There was no panic effect. Piazza Affari absorbed Fitch's judgment without trauma while awaiting clearer information on the formulation of the Economic and Financial Document. After a weak morning, the index increased its gains, rising by +0,6% just below 22.400 points. The other price lists in the Eurozone were slightly down, held back by the prospect of duties: Frankfurt -0,23%, Paris -0,06%, Madrid +0,02%. London rose significantly +0,80% helped by the weakness of the pound and the uncertainties related to Brexit which support the blue chips. Wall Street is closed today for holidays.
The pressure on BTPs eases. The 3,16-year yield drops to 3,22% from 2013% on Friday (highest since 283), spread at 6, -2012 basis points. The Spanish Btp/Bonos differential remains close to the highest since 172 at XNUMX basis points. The two souls of the yellow-green government continue to clash with the sound of declarations while the Minister of the Economy, Giovanni Tria, continues to launch soothing messages on the public accounts.
In the meantime, the alarm signals on the global economy are multiplying. According to the 'Business and Finance Outlook' of the OECD, “various indications lead us to raise our guard level. Starting with the NPLs of European banks, which, although reduced, remain too high and the fact that the markets have become accustomed to 'easy money', which has led to bonds, and to a certain extent also shares, being overvalued" .
Manufacturing activity slows down throughout the Eurozone. In Italy, the PMI index reached a two-year low at 50,1 in August, close to the boundary between expansion and recession. The European PMI fell in August to a 21-month low at 54,6 from 55,1 in July. Similar script in Germany and in France and Italy.
Meanwhile, oil is back on the rise: Brent +0,25% to 77,80 dollars, on the highs for a month and a half. Saipem (-0,63%) has accumulated contracts for over 5 billion since the beginning of the year and has achieved coverage that exceeds 92% of the 2018 guidance, equal to 8 billion euro. Tenaris + 0,4%.
In line with government bonds, credit instruments rebound in Piazza Affari also due to the EU ok to the extension of the Gacs, the public guarantee instrument for the securitization of non-performing loans, until 7 March 2019. The sector's stoxx gains the 0,39%. Since the beginning of the year, the index has lost about 19%.
In evidence: Mediobanca + 2,8% Ubi + 2,1% Bpm bank +1,1%. In managed progresses Anima + 2%.
Sale Fiat Chrysler +1%. When the Stock Exchange is closed, data on August enrollments will be released. Ferrari -0,7% after the flop at the Monza GP.
Vola Fincantieri +5% following Mediobanca's upgrade from neutral to outperform. The target price rises to 1,8 euros, which implies an upside potential of 40%. The cruise ship market is a significant growth factor for the group as passengers are expected to double by 2030 to 50 million.
In great evidence Maire Tecnimont +3,7% which was awarded a $248 million contract for a contract in Algeria. New landslide for Astaldi -3%, on historical lows. The Astaldi board of directors for the examination and approval of the half-year report has been postponed again to 28 September. A change, explains the group in a note, "in order to have more information on the timing relating to the finalization of the negotiation for the sale of the assets relating to the concessionaire of the Third Bosphorus Bridge in Turkey.
To be reported again: Highlights for Amplifon +3,5% ed Iren + 1,9%. Bio-on +5%. The Bologna-based company listed on the Aim, specialized in 100% biodegradable plastic, is working with some of the world's fashion brands to study new materials for non-polluting clothes and accessories.
