Game in sharp decline, Piazza Affari recovers and then slows down again. At 13 pm, the FtseMib index gained 0,09% to 18.718 points. In the first stages, the index had slipped down by 1% to reach 18.446 points and then recovered to 18.838. Down the stock exchanges of Paris -0,94% and Madrid -0,6%. London -0,88%. Over the percentage point the losses of Frankfurt -1,06%.
The recovery of the banks and the launch of the new Btp Italia expiring in October 2020 favored the stability of the Italian stock exchange: at noon, purchases exceeded 1,5 billion euros.
On the macro level, an initial positive figure for Italian industry should be noted: in August, turnover grew by 0,4% compared to July, while total orders rose by 1,5% with increases both on the foreign market (+ 2,5%), and internally (+0,7%).
Among the banks, Monte Paschi after the initial sharp decline (-5%) has provisionally returned to parity also thanks to Mediobanca Securites: the Sienese institute, reads a note from the broker, will pass the overall exam of the ECB (summary of Aqr and stress tests), with a deficit of around 100 million euro, which can be managed "with the planned reduction of risk-weighted assets (RWA)". But the truce on Mps did not last long and the sales on banks pending the Aqr/stress test weighed down the stock again which, at mid-day, dropped 2,7%. However, with an official press release, the bank warned, emphasizing that the speculation on the stock "is not reflected in the partial and in any case preliminary documentation that the Bank has received to date". And he recalls that "the Comprehensive Assessment is still currently in progress and that any data relating to it can only be partial and preliminary". The communication defined, as we know, it will take place on Sunday.
On positive ground Unicredit +1,6% and Popolari: Banco Popolare rises by 2,2%, B.Pop. Emilia Romagna +2,8%, Banca Popolare di Milano +1,3%. Ubi +2,2% and Intesa +1,5% have been included in the Premium List of Société Générale as "purchase opportunities" after the recent price cuts. The same judgment for Enel + 1,9%.
Generali is up 0,8%. Catholic +2,5%.
In the automotive sector, Pirelli stands out +1,4%, thanks also to the promotion to Buy by Bank of America. Less move FiatChrysler +0,6%. Finmeccanica shines +2% awaiting the sale of Ansaldo StS +2%.
Goldman Sachs lowered Saipem's target price +0,19% from 18,8 to 15 euros, confirming the neutral recommendation. The US investment bank also lowered Tenaris' target price +0,2% to 14,1 euros from 16,5 euros, confirmed as Neutral. Eni -0,7%.
Positive morning for luxury: Ferragamo +1,7%, Tod's +1,2%. Luxottica is also recovering +0,5%: the CEO has already been identified, probably a foreign manager, who will work alongside co-CEO Massimo Vian.
At the bottom of the FTSEMib, the realizations are triggered on WORLD DUTY FREE which loses almost 3% after Friday's leap. According to a broker, the stock will continue to suffer on the stock exchange due to the lack of visibility on the group's margins. Cnh, Mediaset and Prysmian also suffer.
