STRONG SALES ON BANKS, GENERAL SALONS. WAITING FOR DRAGONS, THE OILS RISE
Energy and mining save European indices. Milan loses only 0,1%, despite the storm on the banks, thanks to the recovery in the final. Flat Frankfurt, Paris gains 0,4%. Attention is focused on the speech that Mario Draghi will give at 19 pm in Frankfurt. The Btp/Bund spread returned to 99. The 1,556-year yield is XNUMX%.
The US stock market showed little movement after the leap that brought it back to levels prior to the devaluation of the yuan. The Dow Jones is up 0,2% thanks to the push from oil, the S&P500 is unchanged, the Nasdaq is down 0,1%. WTI oil climbs 2% to 47,1 dollars after the reduction of US inventories. The Eurostoxx Oil & Gas index gains 2,4% and is today's best.
Eni it closed up by 1,1% at 15,0 euros. Tenaris e Saipem they took advantage of the rally in crude oil, climbing 4% and 3,7% respectively. Oil companies also shine in the main basket of Wall Street: Chevron + 3% Mobile +2%. The US stock market showed little movement after the leap that brought it back to levels prior to the devaluation of the yuan. The Dow Jones is up 0,2% thanks to the push from oil, the S&P500 is unchanged, the Nasdaq is down 0,1%.
“Add insurance, unload banks”. The advice in yesterday morning's Credit Suisse report proved to be prophetic. Generali it stands out with a gain of 1% to 17,48 euros. During trading, it went up to 17,7 euros, a price it hadn't seen since August.
The Financial Stability Board, the regulator of financial companies based in Switzerland, announced this morning that it had removed the company from the list of systemically important financial institutions (SIFIs - Systemically Important Financial Institutions): Generali had joined in mid-2013 due to the size of its non-insurance business.
On the day of accounts, however, sales raged on Bank Intesa, dropped by 4% before recovering positions after the CEO Carlo Messima clarified that the total dividend indicated at 2 billion euros on the 2015 results is "the minimum amount" and that he sees space to distribute an extra dividend.
In reality, the quarterly numbers do not seem to justify the general "sell". The profit for the third quarter was higher than expected (722 million euro against the 658 million expected). The figure for the interest margin (1,912 billion) was less convincing, a result down by 9,5% and lower than the estimates by around 50 million.
The sales affect almost all bankers: Unicredit -1%. MontePaschi -2,7% Pop.Emilia -2,2% Ubi -1,3%. Also weighs the announcement of ubs which postponed some profitability targets. The stock closed down 4,2%.
Telecom Italy -0,5%. The meeting between the new Telecom Italia shareholder, Xavier Niel, and the Consob commissioners lasted about two hours. No statement at the end. Meanwhile, the Italian group has announced that it will deal with Mikhail Fridman's LetterOne in Brazil only if it has control of the Tim Brasil-Oi duo. The series of positive sales data in the NAFTA area by Fiat Chrysler +0,2%. Sales rose 15% from October 2014, above analysts' expectations.
