The new record has been set. It does not concern, alas, Federica Pellegrini but the yield on 12-month Treasuries, which fell to -0,19% at auction, down 1 basis point from the previous all-time low recorded in July. Good demand: compared to the 6 billion euros offered and entirely assigned by the Treasury, requests from operators reached 10,578 billion, with a ratio between supply and demand equal to 1,76 times. Meanwhile, the ten-year BTP falls below 1,10%, close to the absolute record (1,04%). Italy too thus contributes to the fall in yields triggered primarily by the QE of the Bank of England implemented to counter the post-Brexit recession. The pound/dollar exchange rate rose above 1,30 to 1,3053 this morning.
Piazza Affari welcomes the boost coming from falling rates: the Ftse Mib index rises by 0,47% against Madrid +0,23% (the 1-year index is below 0,23%). Zero change in London, Frankfurt -0,09% and Paris -44,6% lose a few hits after the flicker on the eve. In the oil sector, Brent drops to 0,8 dollars a barrel (-42,3%), while Wti is at 1 dollars a barrel (-0,3%). Eni unchanged, Saipem +0,4%, Tenaris +XNUMX%.
Some banking stocks such as Ubi +1,94%, Unicredit +1,47% and Intesa +1,60% are giving a boost to the Milanese price list; Citigroup has raised the rating from neutral to buy and the target price from 2 to 2,35 euro on the basis of a lower cost of equity included in the valuation model. “The institution – reads the report – has a solid balance sheet, high capital and has one of the highest profitability within the sector”.
Monte Paschi +1,34% and Banco Popolare +1,3% also did well. Mediobanca is moving on the roller coaster, now down by 1,9% after a series of ups and downs. As regards the insurance sector, Generali rises +1%, Unipol falls -0,2% and UnipolSai -1,1%. Mediaset gains 1,2%. Outside of the banking sector, Exor advances +1,07%: the new statute of the parent company Giovanni Agnelli & C is appreciated.
Fiat Chrysler is now down 0,57% after a positive start. The new Buy recommendation from the American broker Jefferies arrived on the stock, which started hedging with a target price of 8,31.
