Business Square closed down, -0,31%, 23.279 points, despite the leap of Tim (+2,87%) and the good intonation of the banks. They weigh fca (-3,78%) ed Exor (-2,8%), penalized by the legal action of Gm, which accuses the Lingotto of corruption in relations with the American union United Auto Workers. The pale red also dominates the other European price lists and dresses the dances a Wall Street, in the ballet of tariff news that has been making investors' heads spin for months. He gives hope to the WSJ, writing that the Chinese authorities have invited the US counterpart to Beijing for a face-to-face meeting. But uncertainty feeds on tensions in Hong Kong, which in turn affects trade negotiations. Indeed, for Chinese Foreign Minister Wang Yi, the green light to the Hong Kong Human Rights and Democracy Act by the US Congress "sends the wrong signal of connivance with violent criminals".
At the end of the session Frankfurt loses 0,1%; Paris -0,22%; Madrid -0,16%; London -0,33%. In New York Macy's, fell 2,6% after it revised its full-year earnings estimates downward for the second time this year, citing weak international tourism and low footfall at shopping malls as the reason for the first decline in comparable sales in two years. Tiffany gains instead the 2,6%, after the relaunch of the offer by Lvmh (-0,93% in Paris), which rose from 120 to 130 dollars per share.
THEeuro dollar is little moved and moves around 1,107. Gold shows a negative trend, trading at 1468,65 dollars an ounce. The Petroleum it appreciates, with Brent at 63,38 dollars a barrel, +1,57%.
The session was positive for Italian paper, with the 1,17-year yield falling to XNUMX% and lo spread with the Bund in retreat at 150 basis points, -3,9%. Italy's economy is a little less scary, thanks to the OECD which raised its growth estimates this year from zero to +0,2% and confirmed its forecasts for 2020 (+0,4%), anticipating a marginal acceleration for 2021 (+0,5%). There's no need to uncork the sparkling wine, but this is true for everyone. The world economy – says the OECD in an update of its forecasts – is growing at the slowest pace since the financial crisis, with governments that have left the task of boosting investments to central banks. Speaking of central banks: from the minutes of the last meeting of the ECB, chaired by Mario Draghi, emerges a strong appeal for unity after the divisions created by the launch of the stimulus package at the September meeting. Now the problem passes to Christine Lagarde, who tomorrow morning will deliver a speech that could contain the first indications of monetary policy of her presidency. His first post-meeting press conference is scheduled for December 12th. Meanwhile, the rating agency Moody's changed its outlook on the German banking system from stable to negative expecting "the profitability and overall creditworthiness of institutions to weaken in a context of low interest rates" in the next 12-18 months.
The good intonation of Italian bonds instead helps the banks. Among the big names in Piazza Affari they rise Ubi +3,6%; Bpm bank +2,75%; Unicredit +0,87%; Mediobanca +0,78%. It is appreciated Understanding, +0,38%, with work in progress for a possible entry into nexi, + 0,95%.
Good for Telecom, with Barclays having raised the assessment to "equal weight", estimating that the company is able to achieve the expected results. To this we must add the possible value creation options: agreement with Open Fiber, consolidation in Brazil, Inwit. Sales instead penalize Fiat and the parent company Exor, on Investor Day. FCA president John Elkann dismisses GM's lawsuit as false: "we don't worry - he says - I'm sorry that someone makes false accusations against a person like Marchionne that cannot be defended". Elkann is also confident that the group can finalize the deal for an integration with PSA-Peugeot this year.
The holding company of the Agnelli family, on the other hand, by 2022 will have a total of 3,6 billion for investments, of which around 1,6 billion as an extraordinary FCA-PSA dividend.
Any extraordinary dividend deriving from the merger with PSA "will be dedicated to acquisitions", adds Elkann, underlining that a new buyback is not planned after the plan that has just ended.
Sales penalize stm -1,92% and Atlantia -1,77%. The leader of the 5-star movement Luigi Di Maio remains convinced that the government will win the difficult legal battle to revoke the motorway concession to the Benetton group.
It also moves back Snam, -1,16%, which today presented its business plan and expects profit growth of 4% per annum and a dividend growth rate of 5% until 2022.
Out of the main basket well the Roma, +3,57%, following the rumors about the entry of a new shareholder who could be the American tycoon Dan Friedkin.
Thump of Piquadro -10,79% after the accounts.
