Piazza Affari leads the European price lists in mid-morning, comforted by the market's reaction to the first quarterly reports. The index Ftse Eb it advances by 0,69% above 22.500 points, followed by Paris and Frankfurt, with increases of 0,2%, in line with Madrid. The Spanish central government has slowed down its takeover of Catalonia, a change of attitude that could lead to the start of a deal. Flat London.
Private sector growth slows down in Europe: the index pmi euro zone composite fell to 55,9 from 56,7 in September, still above the 50 threshold that separates contraction from expansion.
Italian banks expect that, during the fourth quarter, the credit offer criteria will remain unchanged with regard to businesses, while they will record a further "moderate" improvement with regard to households. This is what emerges from the bank lending survey conducted by Bankitalia with ten of the main credit groups in the country.
The euro it strengthens to 1,176 against the dollar.
Bond yields are rising. Waist ten-year to 0,46%, from 0,42% yesterday. The Italian 2-year rate, which yesterday fell to 2,036%, rises to 10%. The spread on 157-year Bunds remains at its lowest for about two months, just below 10 basis points, the lowest level since XNUMX August.
Il crude it moved little, on the one hand held back by an increase in flows through the northern Iraq pipeline to Ceyhan in Turkey, on the other supported by expectations of a decline in US inventories. The Brent it rises by 40 cents to 57,69 dollars a barrel.
Vola Saipem +9,90% on the day of presentation of data for the quarter: the results are only slightly better than expected. The company also confirmed that it will meet its 2017 targets. Probably the most important news is the absence of negative news.
Tenaris + 1,16% Eni + 0,72%.
Looking forward to the board meeting ECB the attention of the markets is focused on quarterly accounts.
Virtually flat all morning, fca accelerates and reaches +3,25% to 14,62 euros after the record figures for the third quarter released in the late morning. In fact, both adjusted Ebit (up 17% to 1,8 billion) and net profit jumped by 50% to 910 million were above consensus. Ebit margin improves 6,7%, up 110 basis points. Industrial debt and total debt are down. The company confirmed the 2017 targets.
Exor it stands out with an increase of 1,73% to 53,05 euros. This morning Kepler-Cheuvreux raised the target price to 59,6 euros from 57 euros, promoting the judgment to Buy from Hold.
Surprise announcement this morning of the preliminary numbers di Unicredit +0,82% ahead of schedule: net income 2,82 billion euros, around 100 million euros better than analysts' estimates. Common Equity Tier 1 is expected to rise well above 13,5% (analyst estimate at 13,4%. Revenues in line with forecasts at 4,65 billion.
FinecoBank it increased by 5,38% to 7,73 euros, the highest since August 2015. It closed the third quarter with a net result of 47 million euros, better than analysts' estimates. Revenue climbed 11% year-on-year to €147 million, above analysts' estimates.
Tomorrow Monte Paschi is back on the stock exchange with a price without a net. After Consob's ok today for the readmission of the stock and the senior share-bond exchange, Borsa Italiana warned that tomorrow the initial value will be totally in the dark. In the readmission document, Mps confirms the CDS auctions and values the shares "prudently" at 4,28 euros.
Worth noting in Frankfurt is the leap of Commerzbank +3,5%: The bank has appointed Goldman Sachs to help it defend against potential takeover offers.
After the accounts announced yesterday advances Italgas + 5,29%.
Even better Luxottica which rises by 5,31% the day after the presentation of data for the quarter. In this case, it is the quarterly report of Essilor (+2,96%), the group with which it has decided to merge, that ignites the enthusiasm of investors.
Among the worst performances of the day Brembo -4,11%: Kepler-Cheuvreux which reduced the target price to 14 euros from 14,50 euros, confirming the hold opinion.
However, the effervescence of the suppliers of Apple Lossless Audio CODEC (ALAC), on the eve of the release, Friday 27d iPhone X even if the indiscretion that Apple has halved the freight rates of the ships involved in the supplies filters from Asia. In Piazza Affari the advance of stm +0,74% to the highest since 2004. Other suppliers are also flying: ams leap 19,2% Dialogue Semiconductor + 3,9%.
