Thanks to utilities, Piazza Affari rounds off the week's gains by another 0,13%, reaching 23.534 points and closing a session weighed down by the banks and weak in the rest of Europe on a high note. However, the spread continues to widen, which even today exceeds that of Greece for a few moments, to then return. The closing was up 145 basis points (+4,81%), with the ten-year yield at +1,18%, against a yield on the Bund, up, but to a lesser extent, -0,27%.
The other European markets are in red: Frankfurt -0,42%; Paris -0,02%; Madrid -0,55%; London -0,61%. Volatility also dwells on Wall Street, after US newspapers read that the White House is resisting a gradual reduction in tariffs as part of the mini-deal with China. Donald Trump partially confirms: "I won't do it", he replies to those who ask him if he will remove the duties gradually and simultaneously, as announced yesterday by a spokesman for the Chinese Ministry of Commerce. Any agreement will also be signed "in our country".
Uncertainty does not hold back the Nasdaq, which moves into positive territory and leaves oil indifferent. Brent loses 0,1%, and falls to 62,23 dollars a barrel. The euro loses against the dollar and moved to a three-week low at 1,1021. Gold is flat at $1466,75 an ounce.
In this context, the small step forward of Piazza Affari shines, which closes a week full of news with further progress. On the main list, the utilities rear their heads: Hera +1,75%; A2a +1,69%; Terna +1,74%; Enel +1,69%. Well Telecom +1,17%, not so much for the quarterly (the profits have missed the analysts' forecasts) as for the news relating to the joint venture with Santander and the partnership that will be created with Google Cloud. Equita analysts recommend a "Buy" on the shares, while underlining that the third quarter accounts represent a weak business in Italy.
Atlantia gains 0,8%, after closing the first nine months with an Ebitda growing by 1% per annum in comparable terms. The company expects an overall positive 2019, but will not distribute an interim dividend due to the uncertainty regarding Autostrade per l'Italia (Aspi), which is facing the risk of revocation of the concession.
Banks are declining, starting with Ubi, -4,84%, that disappoints expectations with a net profit of 60,1 million, penalized by a decrease in the interest margin and by higher adjustments to loans. Analysts, according to a consensus published by the bank itself, forecast an average net profit of 65 million and operating income of 865 million.
Loss of Banco Bpm stake -3,09%; Unicredit -1,53%; Bper -1,1%; Mediobanca -1,46%. Banca Monte Paschi sells 2,31%, on the day of sentence of the Court of Milan which sentenced 13 former managers of Mps (including the former president Giuseppe Mussari), Deutsche Bank and Nomura for derivative transactions used to hide the Sienese bank's losses. The court also ordered the confiscation of 64 million euros from Deutsche Bank and 88 million from Nomura and ordered the payment of 3 million euros for the German bank and 3,45 million for the Japanese institute.
Among the blue chips, Nexi falls, -2,07%. Positive Unipol +0,35%, coinciding with the presentation of the figures for the quarter. Down Unipolsai -0,23%. Outside the main list Rcs loses 2,03%, with net profit for the first nine months down to 40,7 million euro (52,1 million a year ago).
Down Fincantieri, -5,64%, which reaches its lowest level since the end of August, below 0,89 euro. After yesterday's accounts, the shipbuilding company today said that the effort to restructure the Norwegian subsidiary Vard will continue in the coming months, with possible additional costs.
