The European stock exchanges close positive, but lose speed in the final. Fault of Wall Street which, after an in tune opening, travels in opposition. In particular, the Dow Jones seems to fail to rebound and is down for the fourth consecutive session. The words of the central bankers in Sintra also weigh. Fed head Jerome Powell confirms he is ready for a gradual rate hike, while ECB president Mario Draghi dwells on the escalation in the trade war, underlining that it is decidedly "bad for confidence". However, it stands out on the Nasdaq Facebook which is the first social network to exceed $200 per share.
In the Old Continent: Frankfurt +0,15%; Madrid +0,32%; London +0,32%; Zurich +1,01%. Bucking Paris, -0,34%.
Business Square scores +0,16%, 22.157 points, toned up by the banks but weighed down by the rain of sales on Ferragamo (-8,44%). The bowl market the family's decision to sell 3,5% (5,9 million ordinary shares), through a procedure called accelerated building and reserved for institutional investors. An operation concluded at a price of 23,25 euros per share, with a discount of 5,2% compared to Tuesday's closing (24,53 euros), even if the transaction will be settled the day after tomorrow.
In any case, control of the company remains firmly in the hands of the Ferragamos (around 54% overall), but the free float increases slightly.
In bad, as in good, family capitalism is the protagonist today in Milan. In fact, among the best titles of the session there is Recordati, +2,74%, in the sights of the private equity operator CVC, intending to acquire a controlling stake in the company worth over 3 billion euros. However, not all members of the founder's family agree on the sale. "Negotiations have taken place - Alberto Recordati, president and managing director of Fimei specifies in a note - but there are still many obstacles to overcome and there is no certainty about the continuation of the negotiations and their timing".
The banks are still doing well, in the perspective that the ECB dictates less stringent rules on NPLs. The best are Unircedit +2,77%; Bpm bank +2,71%; Bper +2,52%; Ubi + 2,29%.
The blue chips that record the biggest declines, in addition to Ferragamo, are Prysmian -2,17%; Cnh -2,06%; Exor -1,62%; Ferrari -1,71%.
BTPs moved little at the end: the 2,57-year yield is XNUMX%; the spread with the Bund down to 219.00 basis points, -1,75%.
THEeuro it remains weak against the dollar, with the exchange rate around 1,158.
Il Petroleum travels at two speeds: Brent +0,16%, 75,2 dollars a barrel; Wti +1,42%, 65,82 dollars a barrel. In anticipation of Friday's summit, the weekly figure for US inventories is down more than expected.
