The economies of the Eurozone are losing speed and share prices are also slowing down. Business Square it drops just over 0,2%, below 23 points. Weak too Paris e Frankfurt, both -0,2%. Worse Madrid (-0,4%) under pressure from the possible arrest of members of the Catalan government in Brussels.
"Eurozone growth lost some momentum at the start of the fourth quarter," explained Chris Williamson, chief business economist at IHS Markit who looks after the PMI. Italy's services sector also slowed in October for the third month in a row, a sign that the recent string of positive data on the country's economy may be wearing thin. The PMI services index fell to 52,1 points from 53,2 in the previous month.
Lo spread Btp/Bund stands at 144 points from the low of 141 on Friday, The ten-year yield stands at 1,77%, down from 1,79%. The 0,33-year Bund yield fell to its lowest in six weeks, to 0,36%, from 1,160% on Friday. The euro moved little, at XNUMX against the dollar.
Of note is the increase in crude. Brent oil trades at 62,3 dollars, the highest since 2015 after the anti-corruption operation ordered by the crown prince Mohammed bin Salman. In Paris, Accor falls (-1,7%) on which the arrest of one of the major shareholders, Prince Al Waleed, weighs.
On positive ground Eni (+0,5%) which has started production early at a field in Ghana. Saipem +1,2%, Tenaris +0,6%. This morning Mediobanca confirmed the Outperform recommendation, reducing the target price to 17,50 euros from 18 euros. The theoretical upside on the current price is around +32%.
Also worth mentioning Erg (+1,2%). The joint venture TotalErg sold its assets to API for 273 million euros. Erg also sold its 51% stake in another joint venture, active in lubricants, to Total. The Genoese company could decide to distribute a part, or all, of the resources collected to the shareholders.
The other European oils also rose. At the top is the British Tullow Oil (+3,3%).
In Piazza Affari it shines Pirelli (+2,3%) over the 7 euro threshold later the quarterly results. The company ended the nine months with adjusted Ebit net of non-recurring charges and start-up costs up by 9,7% to 681,2 million.
Luxottica holds (+0,7%) after the EU antitrust authorities announced that they had suspended the investigation into the merger with Essilor: the two companies did not provide some requested data. Reuters writes that the temporary stop will not have a significant impact on the timing of the resolution.
Weak European banks (the sector index falls -0,5%). Among the worst Société Générale e BNP Paribas. At Piazza Affari Understanding -0,8%, and Unicredit -1%.
Bpm bank (-1,8%) And Cattolica Insurance (-0,54%) are down after the bancassurance agreement which provides for the sale to the Verona-based company of a 65% stake in the two joint ventures at a total price of 853,4 million. Banca Akros revised upwards the assessment of Cattolica Assicurazioni to "accumulated" from "neutral", with a target of 10,3 from 9,6 euro. Unipol -1%, even if Fitch has raised the rating.
Of note are new purchases on real estate. Aedes (+7%) is today's best title. Brioschi + 7% Cleansing +2,6%. It's an exception Stable Goods (-2%), after JP Morgan cut rating to Neutral.
