European stock markets close slightly down, even if the economic sentiment in the euro area improves and the recovery could appear closer. Piazza Affari is in the black jersey, -0,61%, 23.342 points, iweakened by Atlantia (-2,38%), asset management and banks. The spread also rose after the morning auctions with rising yields. On the secondary side, the differential between Italian and German ten-year bonds grew to 160 basis points, +1,13%, with the Italian bond at +1,24%.
While the political world dispute over the bailout fund, on the primary the Treasury placed bonds for 5,75 billion with rising rates and demand at its lowest since 2012 for ten-year bonds. For the fifth tranche of the 5-year BTP in February 2025, coupon 0,35%, the yield rose to 0,64%, the highest since June. Also placed was the seventh tranche of the April BTP, maturing in 2030, for 2,75 billion, yield 1,29%, the highest since July.
In the rest of Europe: Frankfurt -0,3%; Paris -0,24%; Madrid -0,01%; London -0,18%. No clear days came in the afternoon from Wall Street, which was closed for the Thanksgiving holiday. Yesterday New York hit new records, thanks to optimism about tariffs and the country's economic solidity. However, the climate changed overnight when Donal Trump promulgated the“Hong Kong Human Rights and Democracy Act”, a law passed by Congress in support of pro-democracy protests in the former British colony and China has been very resentful, threatening adequate countermeasures. Uncertainty consequently penalized the Asian and European markets today.
In any case, from the macroeconomic front, the news for Europe is comforting: the Economic Sentiment index in November rose to 101,3 from 100,8 in October, above the consensus; the Business climate went from -0,20 to -0,23, while consumer confidence has improved from -7,6 to -7,2 and that of businesses from -9,5 to -9,2. Preliminary data on German inflation came as no negative surprise as producer prices in Italy fell at the fastest pace in three years in October.
The euro-dollar is stable, at yesterday's levels of 1,1008. Even gold remains at the window and trades at 1461,75 dollars an ounce. Oil, Brent falls by 0,38% to 62,77 dollars a barrel. In the business square Moncler +2,42% is today's best big cap, with the fashion world in turmoil after the passage of Roberto Cavalli, one of the best-known brands of Made in Italy, to Hussain Sajwani, president of the Dubai real estate group Damac Properties.
Amplifon +0,92% and Unipol +0,68% did well. Saipem climbs 0,68%, favored by the news of two new contracts in Scotland and Taiwan for 750 million euro. Nexi, +0,57% further updates its all-time high, supported by the Citi report, according to which the fintech and payments sector is moving towards consolidation and the institution will be able to benefit from it also in light of the recent rumors of a commercial agreement with Intesa Sanpaolo (-0,75%).
Atlantia suffers, having to deal with the ever-increasing probability of a revocation of the concessions. CNH loses 1,84%. Profit-taking sinks Azimut -1,83% and Poste -1,44%. Weak banks starting from Bper -1,3% and Unicredit -1%. According to a "shock" report by the international consultancy firm Oliver Wyman, released by Il Sole 24 Ore, the next few years will be tough for Italian banks which will have to reduce their intermediation margin by 10% "with peaks of 15% for those most exposed to credit and government bonds”. To maintain current profitability, institutions will therefore have to cut costs by 5 billion euros and rethink their business model.
Out of the main basket Astaldi is on the podium (+9,04%), in the aftermath of the bondholders' yes to an increase in one of the bonds, while Salini is at stake (-1,39%). Mediaset exceeds the threshold of 2,77 euros (+0,94% to 2,789), with Reuters which, quoting four sources familiar with the situation, writes that the Biscione and Vivendi are close to reaching an agreement which provides for the sale by the French group of 20% of Mediaset to put an end to a long and complex legal dispute between the two groups.
