The Bild has defined the outcome of the German elections a "nightmare victory" for Angela Merkel. The financial markets, perhaps because they were prepared for the verdict at the polls, did not give in to nervousness even in the face of the disappointing data of the Ifo, the German business confidence index, which fell to 115,2 points in September from 115,9 in August.
A Frankfurt, after starting in negative ground, the Dax index travels, the only one in Europe, in positive ground with an increase of a quarter of a point. Weaker Milan: the Ftse Mib index, slightly below parity, still remains above 22.500 points. The trend is similar Pariswhile on Madrid (-0,6%) weighs the uncertainty of the outlawed Catalan referendum next Sunday. London -0,23%.
The reaction of the German Stock Exchange can be explained by the fact that the negotiations for the formation of the new government will be lengthy and will undoubtedly require a few weeks, if not months. For the functioning of the German state machine, comments Pictet, "it would not be a tragedy: we have important precedents, such as that of Holland, which has been without a government for six months, and that of Belgium, which has been without an executive for an even longer period without significant impacts on the economy”.
The Italian bond market gradually erased its losses and in the middle of the session it rose fractionally even if the risk premium on the Bund widened. The rate of the BTP, after an opening bet in the 2,14% area, the highest since the end of July, drops to 2,096%. The spread with the same maturity of the Bund rises to 169 basis points from 166.
Euro down on the dollar to 1,190 from 1,195 at Friday's close.
Sale Eni: +0,8% to 13,87 euros, after a high of 13,905 euros, a record in the last three months. Brent exceeds the threshold of 57 dollars a barrel for the first time since last March. The prices of Petroleum have increased by as much as $13 a barrel in the last three months. The fourth positive week in a row closed last Friday with a cumulative progress of 2,2%. An event not seen since October last year. Zero loss since the beginning of the year.
Slow down the rise by halfway through the session Fiat Chrysler, however still above 15 euro: Mediobanca has raised the target price to 20 euro from 14 euro. Outperform rating confirmed.
The title Telecom Italy it is stable in Piazza Affari awaiting the decision of the committee called to establish whether Vivendi's position in the giant tlc can trigger golden power. The share currently stands at parity at 0,79 euro.
Fincantieri it is on the rise (+4% to 1,13 euros at the new absolute highs) in view of the probable French yes to the purchase of Stx Saint Nazaire. The performance since the beginning of the year rises to an amazing +140%, among the best in Piazza Affari. From the historic lows marked in 2016 (to 0,26 euros) the price has more than quadrupled.
Bank shares contrasted. They go down B for Bank (-1,5%) And Bpm bank (-0,8%). The bank is close to closing for the sale of a 2 billion euro non-performing portfolio. Possible buyers include Banca Ifis, Kruk, Hoist Finance, Anacap and Lcm Partners. Within the first half of 2018 Banco Bpm should also sell another portfolio of bad loans (secured and unsecured) for 3 billion euro for which it would aim to obtain state guarantees (Gacs).
Unicredit -0,5%. The industrial plan, according to the general manager, Gianni Franco Papa, proceeds "at the pace of a fast marathon". Understanding + 0,2%.
In the rest of the list it decreases Rest (-2,2%), rejected by Kepler Cheuvreux at Hold da Buy, target price unchanged at 11,30 euros. Kepler trimmed the group's estimates to discount a weaker dollar and a "slightly more conservative organic view," even factoring in recent weather events.
Atlantia falls by 1,26% after Acs communicated to the market supervisory authority that it continues to evaluate the possibility of launching a counter-offer on Abertis (share above 17 euros) after the takeover bid by the Italian company and also admitted that , among the possible options, there is that of involving the German subsidiary, Hochtief.
