Sustained departure of European stock exchanges, thanks to a double propellant. First, the effect of the Verizon-Vodafone deal electrifies the telecommunications sector (+2,47% the Stoxx sector index). Goldman Sachs has raised its rating on European telecommunications to "neutral" from "cautious". In Milan, the Ftse/mib index rose by 1,44%, to 16.927. London (+1,41%), Paris (+1,59), Frankfurt (+1,56%) and Madrid (+1,57%) also rose sharply.
Telecom Italia flies to Piazza Affari (+4,71%). For Intermonte analysts (neutral rating confirmed) the low valuations of the stock, the need to avoid downgrades by rating agencies and the willingness of Italian shareholders to disengage in Telco are all factors that make merger attempts conceivable.
Meanwhile, at a macro level, good indications are pouring in from them PMI indices. After the favorable data from China and the rebound of some emerging markets (the Indian stock market is up for the fourth consecutive day) even more comforting signals come from Europe. The Purchasing Managers Survey eurozone manufacturing shows a final reading of 51,4 in August, one-tenth above the flash estimate and over one point below the July level.
The Italian PMI index it rose to 51,3 in August from 50,4 in July thanks to the increase in new orders and production, but employment continues to decline. Italy has experienced eight straight quarters of economic contraction and – in inflation-adjusted terms – the economy is now smaller than it was at the end of 2001. Most analysts expect a slight recovery towards the end of the year, but estimates a decline in production of almost 2% for the full year.
Germany's manufacturing sector climbed to 51,8 in August, at the fastest pace in two years, on robust domestic and foreign demand, indicating there will be expansion this quarter for Europe's largest economy.
Lo BTP-Bund spread he scores 244 points against 255 at Friday's close. The yield is equal to 4,38%, against 4,50% for Spanish Bonos of equal duration, but there are new elements of instability for peripheral debt. Portugal's Constitutional Court last week rejected a bill that would have allowed the government to lay off public sector workers, a new blow to the executive's efforts to cut spending and meet bailout plan commitments.
In Milan Mediaset salt by 1,42%. Among the industrialists, Finmeccanica +0,83%. The subsidiary Ansaldo Breda announced legal steps to defend its interests after the Dutch railway company NS decided to terminate the contract for the construction of 16 V250-Fyra high-speed trains, worth around 300 million euros.
Prysmian +1,73%, Stm +1,73%. Fiat it is up by 1,31% pending the Italian sales data (published at 18pm). The auto market in Brazil in August, until the 29th, showed sales down by 17% compared to the historical record of a year earlier. The banks run: Intesa Sanpaolo + 2,49% Unicredit + 2,34% Banco Popolare + 2,04% Mps Bank + 1,10%.
Insurance companies are on the rise despite the government halving the tax benefits on life insurance policies: Generali + 0,62% Fondiaria Sai + 1,33% Azimuth rises by 1,91%. Eni is up 0,58%, Enel 1,60%.
Il Petroleum type WTI trades at 106,3 dollars a barrel, down 1,2%, it is the third consecutive day of decline. Snam earn 1%. Exane Bnp Paribas raised the recommendation to "outperform" from "neutral". Tod’s salt by 1,92%. HSBC raised the target price to 160 euros from 135 euros. Ferragamo + 2,21%.
