A session marked by a moderate rise for the Eurozone Stock Exchanges, with the exception of Frankfurt -0,05%. In Milan, the Ftse Mib index closed with a gain of 0,37%, behind Paris +0,50%, but ahead of Madrid +0,22%.
The confirmation of the brilliant situation did not help the German Stock Exchange, unnerved by the political stalemate. In fact, you need to go back to April of the year two thousand to find the manufacturing PMI index, an indicator of the state of health of industry, at 60, at the levels of the figure recorded yesterday by the researchers of IHS Markit. Moreover, the growth of industry has been accompanied by a strong expansion of services: the composite index, 57,5, is at the level of six and a half years ago. Driven by these results, the recovery of the euro continued against the dollar, which slipped to a cross of 1,184 against the single currency. The Stock Exchanges watched with caution, rather than with euphoria, the performance which coincided with the Thanksgiving holiday closure of the US and Tokyo markets.
In the afternoon, the minutes of the latest ECB meeting came out. In addition to the broad consensus among board members to extend the duration of Qe's program, there was strong debate over the decision to keep the program open without setting a deadline, a proposal relaunched by Benoit Coeuré in an interview in Handelsblatt last Tuesday.
The BTPs are weak: the spread on the Bund closes slightly widening, however around 140. WTI oil rises to 58,20 dollars, on the new highs since 2015. Brent changes hands at 63,30 dollars. Eyes on the OPEC meeting on 30 November. According to Bloomberg, the list of countries involved in the cut in crude oil production could widen. At Piazza Affari Eni -0,4%, Saipem -0,6%.
The session was dominated by Telecom Italia +4,48% at the end of the best day of the year. The return of the rumors on the spin-off of the network favored the rise. The savings bond +6% is even better. Mediaset also moved up (+0,85%), while investors continue to wonder about a possible agreement that the company could sign with the Telecom-Canal Plus joint venture for the supply of content.
Another big name on the list was positive: Enel +1,6%, which moved to within one point of the highs of the last eight years. The shares of the big banks did well: Unicredit +0,5%, Intesa +0,2%. Banca Carige down -3,5% on the second day of the capital increase. Instead, the rebound of Creval continues +5%. Male Yoox Net-a-Porter -1,3% in anticipation of the sales that the company will register during the 'Cyber Week End'. Outside the main basket, Equita performed well +2,4% on the day of its debut.
The whole real estate sector is sparkling: the Senate Budget Commission has rejected all the amendments that aimed to modify the rule that extends the tax benefits provided by the PIRs to all real estate companies. Aedes advances by 7% ahead of Remediation +6%. Gabetti +3,5%, Beni Stabili +1,5%, Igd +0,6%, Coima RES +0,5% also performed well. Aeffe +6,5%, Axelero +5% and D'Amico +5% were also lively. Worst stock is Sogefi -7%
