EU stock markets moved little in the morning waiting for the US GDP data in the second quarter. Surprisingly, the morale of German consumers is worsening: expectations on wages have worsened, which is bad news for consumption. The data on inflation in Germany for September will be released today, expected to rise to +1,9% from +1,8% in August. But the various Lander anticipate that the figure could be higher.
While waiting for the Stock Exchange Milan turns red: Ftse Mib index -0,2%, below 22,600 points. Positive ground in Paris (+0,16%) and Frankfurt (+0,31%) also due to the brightening on the front of the negotiations for the new government: Wolfgang Schaeuble will leave the Finance Ministry for the presidency of the Bundestag. They recover Madrid (+ 0,11%) and London (+ 0,08%).
Yesterday's Wall Street rally didn't warm investors. L'euro recovers on the dollar to 1,177 against 1,174 yesterday. The rise in yields started at the beginning of this week also continues in Europe: the yield on the ten-year Bund rose this morning by more than 0,50%, its highest in two months. The Btp returns 2,15% from 2,14% yesterday and 2,11% on Tuesday. Spread contracting to 165 basis points.
Il Tesoro this morning it placed 5- and 10-year BTPs and CCTEUs for 6 billion euros. The 2,19-year gross yield was set at 2,09% (against 5% previously). The yield on the 0,83-year bond stood at 0,84%, slightly down from 1,5% at the end-August auction - 2024 billion CCTeu were also allocated in October 0,751 at 6%, down XNUMX points basis from the previous auction.
Oil rises: Brent at 58,8 dollars a barrel (+0,7%) away from the peak of the last two years marked during the week, Wti at 52,6 dollars (+1%). Citigroup predicts that there will be a shortage of oil in the world in 2018-2019. Eni -0,1%, Saipem +0,8%. Utilities Weak as Rates Rise: Enel -1% Snam -1% Terna -1%. On Enel (as on Cementir, -2,1%) weighs a seizure order by the Guardia di Finanza.
Also in Europe as in the USA the banks are rising, galvanized by the increase in yields. The Eurostoxx sector index rises by 1% and is the best. Deutsche Bank +3,9%. In Milan Bpm bank +1,3%, on the highs of the last 14 months. The phase of collecting binding offers for the sale of policies through the bank branches should have concluded yesterday. B for Bank salt by 2,5%. Unicredit + 0,6% Understanding + 0,2%.
In sharp decline Fincantieri (-5,4%): the market does not like yesterday's agreement between Italy and France on the French Stx shipyards. Over the past year, the stock has gained 141%. Unchanged Leonardo.
Telecom Italy +0,6%: Barclays lowers the target price to 0,91 euro from 0,94 euro, confirms Equal Weight. Today the Board should appoint the Israeli Amosh Genish new CEO.
Analysts make the first assessments on the impact of the US tax reform on the stocks traded in Piazza Affari. Among them is Buzzi (-0,2%), on which HSBC confirms the Buy recommendation but lowers the target price to 29 euros from 31 euros. Rest + 1,2% Fiat Chrysler + 0,4% Cnh Industrial +0,2% and Luxottica -0,1%.
The final IPO price has been set Pirelli at 6,5 euros. This is the minimum level of the narrow range yesterday between 6,5 and 6,7 euros. At the prices set today, Pirelli will be listed on the Stock Exchange with a capitalization of 6,5 billion euros.
In the rest of the list, Fiera Milano (+7%) reaches the maximum since February 2016 at 2,29 euros. It is one of the brightest titles of the session. Year-to-date performance improves to +58%.
