The flight of European stock exchanges continues, triggered by surprise data onUS inflation, which also bode for a rate hike. The markets of the Old Continent also ignore the slowdown of the dollar against the euro and yen. The euro/dollar cross trades at 1,2492 (from 1,2448 yesterday evening), the dollar/yen at 106,445 from 107,00.
Take advantage of it Business Square, well tuned as always happens when the banking sector pulls. The index Ftse Eb it advances by around 0,95%, around 22.650 points. But this time they do better Paris (+ 1,35%) and Madrid (+ 1,4%). Frankfurt it rises just under 1%. London + 0,7%.
Wall Street futures anticipate a higher start by about one percentage point. The MSCI Emerging Markets index (1.185 points, +1,8%) yesterday posted its best session since March 2017, the third rise in a row. From the beginning of 2018 +2,3% (in US dollars). Emerging stock markets thus lengthen their reaction to the worst week in the last two years (overall loss of 7%).
Among the titles highlighted after the quarterly, Airbus it jumped nearly 9% after higher-than-expected earnings and revenue numbers. Instead, it is weak Nestlé, to a 10-month low with a drop of 2,4% after lackluster results on organic growth last year.
Stocks, on the other hand, poured fuel on the fire of the rise oil. Crude oil prices rise in parallel with the decline in the US currency. Brent goes up 0,68% to 64,80 dollars a barrel, Wti gains 1,16% to 61,30. In Piazza Affari it advances Eni (+1,3%), on the eve of the preliminary final balance of the accounts. Tenaris + 1,6%. Saipem (+2,5%) announced a new contract Onshore E&C in Oman for a value of approximately 750 million dollars.
I government bonds of the euro area are little moved and are not affected by the weakness of the corresponding US government bonds. 0,78-year Bund stable at 10%, 2,06-year Btp at 35%. Greek government bonds made strong progress, having corrected more than the average in recent days: ten-year -4,1 basis points to XNUMX%.
The Italian public debt is still rising. As at 31 December 2017, general government debt amounted to 2.256,1 billion euros, compared with 2016 billion euros at the end of 2.219,5: the increase is 36,6 billion euros.
Accelerating banks. The FTSE index of Italian banks pushes up by 1,4% to 12.366 points. The reaction from yesterday's lows exceeds +4% and reinforces the positive picture of the sector: +13% since the beginning of 2018. Understanding e Unicredit they go up one point. Bpm bank + 1,2% Ubi+ 2,5%.
The warranty contract relating to thecapital increase of Creval which will be held from 19 February to 8 March. The price of the shares will be 10 cents and the title, after a technical suspension, marks a drop of 13% to 8,86 euros. The discount on the theoretical price after detachment of the option right (TERP) is 16%.
Featured among financials Fineco Bank (+3%). Worth mentioning in the luxury sector is the new historical record of Moncler (+3,3%). During the next fashion shows in Milan, Remo Ruffini's brand will present Genius Building, the result of a reorganization of the production lines and the offer. There is optimism about the budget results that will be announced on February 26th. During the week Mediobanca strengthened the recommendation to Outperform from Neutral, raising the target price to 30,40 euro from 26,20 euro.
Among the industrialists Fiat Chrysler +2,2%: sales in Europe in January below average, but with a better mix. Positive at sector level all the main markets with the exception once again of Great Britain: Germany +11,6% and Spain +12,4% are flying. The FCA group closed the month up 1,2% to 84.953, with a market share of 6,6% from 7% in January 2017. Ferrari +2,43%.
Also good Leonardo (+2,3%). The market appreciates the declarations of CEO Alessandro Profumo: the group does not need operations on the equity front, the fundamental market is that of debt.
Benefits taken up Enel (-0,4%) after the accounts: in 2017 the group achieved 74,7 billion in revenues, up by 5,8% per annum, with an ordinary Ebitda of 15,6 billion, in line with the target.
Instead, among the utilities it is progressing Atlantia (+0,6%). According to the newspaper El Confidential Criteria Caixa, the first shareholder with about 22%, would be in favor of the Italian group's offer.
Once again, the upside of the Italian Stock Exchange corresponds to the downside of Campari (-1,4%). The company is often used on an anti-cyclical basis. this morning JP Morgan analysts cut the target price to 6 euros from the previous 6,3 euros. Kepler Cheuvreux reduced the target price from 6,6 to 6,4 euros, confirming the hold recommendation. The experts reduced their 2018 earnings and earnings per share estimates by 2% and 6% to take into account worsening exchange rates and an outlook on EBIT "still very positive, but a little more cautious".
