The Stock Exchanges are still advancing after the Monday of records. Piazza Affari gains 0,30%, around 22.300. The other Euroland price lists are also on the rise: Paris + 0,50% Frankfurt 0,6%. The increase of more modest Madrid (+0,17%). Outside the euro area, Zurich +0,5%. In negative ground London (-0,18%), after the (opposed) approval of the Repeal Bill, i.e. the cancellation of the competence of EU laws and the adoption of UK laws.
All sectors of the financial market are rallying. Up for auction Boots, the Treasury raised 6,5 billion euros at a gross annual rate of -0,326%, +1 basis point compared to the previous auction. Demand is very robust, amounting to 12,093 billion.
The Italian 1,986-year rate rises to 1,964% from 162% at the end of yesterday's session. The yield spread with the same maturity of the Bund narrows to 163 basis points from 2 bps at yesterday's close, remaining at the lows for about three weeks. The spread between 51-year BTPs and Bonos fell by XNUMX bp to XNUMX, the lowest since May.
Consumer prices in Britain they grew by 0,6% in August compared to the previous month, bringing inflation to 2,9% on an annual basis. This was announced by the statistics office. The figure is above the expectations of the market which was expecting a change of 0,5% in the economic situation and 2,8% on a trend basis. In July, inflation stood at 2,6 per cent. The British pound accelerated to the highest since September 2016 against the dollar (1,328 with a rise of 0,8% on yesterday's levels). Today's statistics make tomorrow's appointment with the Bank of England even more relevant even if, Swissquote points out, the central bank has already declared that it is ready to tolerate higher inflation levels given that the presumed impacts of Brexit are not still visible.
In Piazza Affari, the banking sector stands out (+1,1% the index). The insurance companies, which supported the stock exchanges yesterday, are positive again. Retrace only Unipol (-0,85%) after yesterday's leap. Generali 0,7% salt, Mediobanca +0,7%. The hypothesis that the 13% share held by Piazzetta Cuccia passes under the hat of Unicredit (+1,92%), best blue chip today. The title reacts to the position taken by Keefe, Bruyette & Woods. The broker specializing in banks, insurance companies and financial companies raised the target price to 18,7 euros from the previous 18,2 euros. The recommendation remains Outperform.
Analyst Hugo Cruz raised the target price by as much as Intesa Sanpaolo (+ 0,4%), Where's Banca (+ 1%), Bper (+0,5%) and Bpm bank (+1,3%). The month of July saw a significant drop in Italian bank non-performing loans. According to Bank of Italy data, gross non-performing loans fell to 173,591 billion euros, the lowest since July 2014, from 192,000 in June. Net non-performing loans fell to 65,843 billion from 71,237 in June. In comparison with the same month of 2016, July shows a drop of 5,1%, from +4,4% in June.
Tour the asset management industry at full capacity. In July, net inflows rose to €10,4 billion from €8,1 billion in June. The total since the beginning of the year amounts to 67,3 billion and clearly exceeds the figure for the whole of 2016 in seven months. Assets have reached a new record, reaching 2.021 billion from 2013 billion in June. Banca Mediolanum +0,35%.
Il dollar strengthened against the euro to 1,195 from 1,203 on Friday night. Petroleum down: Brent lost 0,4% to 53,6 dollars a barrel, Wti to 47,8 dollars (-0,4%). Eni falls -0,44%. Still in positive territory Saipem +0,24%.
Among the industrial titles to be recorded the new absolute record of Prysmian (+0,3%). Highlights too stm (+ 1,2%) and Buzzi (+1,1%). Slight decrease of Fiat Chrysler (-0,2%). Also this year Sergio Marchionne will not be present at the Frankfurt Motor Show, where there are not even the stands of Fiat, Alfa Romeo and Jeep. Only Maserati represents the Italian-American manufacturer. The Ferrari stand (+0,45%) is also in Frankfurt, presenting the new Gran Turismo V8 Portofino.
Fincantieri +3% on the possibility of an Italy-France agreement to create a single shipbuilding hub. Enel -0,3%, Morgan Stanley raised the target price to 5,5 euros from 4,8 euros. Ferragamo is down 0,4%, Tod’s -1,3%. The weakness of the Luxury sector can be explained by the delayed reaction to the collapse of Prada which yesterday lost 12% in Hong Kong on the back of the disappointing results released on Friday. The company issued a profit warning explaining that it will take more time to reap the benefits of the recovery plan. The stock recovered 4% this morning.
Also flexing Luxottica (-1%). The EU wants to see more clearly in the merger with Essilor. Yoox +1,1%, on new highs for the year.
