The European Stock Exchanges are positive, on the eve of the ECB directorate. At Piazza Affari the Ftse Mib it rises by 0,52%, to 19.191 points. In Europe, the best sectors are Construction (Stoxx +1%) and Insurance (+1%). London marks an increase of 0,07%, Paris +0,78%, Frankfurt +0,35% and Madrid +0,39%.
Meanwhile, it is already a record for the new one BTP Italy. At the reopening of subscriptions in the morning, 3,2 billion were collected, which, added to yesterday's 16,84 billion, exceed 20 billion euros, beating the collection record of the Btp Italia October 2016, in four days of offer.
Lo spread Btp/Bund, which yesterday remained essentially stable at 243 basis points, starts again this morning from the same level with a rate of 4,15%. Today Berlin will make 4 billion Bobl available for five years 2018, 1% coupon. During the last auction, this security was placed at an average rate of 0,81%, with a bid-to-cover of 2,0, while yesterday evening on the secondary it was priced at 101,325 with a yield of 0,725%.
In Piazza Affari, while awaiting the board of directors for the quarterly accounts of Generali, Enel Green Power, Prysmian and Beni Stabili, the business plan presented this morning by Pirelli (+3,90%) in London.
The plan envisages investments in the four-year period 2014-2017 equal to 1,6 billion euros. The group will continue to push on the premium segment, with higher added value, for which the incidence on volumes will grow from 38% in 2013 to 44% in 2016, while the contribution to revenues will rise from 56% this year to 60% in 2016. Instead, the target for revenues in the tire sector in general for 2016 is 7,5 billion euros, against 6,2 billion in 2013, and the operating result will rise from 2013 to 2016 by 34%.
The target for the EBIT margin is an increase from 13,5% in 2013 to 15% in 2016. The company also plans to achieve a reduction in net debt from the current 1,3 billion to 500 million euros. The net debt/GOP ratio will thus drop from 1,2 to 0,3 at the end of the period. The plan also envisages gross cash generation of 3 billion euros, in addition to the sale of financial assets for 150 million. Dividends are expected to be distributed for over 700 million euros, with a confirmed payout of 40% of consolidated net income.
Generali (+0,58%) will announce the results tomorrow morning: a stable third quarter is expected in terms of gross premiums, an improvement in profitability and equity indicators and a slightly worsening combined ratio on a quarterly basis due to the impact of some events disasters in Northern Europe. The company's Investor Day will be held in London on 27 November, where the progress of the plan presented last January will be reviewed.
Rcs rises by 1,4% after the board of directors approved last night the sale of real estate which host the headquarters of Corriere della Sera in the center of Milan.
They also go up Telecom Italy (+0,96%) ed Enel (+0,89%). Still a good upside of Saipem (+0,99%). The other industrial stocks were positive: Fiat +0,71%, StM +0,79%, Finmeccanica + 0,73% Prysmian + 1,47%.
Banks in positive ground, with the exception of Mount Paschi (–0,43%): Understanding + 0,67% Unicredit + 1,46% Pop.Milan + 1,48%.
Gtech rose by 2,38% after announcing results in line with market expectations. in luxury, Luxottica + 0,75% Ferragamo + 1,13%.
