes of a hypothesis of production cuts equal to about 1,5 million barrels per day, up to a maximum of 1,8 million barrels. In recent days, the agencies had reported that it was Russia that vetoed it: yesterday's violent correction may have prompted Moscow to change its mind. Eni -1,5%. Saipem -1,7%. Tenaris -0,9%.
Profit taking takes place Dollar: the Eu/Usd cross rises by 0,4% to 1,133.
The 10-year Treasury Note, the benchmark bond for the US, traded at 3,15%, from 3,13% yesterday, after the release of US inflation data, +0,3% in October, + 0,2% the core figure. Growth is in line with expectations.
The slowdown of the German economy in the third quarter, together with the refusal of the Italian government to review the economic maneuver, are among the relevant elements of the European day. The awaited and delicate meeting of the British government to give the green light to Brexit began in the afternoon. The pound, after the initial rise, suffered a sharp halt after the tightening of Northern Ireland ministers. Then the atmosphere calmed down.
In the late evening, after a dramatic day, the white smoke arrived: the British government gave its vote green light to the draft agreement with the EU on Brexit. British Prime Minister Theresa May said this at the end of the meeting with ministers. "The government's collective decision is that the draft agreement must be approved, it is a decisive step that will allow us to advance and complete the agreement", she told the press.
Agitated sitting in Business Square, the worst in the Eurozone: the Milan Stock Exchange started down, wiped out its losses in the afternoon, but then got worse, in line with Wall Street's change of course. The index closed by 0,77% to 19.077 points.
In fractional decline the other squares: Frankfurt -0,52% Paris -0,65% Madrid -0,42%. London, -0,26%, remains suspended in the government discussion on the Brexit agreement.
Bonds in check, conditioned by comparison with EU partners: lo spread between the ten-year Italian and German it closes at 312 basis points (after having reached 317 points) and the yield rises to 3,52%.
I go up cds at 5 years on Italy which, on the basis of His Markit data, rise to 276 basis points, just a whisker from 279 points, a maximum of four weeks.
La letter to Brussels contains an explicit reference to a very ambitious target on privatisation: 18 billion euros.
The Ministry of the Economy has returned to studying the sale to Cassa Depositi e Prestiti (Cdp) of the 53,28% held in Enav and a stake of approximately 3,3% in Eni, with a total value of approximately 3 billion to current values. , the Treasury raised the "proceeds from disposals and other revenues relating to the public debt amortization fund" to 1% of GDP from the previous 0,3 in 2019, about 18 billion in absolute value.
Since 2012, in addition to public buildings for hundreds of millions, the companies Sace, Fintecna and Simest and, most recently, 35% of Poste Italiane have been transferred to CDP.
Mediaset in deep red with -6,88%, despite i better than expected results with the return to the coupon. In the third quarter, revenues from the Italian operations totaled 441 million euros, down 7% year on year. Net advertising sales on generalist television networks show an increase of 4% to 308 million. Pay TV revenues halved, to 71 million. The quarter closed with an operating loss of 27 million, an improvement from -49 million a year ago. Some brokers, including JP Morgan and Kepler Cheuvreux, have reduced their target prices on the stock.
Tim down 3,16%. The uncertainty on governance weighs, but the positive market in the medium term in view of more decisive action with the new C Bernstein reduced the rating to "underperform" from "outperform", arguing that the ousting of CEO Genish "without ceremonies" risks derailing the operational stability of the company which has an outlook on "weak" fundamentals.
Banks weaker than the European Stoxx which lost 0,7% against the Italian index down by 1,4%. Among the banks, Intesa Sanpaolo -1% Unicredit -1,3%. Bpm bank -2,2%.
Down Italian post -3% and Generali -0,4%. Fiat Chrysler -0,5%: Bloomberg says that the United States, at least for the time being, will not impose new tariffs on cars. The Stoxx index of European automotive companies is up 0,5%.
Exor (+0,4%) announced a share buyback worth 300 million euros.
Pirelli (+ 2,27%) closes the nine months with a net profit of 371,4 million euros, a decisive improvement on the 123,9 million of a year ago. The net result from continuing operations alone, on the other hand, was 378,1 million (from 198,9 million) on revenues that fell by 2,8% to 3,925 billion in absolute terms but grew by 4,4% on an organic basis. The gross operating margin is 907,7 million euros, up on the 836,3 of the previous year. The group confirmed the 2018 profitability targets, but the revenue targets were lowered, going from 5,4 to 5,2 billion euros, discounting the decline in South America.
Among the worst, Bper -3% Ubi -2,6% and Bpm bank -2,15%. In contrast, Carige leaps by more than 5%, but after yesterday's collapse in the wake of the recapitalization plan.
Prysmian it drops 1,9% after a quarterly report which sees Ebitda in line with the consensus and has confirmed its targets for the year.
Moncler rises by 2% after CEO Remo Ruffini said he was "very positive" about the end of 2018
In reverse Geox down 15,5% after results and business plan.
Datalogic (-17%) closed the quarter with 151 million euros in revenues (+5%), compared to 26 million euros in Ebitda (+2,2%). The net result is slightly below forecasts, at 15 million. The company has revised downwards its estimates of turnover growth for the current year.
