The European price lists are proceeding cautiously awaiting the intervention of Donald Trump in Davos scheduled for 14pm. The advances leaked this morning suggest that the US president is preparing to affirm "his commitment to a free and open market", but "under fair and equitable conditions". In the meantime, the dollar is once again losing ground against the euro, albeit remaining below 1,25 (recent trading at 1,2490.
In a closed-door event this morning, US Treasury Secretary Steven Mnuchin reiterated his thoughts: in the White House no one is rooting for the dollar. Indeed, if it remained weak, it would not be a problem. ECB Governing Board member Benoit Coeuré replied: "The last thing the world needs is a currency war." “Volatility doesn't help – he added – and if it reaches a level that creates unjustified consequences, an unjustified tightening of monetary policy, we should fix it”.
In the early afternoon the US GDP data for 2017 will also be communicated. In Piazza Affari, the Ftse Mib index +0,3% marks a slight rise just above 22.700 points. Flat Frankfurt, Madrid +0,1%. sharp increase in Paris +0,9%. Outside the euro area, gains of more than half a point for London and Zurich.
The end of January auctions kick off this morning. The Treasury has placed BTPs indexed to inflation with maturities of 5 and 15 years for a maximum amount of 1,75 billion euro. Also sold Ctz at 24 months up to 2 billion.
Tensions still high over the Bonds. The 0,62-year Bund yield (XNUMX%) swings to the highest since December 2015. Sales also on the 1,28-year maturity, where the yield reached 2017% (top 1,37 at 2%) and on the 0,56-year maturity whose yield rose to -2016%, the highest since June XNUMX.
The BTP trades at 1,98%. Highlighted in the share price list are some ideas from the industrial sector. It makes its way Leonardo +2%, in view of presentation of the business plan next Tuesday.
Highlights too Fiat Chrysler +1,3%: Magneti Marelli's listing on the Stock Exchange will be triggered by February, the last stage for the cancellation of the holding company's debts. Deutsche Bank he promoted quarterly accounts pushing the target price to 23 euros from 14 euros.
Weak stm -0,16%, in line with the recovery of the dollar which invalidates the opinion of Barclays which raised the target price to 24 euros from 21,50 euros, reinforcing the Overweight recommendation. It doesn't even affect Wall Street's leap forward Intel +3,6% in the afterhours.
In the financial sector it rises Understanding +0,51% to 3,14 euros, close to the record. This morning UBS raised its target price to 3,25 euros from 3,0 euros. Buy judgment confirmed. Sweden's Intrum Justitia is working with Mediobanca e Goldman Sachs on the dossiers relating to the purchase of 51% of the NPL management platform and a stock of approximately 10,8 billion in gross non-performing loans
Mediobanca Securities holds back the managed sector. From the lows of 2012, we read in the report dedicated to the sector, the multiples of the sector have grown by 142%, so as to suggest that the sector is already priced right today. The opinion on Banca Generali -0.45 drops to neutral. Down too Azimuth -1,06% despite Piazzetta Cuccia having revised the target to 20 euros (from 19). For Deutsche Bank, the new target price is set at 20,50 euros from the previous 19,5.
In the rest of the list, De' Longhi stands out +3,5% after closing 2017 with preliminary revenues up by 8,4% to around 2,011 billion euros, thanks to the 8,3% increase to 747 million of the fourth quarter thanks to growth above estimates.
Ima, on the other hand, drops about one point and reduces the gain from the beginning of the year to +6%. The subsidiary Gima TT leaves 3,6% on the ground.
