FINAL OF THE WEEK IN RECOVERY FOR BAGS. GOOD CAR. BANKS IN RECOVERY, BTPs GO TO THE RESCUE
After a black week, the European stock exchanges mark a robust recovery. Piazza Affari accelerates in the middle of the session: the Ftse Mib index rises by 1,89% to 18,369. The other European Stock Exchanges are also trying to mend the tears of the last sessions: Frankfurt +1,48%, Paris +1,54%, Madrid +1,86%. Athens rebounds +5,5%. London rises by 0,83%. The recovery of BTPs is even more lively. After an initial downward trend, Italian bonds regained courage, moving into positive territory, in line with the other markets in the periphery, bouncing off the levels of heavy correction seen yesterday and the day before yesterday. At 12, the gap between the yield on the Italian and German ten-year bonds narrows to 168 basis points from 182 in early trading and from 173 at the end of yesterday's session, the day in which it reached its maximum since February 13th at 203,2. The Italian 2,521-year rate trades at 2,552% from XNUMX% at the last close.
Europe, unlike Japan (-2,3% in the last session of the week) thus exploits the good US data, but even more so the words of Benoit Coeure, a French member of the ECB directorate. Coeure, breaking a silence from the central bank that had unnerved the markets, French member of the executive of the ECB affirmed, in a speech in Riga, that the central bank will start the purchase of bonds within days. During the night, it was another central banker, James Bullard of the St Louis Fed, who calmed the nervousness, opening up the possibility of continuing with Qe. The euro/dollar exchange rate is at 1,281.
Banca Popolare di Milano stands out among the best blue chips +4,5%: yesterday it closed down by 5%, slipping to the lows of early August. Understanding +3%. Strong increases also for Banco Popolare +2,8%, Mediobanca +3%, Unicredit +3,3%. This morning Morgan Stanley decided to remove the title from the list of favorites on the European stock market (Europe Best Ideas). Yesterday the board of directors resolved to proceed with the sale of Uccmb, the group's non-performing loan bank. MontePaschi rebounds +4%: Consob has banned short selling for today.
Positive insurance and asset management securities: Generali +1,9%, UnipolSai +1,1%, Mediolanum +1,9%, Cattolica +2%.
After the growing data from the Old Continent market (+6,4%) the Eurostoxx Automotive index rose by 2,5% led by Peugeot (+6%) and Valeo (+5%). In Piazza Affari, Pirelli is up 4,2% to 10,40 euros in what could be the best session since mid-April. Bnp Paribas reiterated the outperform judgment (target price at 13,5 euro). Fiat Chrysler advanced by 1,7% on the wave of the 6% rise in registrations. ergio Marchionne has increased his stake in the group: in recent days he has bought 6,38 million FCA shares at 7,73 euros each (the withdrawal price) with a total investment of 52,79 million euros.
StM increases by 1,6%, Finmeccanica +1%. Buzzi earns 3,5%. Eni +1,9% in positive ground after 10 sessions out of 11 on the downside: the stock is supported by the rebound in crude oil (Brent +0,5% to 86,3 dollars a barrel). Enel rises by 0,8%, Telecom Italia advances by 0,5%. Autogrill +4,2% and World Duty Free +4,1% recorded substantial recoveries. Growth in the end due to the capital increases of Beni Stabili Siiq +3,3% to 0,51 euro (but yesterday the share recorded its lowest price since the end of January at 0,417 euro) and of Igd +0,8%: the yesterday, the stock hit the new lows of the last 0,554 months at 16 euro (-10% since the beginning of the year). Lindsell Train funds double stake in Juventus to 5%.
