CHINA GIVES A BOOST TO THE EXCHANGES AND THE BUND
POSITIVE MILAN. FIAT INDUSTRIAL SUFFERS
Il Chinese GDP pushes the B'sEuropean she-bears, starting in Germany. Piazza Affari is also advancing, but at a slower pace, on which the political unknown.
Frankfurt earns 1,7% and Paris 1,3%. Madrid + 1,47%.
A Milano the Ftse/Miis index rose by 0,71% to a level of 7340.
The gap narrows with the Bund rising: Btp/Bund at 249 bp. On the government bond market, the BTP strengthened and its yield fell by 2 basis points to 4,49%. The yield of Good Spanish with the same maturity, it drops by 6 basis points to 4,46%: it was since March 2012 that the yield on the Bono fell below that of the BTP. The Bot auction is scheduled for tomorrow, the day after tomorrow it's up to Btp and Cct.
Il Waist falls and its yield reaches 2,00% (+3 basis points), on the highs of the last 17 months.
The weakening of the German XNUMX-year bond is due to the very positive data on the Chinese economy and the cooling of tensions on Syria, both themes, for different reasons, push money towards assets with a higher risk profile.
In Milan, i banking. Unicredit rises by 1,11%, third consecutive day of rise. Entente +1,78%. Ubi +0,63%.
It moves on an opposite course Mount Paschi -1,76%.
Among the insurance companies, the good momentum continues Fondiaria Sai + 1,94%. Generali salt of 0,62%.
Azimut +0,3%, Banca Generali +4,5%, Mediolanum +1,57%.
Mediaset rises again +1,61%.
Among the titles of the industry. Fiat rallied after a low start and climbed 0,57%.
According to Bloomberg, the mystery surrounding Sergio Marchionne's unexpected absence from the Frankfurt Motor Show can be explained by the preparations for the CNH Industrial IPO. Meanwhile, Fiat Industrial, destined to merge into the new company, lost 2,68% and is the worst blue chip in Piazza Affari. This morning UBS analysts cut their opinion on the stock to "sell" from "neutral" with a target price reduced to 8 euros from 8,5: there is the risk of a cut in estimates by the consensus of analysts linked to the weakness of the demand in the USA and Brazil. The valuations of the Fiat Industrial stock, according to UBS, are currently more expensive than US competitors such as Agco and Deere.
Pirelli +2,38%.
The utilities are doing well: Enel +1,14%. A2A +0,38%.
Out of the main basket, luxury stands out.
Safilo sales up 7%. Berenberg started hedging with a "buy" and a target price of 16,5 euros.
Brunello Cucinelli rises by 2% and sets a new historical record at 24,40 euros. Brunello Cucinelli went public in April 2012 after a placement of the shares at 7,75 euro. Since the beginning of this year, the stock is up 78%.
Yoox +5% after a partnership agreement with Harper's Bazar.
