Buy Italy, sell Germany. This is the advice that Nikhil Srinivasan, the new chief investment officer of Generali (about 500 billion), addresses today to investors in an interview with the Financial Times.
For now, however, Piazza Affari is dealing with, together with the other European lists, a wave of caution that follows the sparkling start of the week.
The European Stock Exchanges are down with variations ranging from -0,9% in Frankfurt to -0,09% in Madrid. Paris down 0,5%, London -0,44%
At Piazza Affari the Ftse/Mib index fell by 0,68% to 15.354
Bund/Btp spread at 272 basis points (+1 basis point).
Among the factors holding back is undoubtedly the approaching ECB summit on Thursday, in which Mario Draghi will face the hawks who are already accusing Frankfurt's expansionary policy.
Si Meanwhile, the political situation in Portugal and Greece is heating up. In Lisbon, the finance minister, Vitor Gaspar, resigned. It's time for an ultimatum again in Athens: Brussels is asking for explanations on the state of the financial recovery, otherwise the 8,1 billion in aid already envisaged will not arrive.
The boom in Milan continues RCS Media Group, +20,12%. Operators are betting on Diego Della Valle's counteroffensive at the blitz of Fiat which loses 1,92% following the umpteenth fall in car registrations.
The Milanese price list is also held back by Eni, down 1,75%. Goldman Sachs and Deutsche Bank cut their target prices to 19 and 20 euros respectively. Shower of bookings on the six-legged dog bond: over 3,5 billion bookings at 11,45am.
The recovery of the subsidiary continues Saipem, up 3,56% after yesterday's +8%. Enel is down by 0,5%. ACEA 1,6%. The Stoxx utility index loses 0,7%. Also A2A, +0,67% after a volatile morning. The company, which announced the birth of A2A Ambiente and today, has commissioned a group of banks to start the placement of a bond. Telecom Italy drops by 1,02%.
Weak industrialists. They go down Finmeccanica, -2,59% and StM -0,36%. He defends himself Pirelli +0,17%: UBS raised its target price to 12,4 euros.
Banks in no particular order: Intesa down, -0,16%, Unicredit -0,77% and MontePaschi -0,74%. They go up Where's Banca +0,22% and Banco Popolare +0,72%. The Credit Suisse report pushes Italcementi up +5%-. Buzzi Unicem -0,44%.
