There is a rain of requests for Bots in six months but compared to one sharp increase in yields. The biannual auction followed the script already seen with the Ctz. Demand was almost double the supply (11,232 billion against 6) but only by making money on rising rates: 0,438% against 0,066% on 27 July.
The outcome of the auction partially reassured the Italian market. The 5-year yield falls by 3,13 basis points to 275%, the spread to 169 basis points. The spread against Spain also narrowed to 175 basis points from 2012 yesterday, the highest since XNUMX.
Piazza Affari -0,17% below 21 points, but the list remains the weakest in the Eurozone. Frankfurt +0.02%. As September approaches, German consumer confidence unexpectedly dropped for the second month in a row, fueling some doubts about the strength of Europe's largest economy. The index edited by the GfK research institute, based on a survey of around 2.000 Germans, dropped to 10,5 from 10,6 a month earlier. Analysts polled by Reuters had expected an unchanged figure. Paris travels on parity, Madrid -1%. On the market weighs the Inditex splash -4,6%: for the first time Morgan Stanley has assigned an "underweight" rating to the owner of Zara. London is also in negative territory.
Slow down the marcheuro, back below 1,17. The post-Fed profit-taking phase seems to have ended.
The oil companies are also doing well. Eni +0,1%, Saipem +0,1%, Tenaris +0,1%.
Ferraris +2,4%. This morning, HSBC analysts promoted the judgment to Buy from Hold with a target price of 133 euros. Around next September 20th the British luxury car manufacturer Aston Martin will publish the IPO prospectus which should involve a 30% stake. According to Equita, James Bond's car will be a formidable competitor for the Ferrari.
Fiat Chrysler +0,2%, presented a complaint to the American International Trade Commission contesting the infringement of some patents by Mahindra and Mahindra. The Indian company is the controlling shareholder of Pininfarina -2,9%.
Uncertain banks. Banco Bpm -0,5%, Ubi Banca -0,7%. Mps +3%.
Unicredit -0,7%: Moody's has cut the rating of 18 Turkish banks and 2 financial companies, including Yapi which belongs to the Milanese group.
Su Atlantia-1% and the other licensees continue the pressure from the government. The CEO Giovanni Castellucci does not close the door to a possible entry of CDP into Autostrade per l'Italia but says no to nationalisation.
From the text of the agreements on motorway concessions it emerges that the latest directives guarantee Sias – 2,46% for the section of the A4 a gross WACC of 10,52%, which corresponds to a net WACC of 7,16%. As regards the section of the A21 under management, the weighted average cost is equal to 10,68%, which becomes 6,65% net, according to the documentation made public by the Ministry of Transport.
Most utilities are down: A2A-1%, Enel -1%, Snam-1,4%, Terna -0,5%.
Tim goes down again: on a still sluggish day for telecommunications in Europe, it is even the worst of the Ftse Mib with a drop of 2,4% and during the morning it slipped below 58 cents per share, i.e. the lowest values since September 2013. In August, Telecom Italia shares, which last week had to deal with new rumors about the possible release of the AdAmos Genish, lost 12%. From the highs of the year, marked with the rally in April due to the battle in the shareholders' meeting between Elliott and Vivendi, the prices have dropped by more than a third (-34%) bringing the stock market capitalization below 9 billion euros.
In the rest of the list:
Crolla Brunello Cucinelli -5% (after a minimum of -8%) on the wave of profit taking, despite theexcellent semester, after the strong revaluation (+20%) since mid-July. Jefferies today cut the recommendation to "hold" from "buy" (with the target price raised to 39 from 32 euros) precisely because of the recent share run (+35% in four months), Berenberg confirms his "hold" on basis of the valuation and remains “fundamentally positive” as are Mediobanca Securities.
The run of the J resumesuventus +5%, after the fall on the eve.
Nell'Aim Clabo +7%. It has reached an agreement to supply display cases to Starbucks in Asia. The value should be around 1,5 million dollars. The first half closed with revenues close to 31 million (+22%) and with a "significant leap" in adjusted Ebitda and adjusted net profit.
Il Oil prices is correcting at the opening of the European markets in the area of 68,4 dollars a barrel as regards the October contract of the WTI and in the area of 75,7 for the same expiry of the Brent: pending the official statistics, the estimates of the America Petroleum Institute indicate a surprise increase in US crude stocks in the past week (+38 barrels) after the sharp contraction (-5,17 million) the previous week.
