Bags flat or almost flat in the last November session, waiting for Wall Street to open which will close its doors after half a day to participate in Black Friday. Piazza Affari at lunchtime was slightly up +0,19%, on a par with Frankfurt. Modest earnings for Paris +0,05%, better Madrid +0,20%. London -0,10%.
The macro data released in the morning are taking the lead. Inflation peeps out in Europe: +1,3% in November, the strongest increase in the last seven months. In Italy the change on a monthly basis is nil, and +0,4% on an annual basis (+0,2% the previous month). On the other hand, the prices of food, home and personal care products grew by more than 1% for the first time since March 2019. Unemployment rose to 7,5% in October from 7,6% in September . In Italy, consumer prices grew this month by 0,4%, from +0,2% in October. Unemployment falls to 9,7%, the consensus expected 9,8%.
The reaction of bonds was modest, the Bund traded at -0,37% (-1 basis point). Spread with the Btp widening to 162 basis points, from 159 yesterday. On the banks you still realize, yesterday favored by the Btp auction which saw an increase in yields. Banco Bpm and Banca Mediolanum down by around 1%. UniCredit +0,3%. Jefferies raises the target price to 15 euros. Bper Bank -0,3%. The bank has engaged a consultant to evaluate possible combinations.
Nexi +0,3%. Bank of America Merrill Lynch raises its target price. Il Sole24Ore reports that the competitor SIA will arrive on the stock exchange in the first part of 2020, at which point the negotiations for the merger with Nexi could start.
On the oil market, pending the OPEC summit on 5 December, the most relevant news concerns the conclusion of the IPO of Aramco, the Saudi oil giant. A third of the offer, equal to 0,5% of the capital, was booked by 4,17 million retail savers. Institutional institutions, including the sovereign wealth funds of Abu Dhabi and Kuwait, bought the rest: demand exceeded the ceiling of 25 billion dollars, making it the richest IPO in history. Lead manager Samba Capital said yesterday that orders had hit 38,1 billion Saudi riyals, or 10,2 billion US dollars.
Holds back gold: at these prices (1.458 dollars an ounce) November will be the worst month in the last three years, -3,6%. Mediaset +0,07%. The board is convened today for discuss a possible deal with Vivendi. The two companies are close to reaching an agreement which provides for, among other things, the sale by Vivendi of 20% of Mediaset to MediaForEurope (MFE) at a total price of 3 euros per share, equal to a par value of 2,77 XNUMX euros plus interest and the special dividend promised to shareholders.
In Piazza Affari Buzzi -3,7% sacrifices the earnings of the last few sessions. Morgan Stanley cuts judgment on Underweight, target price at 20 euros. He still suffers Atlantia -2%: the stock is at its lowest since January. Cnh Industrial plate. The increase in Ovs +4% and Indel B +5% but should be noted outside the main price list the PIR effect it is shutting down.
