The Milan Stock Exchange loses momentum, down by 0,4%, around 18.700 points, after a sprint start. The other lists of the Old Continent, on the other hand, rose: Paris +0,4%, Madrid +0,3%, Frankfurt +0,1%. London +0,4%.
At the beginning there was the sprint of luxury driven by the accounts of Kering (+7,5%), the French holding that controls Gucci: the Florentine brand recorded a 35% year-on-year increase in turnover, and there are no signs of slowing down. They bounce off the wake Ferragamo (+ 2%), Moncler (+ 3%), Ferrari (+1%) and cucinelli (+ 2%).
On the other hand, the PMI indices of the Eurozone are disappointing, confirming a slowdown in the growth of the gross domestic product to 0,3% in the fourth quarter. Markit's composite PMI, compiled on the basis of forecasts from purchasing managers of manufacturing and services companies, fell in October to its lowest level since September 2016, to 52,7, from 54,1 last month. According to Chris Williamson, Chief Business Economist of IHS Markit, "the PMI portends a rather disappointing end of the year". The PMI flash is indicative of a slowdown in GDP growth to 0,3% in the fourth quarter.
THEeuro it weakened to 1,142 against the dollar on the eve of the ECB meeting and the day after the rejection of the draft Italian budget by the European Commission. This morning the spread is down slightly to 313 basis points, from 318 yesterday. 3,55-year Btp at 3% (-XNUMX basis points).
Il crude type Brent slides towards 75 dollars a barrel: stocks are low, the embargo on Iran is not scary also because Saudi Arabia, weakened by the assassination of Jamaal Khashoggi, is looking for banks in the West.
Fly though Saipem (+ 4,9%), ended the third quarter with 232 million euros of Ebitda, the consensus expected 247 million. The result is weighed down by 45 million euro of restructuring charges. Better-than-expected new orders of €2,13 billion, the company expects €2 billion of new orders in the last three months of the year. 2018 goals confirmed.
The worst blue chip is stm (-8,5%). The chipmaker presented third-quarter data broadly in line with forecasts, but fourth-quarter forecasts are lower than consensus estimates. In the last part of the year growth will slow down.
The market focuses on some new corporate possibilities. Growing pressure from big investors on Fiat Chrysler, little move, because, once the sale of Magneti Marelli has been completed, it will proceed to distribute an extra dividend.
In the aftermath of the death of Gilberto Benetton, the restructuring of the group finds credence Atlantia (+0,6%): discussions on the demerger of Autostrade per l'Italia (Aspi) with the distribution of shares to Atlantia shareholders. Therefore, 26,6% of Aspi would go to Edizione which "would automatically become listed". The Edizione share would be transferred to a fund organized and participated by F2i.
The banks are under fire, especially the former Popolari. Bpm bank (-2,6%) is working on Npl sale operations and on the reorganization of consumer credit activities and aims to make a decision on the two dossiers by the end of November. The CEO Giuseppe Castagna said it on the sidelines of an event. Where's Banca-3,2%. Understanding -1,13%. Unicredit -1,6%.
There is no shortage of positive notes in finance. Dobank +3,2%%: Berenberg starts hedging with 'buy', target price at 12,5 euro. Banca Carige + 4,08% after the note confirming that the capital plan will be presented by the end of November and announcing the assignment to Ubs to sound out any strategic alliances.
General Bank -1,6%. Advance instead Generali (+ 1%).
Uphill Piaggio (+3%). Equita raised to Hold from Reduce, reducing the target to 1,90 euros from 2,15 euros. Mediobanca has raised its recommendation to Outperform from Neutral, the target rises to 2,50 euros from 2,19 euros.
Ovs (+5%) interrupts the long negative streak.
D'Amico -1%. The managing director Marco Fiori has resigned for personal reasons.
Danieli -9,3%. This morning Kepler-Cheuvreux cut the recommendation to Reduce da Buy, target price reduced to 18 euros from 26,50 euros.
