Stock markets slow down in the last session of the calendar year. The trend is influenced by sales on US markets: capital gains will be taxed according to the new rules that Donald Trump is about to introduce after taking office. As a consequence, the rise of the euro (the exchange rate is 1,054 against the dollar) compresses the lists of the Old Continent in a day of modest trading.
In Milan the index Ftse Eb it is practically unchanged, just above 19.200 points. Business Square is about to close 2016 with a loss of 10%. The other markets were weak: Paris and Frankfurt -0,2%, Madrid and London -0,3%.
In the coming months, the Italian economy should record positive growth prospects. Istat reports that both an increase in orders and an improvement in confidence have been recorded in the manufacturing sector. Signs of recovery also on the labor front and on prices.
La care of the ECB has effects throughout the Eurozone: bank lending to companies in the Eurozone grew in November at an annual rate of 2,2% from 2,1% in October, rising to its highest level since mid-2009. With the Petroleum slightly up (Brent at 57,1 dollars a barrel, +0,3%), Saipem earn 0,8%, Eni -0,3%.
The rise in utilities has already died down: Enel -0,2% Terna -0,6% and Snam -0,1%. The increase in electricity and gas tariffs decided by the Authority starting from January 2017 does not alter the economic conditions of the main companies in the sector.
Recommended TerniEnergia (+10%). The company has signed a partnership agreement with JuicePower, a British Clean Energy platform, which aims to offer the supply of energy and smart grids to commercial and industrial customers in emerging markets, starting with India.
Among industrial stocks, positive Fiat Chrysler (+ 0,3%). Brembo gains 0,8%, about to return to the FtseMib next week thanks to the merger between Banco Popolare and Banca Popolare di Milano from 2017 January 28. The Bergamo-based company had only exited the Ftse Mib a few weeks ago following the update of the index made necessary by the spin-off of Italgas from Snam. Since the beginning of the year, Brembo's have gained approximately 10% on the share price against a decline of approximately XNUMX% in Piazza Affari. They go down Leonardo (-0,1%), Cnh Industrial (-1,8%) And Buzzi (-1,5%).
Fincantieri +0,64%. France will be able to intervene in the sale of the Saint-Nazaire shipyard by the Korean Stx, which is in the midst of bankruptcy proceedings, if the conditions set by the French government are not respected. This is what the transalpine industry minister Christophe Sirugue specifies. Fincantieri is the only subject to have presented an offer for the French assets. Paris would like the publicly controlled group DCNS to take a minority stake in Stx France, the minister reiterated.
Little moved banks. For the sale of the Good Banks we will have to wait until mid-January 2017. Ubi, unchanged, is ready for purchase in order to take over Nuova Banca Marche, Etruria and CariChieti at a symbolic price, instead for Banca Pop. Emilia, who will take over CariFerrara, will still need some time. Banco Popolare + 0,5%.
Go back up Mediaset (+ 1,4%). Mondadori (+2,33%) travels on the highs of the year at 1,2 euros. Telecom Italy -0,2%.
It deserves a separate note Salvatore Ferragamo (+1,6%), which yesterday announced the agreement with the Revenue Agency to define the method of calculating the share of income exempt from Ires and Irap for the purposes of the patent box. The company has not quantified the impact of this provision on the accounts, only declaring that the benefit for the 2015 tax year is of a significant amount and of a price sensitive nature. “The news is positive, but we are waiting to verify the real impact on the group's results”, Banca Akros analysts said in a note this morning, which maintains the neutral rating on the stock and the target price at 22,60 euros.
Ferragamo's movement does not drag the other titles in the Luxury sector which remain little moved, like the rest of the list: Luxottica + 0,5% Tod’s + 0,4%.
