Italy is not negotiating with the European Commission with a view to reducing the deficit/GDP 2019 below 2,2%. This was assured by the Northern League's Deputy Prime Minister, Matteo Salvini, the day after the interview with which the Vice-President of the Community Executive, Valdis Dombrovskis, warned Italy that a possible correction from 2,4 to 2,2% would not be enough to defuse the European infringement procedure.
For the moment, the new Rome-Brussels skirmishes do not scare investors. Halfway through the session Milan Stock Exchange travels just below parity (-0,1%) and lo spread it cools again, to 291 basis points. Positive instead Frankfurt (+ 0,3%) and Paris (+0,6%). Flat Madrid. Outside the Eurozone, London +0,7%, despite i fears related to the possibility of an uncontrolled Brexit.
On the currency side – after the words of the number one of the Fed, Jerome Powell - the dollar it started a sharp correction, coming close to 1,14 against the euro, before returning to 1,136. The exchange rate between the greenback and the yen was also down, at 113,3.
The focus of the markets now shifts to the G20 which will start tomorrow in Argentina. Attention is focused above all on the meeting between the American president Donald Trump and the Chinese leader Xi Jinping, who should attempt a rapprochement on trade issues.
Meanwhile, halfway through the session on the Ftse Mib he shines Luxottica (+2,5%), which scores one of the best performances on the list. The wave of purchases comes in the wake of closing of the Ops launched by EssilorLuxottica on the Italian group, which will say goodbye to the Milan Stock Exchange within the first quarter of 2019.
The best title, however, is that of Prysmian, which rebounded by almost 5% after hitting its lowest since January 2015, at 15,315 euros, during yesterday's session. According to data collected by Bloomberg, the recommendations on Prysmian are divided into 14 buy, 2 hold e 1 sell, with an average target price over the 12 months of 24,05 euros, which implies a potential upside of around 50% compared to the current price.
The second most consistent increase is that of stm, which gains 3% (+2,7% for the chip sector) in the wake of the positive session of the Nasdaq and above all of Apple (+3,8%). The Cupertino giant is the first customer of the Italian-French company, which owes about 10% of its turnover to Apple.
Among the best titles there is also Ferrari, which – after having reached its lowest point since the beginning of January – continues the recovery started yesterday (+1,1%) going up another 2%.
Positive fca (+0,4%) on the day of the meeting with the trade union organizations for the presentation of the production missions of the Italian plants.
On the downside, banks are weak (Unicredit -1,3% Understanding -1,2% Bpm bank -0,6% Ubi -0,7%) and Unipolsai (-1,7%). Limit the damage Eni (-0,3%) despite JP Morgan cutting the target price from 16 to 13,50 euro.
Among the financial news that does not concern Piazza Affari, the collapse of the Frankfurt Stock Exchange stands out Deutsche Bank (-2,85%), at the end of Dax 30 after the German court ordered searches in six of the group's premises. The investigation concerns at least two Bank employees who allegedly helped clients set up companies in tax havens to launder money.
As for the raw materials, thegold it is back in the area of 1.230 dollars an ounce thanks to the weakening of the dollar, while the Petroleum continues to retreat after the latest data on the increase in inventories (Wti at 49,9 dollars a barrel, Brent at 58,5).
