The European Stock Exchanges reset the initial decline and start a timid rebound. Piazza Affari is no exception, up 0,7% to 19336. Paris +0,41%, Frankfurt +0,43% and Madrid +0,81% are also positive. London +0,11%. The Btp Bund spread rises to 145 basis points.
The Treasury has placed all 3,5 billion BTPs over 3 years but the rate has risen to 0,70% from 0,52%. Also placed were two billion seven-year bonds at 1,71% (unchanged) and 1,25 billion Btp 30 at a yield of 3,66%. The dollar was down to 1,267 against the euro, from 1,262 by Friday night's close. Gold continues to rise, reaching 1.229 dollars an ounce this morning (+0,5%).
The rebound is the result of the recovery of the banks, sufficient to impact the securities under stress.
Standing out among these is Luxottica, which managed to open after various attempts with a loss of 8% (now reduced to -6,6%). The cause is the resignation of CEO Enrico Cavatorta, who had taken over the reins of the eyewear group about a month ago, following the farewell of Andrea Guerra. The stock has been at its lowest since January pending the board of directors, which in the late afternoon will see the proposal by the president Leonardo Del Vecchio to co-opt Massimo Vian, currently COO, with the role of co-CEO.
According to Equita, Cavatorta's output is negative. "Despite a very solid performance of the business - the analysts explain - we fear that the uncertainty in the top management structure and the exit of two important figures could lead to some defocusing of the group in the coming months". Hence the judgment cut to hold with a target price reduced from 45 to 40 euros. Citigroup also cut its recommendation to neutral with a target price of 38,5 euros. Banca Imi has a different opinion, which maintains the hold opinion with a target price of 39,17 euros.
The decrease of StM -4,2% continues, dragged down by the crisis of the tech sector (Stoxx of the sector -1%) and in particular of the semiconductor producers, after last Friday's profit warning by the American Microchip Tech. the fall in oil, on the other hand, weighs on Saipem -1,9%. The price of oil continues to fall inexorably: the price of Brent fell by 1,9% to 88,4 dollars a barrel and the Wti is traded at 84,3 dollars (-1,7%). Eni is unchanged. Earns Tenaris +1,1%.
The main banks are positive: Unicredit +0,7%, Intesa +1,6%. MontePaschi +0,7%. Banca Pop.Milano rises by 1,4%, Ub marks +1,3% Ubs has raised its opinion on Anima (rating Buy, target price 4,9 euro).
Finmeccanica rises by 0,7%. Ansaldo Sts fell by 2,4%, despite Natixis raising its target price to 9,4 euros from 8 euros (Buy recommendation). Having disappeared from the list after 111 years, Fiat, FCA's stock market adventure will begin at 15 pm, simultaneously with its debut on Wall Street.
Pirelli gains 2%, Cnh Industrial +2%, Prysmian +1,9%.
Atlantia +0,6%, Autogrill +1,9% and WorldDutyFree +1,6% rebound, Telecom Italia also up +0,6%. Enel reports a modest +0,2%, the increase of A2A +1,7% is more robust.
