European stock exchanges uncertain awaiting Bank of England decisions on interest rates and US inflation data. TO Milano the Ftse Mib index fluctuates around parity, above 22.200 points. In red Paris (-0,05%), Frankfurt (-0,28%) And Madrid (-0,63%), while the confrontation between Madrid and the Catalan authorities escalates.
Flat too London. According to a Reuters survey published last week, the cost of borrowing will be confirmed at 0,25%, a level which, according to most economists, should not change until 2019. On the other hand, the surge in inflation recorded in August the pressure for an upward adjustment of rates increased, even if the uncertain evolution of the Brexit negotiations suggests prudence.
After five consecutive rising sessions, investors are taking a breather, also held back by this morning's disappointing data on the Chinese economy.
Confindustria has it again the estimate of the Italian GDP has been revised upwards, already revised three months ago, and warns that the valuation could prove to be "prudent". The Confindustria Study Center estimates 2017 GDP at 1,5%, an increase of two tenths of a point compared to the June forecasts. Last December, the CSC had estimated growth of 0,8% for this year.
According to Istat the index of consumer prices recorded a variation of +0,3% on the month and 1,2% on the year.
Lo spread Btp/Bund climbs back above the 164bps of yesterday's closing, while the fluctuations of the Italian 2,03-year rate remain within a very narrow range, between 2,06% and XNUMX%.
Stops the dollar after the bullish movement of the last few hours, linked to yesterday's data which showed a rebound in US producer prices. The euro/dollar cross trades at 1,1883 from 1,1885 at the last close, just above the minimum of 1,1871.
Il Petroleum Brent closed up 1,6% at 55,2 dollars a barrel, traded on Asian markets this morning at 55,1 dollars. It is the highest price since April. salt Eni (+0,7%): the group's board of directors meets today to resolve on the interim dividend. Saipem + 0,8% Tenaris + 0,4%.
The German car industry "must regain as soon as possible the trust and credibility" lost both at the consumer level and at the manufacturers' level due to Dieselgate. German Chancellor Angela Merkel said so, speaking at the inauguration of the Frankfurt Motor Show.
The best title of Piazza Affari is Fiat Chrysler, up 1,7% on the new historical record at 13,99 euros after the coupons sales data in Europe in August, which grew by 9,8% against a market growth of 5,5%. The company is getting closer to enhancement of Magneti Marelli, probably through an IPO that should estimate the offer at around 5 billion euros, in the upper part of the range indicated some time ago by CEO Sergio Marchionne (3,5-5 billion euros). The landing on the list should take place in the first part of next year, before the presentation of the new business plan.
Ferrari +0,9%. This morning Goldman Sachs announced that it had started hedging with a Neutral recommendation and a target price of $131 (about €110). Brembo +1%.
Telecom Italy turns negative -0,64% to 0,777 euros after Consob said that Vivendi's 23,94% stake in the giant TLC must be qualified as a de facto controlling stake. If the thesis were confirmed, Vincent Bolloré's group could be forced to consolidate a portion of Telecom's 25,7 billion debt in the balance sheet.
"Consob's position strengthens the government's position regarding Vivendi's obligation to notify the change of control over Telecom Italia for the opening of the proceeding on the golden power", underline the analysts of Equita (rating buy and target price at 1,26 euros confirmed on the TI share). “It remains to be seen whether this decision will also impose an obligation on Vivendi to consolidate TI's numbers, a decision that falls to the AMF, the French regulator. In our opinion, the risk for Telecom Italia is related to the decisions that the government may take at the end of the review of the Golden Power, forcing the sale of strategic assets in such a way as to prevent their full evaluation".
It bounces Mediaset: +0,6% after -5% yesterday. Among the banks, Intesa rises by 0,5%, Banco Bpm (-0,5%) and Unicredit (-0,1%) fall back. Carige reverses course and after the leap at the start of the session and loses 0,26%, after the presentation of the 2017-2020 plan.
Generali -0,3% Unipol -1,2%. Moncler -1,3%, correcting from yesterday's all-time high due to the drop in Hermès Internationalé, -2,8% in Paris after disappointing indications for the second half. The fall of the brand slows down the entire luxury sector. Ferragamo it is flat, Tod’s yields more than 1%. Among the utilities, they retreat Enel -0,5% and Snam-1%.
