Il fed wind is cooling the mood of the European markets. Also in Piazza Affari the effect of the agreement on the Maneuver has ended, at least on the share front: the index drops 1,15% just above 18.700. Paris is doing worse -1,4%, at its lowest since December 2016. Frankfurt and Madrid are also in the red, down by one percentage point. London drops by 0,40%.
Continue there instead drop in the spread which reached 251 basis points (-1%) despite the fact that the effect of the increase in US rates stimulates the purchase of Bunds, which slipped to 0,22% (-2 basis points), the lowest since April 2016. The BTP trades at 2,730%. This evening with the market closed, the Ministry of the Economy will give the details of the auction of six-monthly BOTs and Ctz scheduled for Thursday 27 December, the first placement in 2019 currency with settlement on 2 January. There are 31 billion of six-monthly bonds due on 71,15 January, an amount traditionally close to that of the new issue.
The descent of oil does not stop either: Brent trades at 55,5 dollars a barrel (-3%). All the oil companies down. Tenaris -3,5% Saipem -3,6%, a little better Eni -1,7%.
Weak bankers, rebounded yesterday after the agreement on the maneuver: the sector index is down by 1,6%. Unicredit -2%, Banco Bpm -1,5%, Ubi Banca -2% and Bper -1,85% sell. Mediobanca -0,9%, Intesa San Paolo -1,8%. Out of the main basket Banca Carige -5,9% after the 30% jump recorded yesterday, awaiting Saturday's meeting on the capital increase up to 400 million and on the grouping of shares. Poste Italiane slows down -0,7%.
Sharply down on the price list Tim -2,9%: concern grows over the stalemate between Vivendi and the Elliott fund. Tomorrow the company's board will analyze Vivendi's request to convene a meeting to vote for the dismissal of 5 directors and the appointment of another 5. The decision is expected on January 14th. Also declining Mediaset –2,2%. Weak too Leonardo -1,5%: the government will cut military spending by 500 million euros and on Lockheed Martin's F35 military aircraft also made by Leonardo.
Out of the main list, Ovs the ascent continues today with a growth of 12,6% theoretical, as the stock is in a volatility auction, after the 22% jump yesterday and the heavy losses of last week. A consortium made up of 3 or 4 Italian entrepreneurs interested in a stake close to 25% took the field. Among potential investors, the name of Tip: (already owning a 3,084% stake announced yesterday), which could involve Borletti Group (formerly a shareholder of Printemps and Rinascente). The possible entry by Temasek, the Singapore sovereign wealth fund, is also mentioned.
It also advances Geox +4% after the upgrade of Mediobanca Securities to “neutral” from "underperform" with a target price of 1,3 from 1,9 euros. According to the broker, after the very weak performance of 2018, the 2021 targets of the new business plan are challenging but all the risks are already incorporated in the value of the share, which has lost around 60% since the beginning of the year and yesterday reached minimum historical.
