After a positive start, Piazza Affari turned downwards, penalized above all by the performance of bank stocks: last night S&P, in line with the reduction of Italy's sovereign rating, cut its rating on the debt of some banks.
The index Ftse Eb marks a drop of more than one and a half percentage points in the middle of the day. Also declining Paris (-0,29%) And Frankfurt (-0,18%). Heavier the drop than Madrid (-1,04), positive ground for London (+0,24%).
Among the banks the worst is Monte Paschi (-3,4%): there is talk of new provisions in sight for the fourth quarter. They slow down Understanding (-1,4%), Unicredit (-1%) And Mediobanca (-1,2%). The ratings of these three banks were downgraded by S&P to BBB-. Among the popular ones, Bper drops 2,16: the bank's long-term rating drops to BB- from BB. Banco Popolare, Pop.Milan e Ubi they lose about 2%.
In the insurance sector, Generali e UnipolSai both decreased by about 0,9%.
The change euro/dollar is stable at 1,226.
Little moved the BTP with the yield at 1,96%, lo spread is at 134.
On the oil front Tenaris it lost 1,13% after Goldman Sachs cut its target price to 11,9 from 13,6 euros. Well instead Saipem, which rises by 1,33% in the wake of the Goldman Sachs upgrade, which brought the recommendation to Buy from Neutral with a revised target price of 11,4 euros from the previous 10,30. Furthermore, the investment bank has added Saipem to the Conviction Buy list.
Slight upside also for Eni, while Enel yields 0,2%. The main industrial stocks were also positive this morning: Fiat Chrysler + 1,1% Finmeccanica + 0,3% Prysmian +0,5%. Down StM (-1,2%) And Pirelli (-1,4%).
For Barclays, the stock prices of the major European luxury companies fully incorporate the growth prospects for 2015, which on average forecast revenues up 5% on an organic basis and operating profit up 10%. From this framework marked by prudence, it emerges Ferragamo (+1%), reported among the favorites of the sector.
