The European stock exchanges are trying to react even if the pressure of the spread remains high, still beyond the guard levels. The new ultimatum of the Monetary Fund on the Greek crisis contributes to complicate the situation. TO Business Square the Ftse Mib index fell by around 0,06% in the middle of the day, just above 18.600 points, after failing to raise it. Retrieve Paris (+0,7%), grappling both with the election eve and with street protests. Modest hikes for Frankfurt e Madrid (+0,2%). In perfect balance London.
The euro the dollar loses ground on fears for the political future of Europe: the euro/dollar cross is at 1,064 from the previous 1,068. The euro also fell against the yen to 119,48, the lowest since 5 December. Worth noting is the recovery of gold to 1.236 dollars an ounce from 1.230 dollars. The price is at its highest since November.
It narrows it spread between the Bund and the BTP, which is still one step away from 200 to 198 basis points. The differential between the ten-year bond of France and that of Germany, 75 basis points, yesterday reached 79 basis points, the highest level since 2012. The Italian ten-year bond rises to 2,35%.
Even the rift between the creditors of the Greece makes its effects felt on the markets. The IMF has once again called for debt relief, threatening to terminate its participation in the programme. The goal is to reach an agreement in extremis, before the next Eurogroup meeting on 20 February. The Greek Treasury placed €1,138 billion of 13-week government bonds this morning, at an unchanged 2,70% rate.
Petroleum down: Brent at 54,7 dollars a barrel (-0,6%). In two sessions the quotation fell by 3%. Among the oil companies. Eni -0,4%, Saipem -1%.
In the automotive sector, the recovery of Fiat Chrysler (+2%): the group has reiterated that its vehicles are "fully compliant with emissions standards", after the news that a directorate of the French economy ministry has raised doubts about the regularity of the mechanisms that control emissions FC motors.
Kepler Cheuvreux reaffirmed the hold rating and the target price of 10,50 euros on the stock. The same opinion as Equita which however has a target price of 10,7 euros. Banca Imi analysts were more optimistic, reaffirming the add rating and the target price of 12,2 euro because, while expecting more news on diesel emissions, they believe that, on the basis of current legislation, the company should be subject to limited risks in Europe.
Sale Classic Ferrari for sale (+0,7%): Morgan Stanley raised its target price to $72 from $60, the recommendation is Overweight.
Among the industrials, Stm should also be noted (+1%) to a new maximum for the period. Leonardo -0,1%, Prysmian -0,1%. Enel (+1,2%) leads the rebound in utilities: Morgan Stanley has raised the recommendation to Overweight from Equal Weight and the target price to 4,5 euros from 4,3 euros. A2A+1%, Snam +1,3%. Unicredit (+0,4%) is on positive ground, while the other financial companies have not moved much.
Understanding -0,3%. The bank led by CEO Carlo Messina could announce the sale of the 2,5 billion euro portfolio of non-performing loans by the end of next month. Bpm bank + 0,6% Mediobanca + 0,5%.
FinecoBank +0,5%: in 2016 the net profit increased by around 11%, to 211,8 million, with revenues of 559,1 million (+2,7%). Shareholders will receive a dividend of 0,28 euro (from the coupon of 0,255 euro relating to 2015).
In luxury it falls Yoox (-4%). Yesterday, the company released preliminary fourth-quarter data, revenues rose less than expected. Goldman Sachs reduced the target price to 34 euros from 34,50 euros, confirmed the Buy. Mediobanca lowered it to 28,2 euros from 29,7 euros, confirming the Outperform rating. Finally, JP Morgan reduced it to 27 euros from 28,50 euros, confirmed Overweigth. Moncler + 0,2% Ferragamo + 0,1% Tod’s -1%.
