The European lists fail to rebound and close in random order. Piazza Affari holds firm, which stops at yesterday's levels, +0,03%, 22.736 points; Frankfurt salt +0,18%; London -1,72% and Paris -1,03 are down. Weak Madrid -0,2% on the day of the inauguration of the new parliamentary assembly. Shaking spirits, like weather vanes in the wind, is Donald Trump, who threatens tariffs to Europe starting from France, opens the Brazilian and Argentine front, finally speaks of probable postponement of the trade agreement with China until after the 2020 elections. The result is not much for Wall Street either, which opens out of tune and is currently losing more than a percentage point on the main indices.
Today's Risk averse sentiment favors gold, which goes back to $1484,95 an ounce. Oil moves in slight progress pending news from OPEC on December 5th. Brent crude rose by 0,13% to 61,06 dollars a barrel. The euro-dollar is little moved, with the cross around 1,1087.
The price of US government bonds rises and yields fall, with investors hunting for safer assets. The same applies only partially to the Italian map and to a greater extent to the German one. The result is that the spread between ten-year benchmarks has increased to 166 basis points (+3,19). The yield of the Btp just drops, 1,32%; that of the Bund to a greater extent, stopping at -0,35%. On the other hand, the internal political climate in Italy remains tense, with the reform of the European bailout fund that continues to hold sway, while in the short term Italy "must maintain investor confidence so that the Btp Bund differential can shrink – Governor Ignazio Visco recalls in an interview published in the online edition of the German newspaper Handelsblatt – This has already happened to a certain extent but it is not enough”.
Utilities rebound in Piazza Affari, but financial stocks fall. Good for Italgas +1,61%; Enel +1,09%; Hera +0,83%. Male Azimuth -2,51%; Ubi -1,76%; Unipolsai -1,32%; Understanding -1,14% (which at a certain point inexplicably loses 4,5% and then recovers after a suspension). Limit Unicredit damages, -0,45%, on the day of presentation of the business plan 2020-2023, which amazes the market for the size of the remuneration. In fact, the group announced a creation of value for shareholders of 16 billion, of which 8 billion will be an increase in tangible equity, 6 billion in cash dividends (with payout on recurring profit at 30% on 2020, 2021 and 2022 and 40% on 2023) and 2 billion buybacks (each year for 10% of recurring profit). However, there are 8000 redundancies and the closure of 500 branches in the sights.
Buzzi down, -1,36%. The blue chips that score the best performance are Diasorin +2,79%; Ampliphone +2,67%; Ferrari +1,96%. The latter is promoted by Goldman Sachs, which is betting on the success of the five new models launched by the Prancing Horse in 2019, starting with the Ferrari Roma, and raises the target price to 170 euros.
Well bought Exor, +0,85%, which is about to become owner, among others, of the newspaper La Repubblica. Out of the main basket, in fact, the stocks linked to this story hold the court. Cir, -7,14%, accepted the offer of the Agnelli financial company for a controlling stake of 43,78% of the share capital of Gedi Gruppo Editoriale at the price of 0,46 euro per share. A figure that makes Gedi jump by 60% on the Stock Exchange, bringing the share price close to what Exor intends to shell out (0,454 at the close). Equita considers the operation a positive signal for the entire publishing sector. At the closing, a tender offer will be launched on the remaining shares at the same price. Banca Imi analysts highlight that the price paid by Exor, despite representing a premium of over 60% on Friday's closing, is significantly lower than the book value of Cir (1,2 euro per share), which therefore records a capital loss of approximately 170 million.
