The European stock exchanges were positive at the end of the morning, in the wake of Wall Street which yesterday, for the first time in 2016, closed the third consecutive session on the rise. After a complicated start, the consolidation of the rise in oil has boosted the markets: today Brent exceeds 35 dollars a barrel and WTI reaches 33,64, both with an increase of about 2%. The Ftse Eb gains more than 1% on 17.600 points, Paris and Frankfurt also did well with increases of 0,65% and 1% respectively around 12, on London parity. Closing up also for the Stock Exchange Tokyo: The Nikkei leading stock index finished the session up 2,28%, gaining 360,44 points to reach 16.196,80 points.
In Piazza Affari among the best performances to report Saipem in the wake of oil and the fact that today Banca Akros raised its rating to neutral from a veteran, and the recovery of Telecom Italy, which had lost up to 8% on the day of accounts and the new plan. Around midday, the shares of the telecommunications group gained more than 5%, approaching 0,9 euro per share, driven in particular by the positive opinion of Bank of America Merrill Lynch, which recommended the purchase with a target price of 1,30 euro. “Telecom's guidance based on new and more conservative estimates is credible,” US analysts say.
Highlights too A2a: the Lombard utility, trading up 4,8% thanks to the promotion decided by Goldman Sachs. The analysts of the investment bank brought the opinion on the stock to buy from a previous neutral while reducing the target price to 1,25 euro from 1,36 euro. The shares are currently changing hands above the value of 1 euro per share.
Well the banks: the best is Bper which gains more than 4%, but they are all in positive territory after last week's losses. Shortly after midday, only four stocks suffered in the main basket: Cnh Industrial -1,18%, Anima -0,48%, Tenaris and Campari around -0,2%. spread Btp-Bund down below 130 basis points, euro-dollar exchange rate stable around 1,112.
On the macro front, conflicting data is arriving: according to Istat, the economic growth but it is less intense. The leading indicator of the economy remains positive in November, but with less intensity than in previous months. And above all there remains a difference between the prospects for households and for businesses: while for the former we expect continued growth in disposable income, for businesses there is not yet a generalized increase in production rates. As for i consumption of households, the positive trend is confirmed by Confcommercio data: +1,6% in 2015, first growth since 2007.
However, the OECD curbs enthusiasm: "The slow recovery of the euro area is a strong brake on global growth and leaves Europe vulnerable to global shocks". This is the Organization's warning in the interim report between the two six-monthly Outlooks, in which it revises the estimates downwards GDP of the Eurozone to +1,4% for 2016 (0,4 points less than last November's estimates) and to +1,7% in 2017 (-0,2 points). "Europe must speed up on common actions", find itself and "speak with one voice", underlines the report, highlighting the slow pace of reforms especially on the front of the single market.
Speaking of Europe, today is the big day of Brexit and the migration issue: these will be the two main topics at the table of the European Council, which begins at 16 pm and will conclude with another meeting tomorrow. Italian Prime Minister Matteo Renzi he also promised battle on the banks: "We will veto any attempt to limit the presence of government bonds in the banks", he said yesterday when reporting to Parliament Italian, "the real question of the banks in Europe is the enormous question that concerns the first and second German banks".
