Under the impetus of Fiat Chrysler and the confirmation of the recovery of the Italian GDP, the Ftse Mib index +1,3% is back within a whisker of 22 thousand. Paris also rose sharply up 1% and Frankfurt +0,9%. London +0,7% and the Madrid Stock Exchange +0% were also positive.
Worth noting is the rally of Lufthansa and Easyjet, which rose respectively by 0,9% and 1,44%, after it emerged that they would be possible buyers of Air Berlin's assets (-18,24%). Commodities stocks jumped 1,62% after zinc in London hit a ten-year high on Chinese construction spending. Anglo American, Rio Tinto, Glencore and BHP Billiton rose between 2,22% and 1,6%.
Macro data contributes to the upside. According to the provisional data of Istat, in the second quarter of 2017 the GDP grew by 0,4% in economic terms. On an annual basis, in April-June the GDP recorded an increase of 1,5% (expected +1,4%) compared to +1,2% in the previous quarter. This is the highest increase since the first quarter of 2011 (+2,1%). The change in GDP acquired for 2017 is equal to +1,2%.
Good indications from macro data with European GDP which, according to flash estimates recorded by Eurostat, rose by 2,2% in the second quarter, above expectations by 2,1%. The spread between Btp and Bund drops below 160 points, to 158,8. The 2,03-year yield is at 1,17%, while the euro/dollar exchange rate travels below the 1,1697 threshold at 1,17 after yesterday's US retail sales helped the dollar recover across the board with a wave of purchases which brought the euro/dollar exchange rate back towards the XNUMX area.
Crude oil rose with Brent rising by 0,7% to 51,14 dollars a barrel. Saipem is up 0,6%. Macquarie raises Hold recommendation from previous Underperform. Eni +0,3%. At Piazza Affari, in addition to the FCA effect, Atlantia stands out +3,2%. The Spanish newspaper El Confidencial writes that the chances of an alternative offer on Abertis by Acs would have been reduced, because the investment funds consulted would have raised perplexities.
Fiat Chrysler +3,4% to 10,92 euros at 11.30 continues its march triggered by the rumor about offers arriving from China. The share reached a maximum of 11,13 euros, a new peak since July 1998. Intense trading: at 10,30 am approximately 13 million shares changed hands, against an average for the entire session of 10,244 million in the last thirty days. “We believe that the Chinese may be interested in the group??for the technology, the brand and the global sales network”, underline the Equita analysts. The spin-off of Alfa Romeo and Maserati, according to analysts, could add a further increase in value between 2 and 4 euros. Today the Italian-American company has signed up with the BMW Group, Intel Corporation and Mobileye (an Intel company) a memorandum of understanding which envisages FCA joining these companies in developing a cutting-edge platform in autonomous driving technology.
In the automotive sector, Brembo +1,3% and Ferrari +1,5% are also advancing. Among the banks, Unicredit +1,5%. HSBC confirmed the Buy rating arguing that the stock still offers upside potential. The largest Italian bank could potentially close the 29% price gap with Intesa Sanpaolo. Understanding +2%. HSBC itself raised the target price this morning and brought the judgment to Buy from the previous Hold this morning. The target price rises by 30% to 3,20 euros. The Anglo-Chinese bank believes that in the second half of the year profits will grow more than consensus estimates, the increase will be supported by the good performance of managed savings.
