European stock markets down slightly on the heels of Wall Street and Asian stock exchanges a few hours after the start of the meeting between Donald Trump and President Xi Jingping. Piazza Affari travels just below parity, -0,15%, with the Ftse Mib index just above 20,100. London -0,44% and Frankfurt -0,26%, Paris gains 0,15%, Madrid little move.
The interim market day is largely linked to the minutes of the last Fed monetary policy meeting which showed that the majority of advisers believe that it is appropriate to start reducing the central bank's balance sheet from $ 4.500 trillion "later during the year". Meanwhile Mario Draghi has excluded this morning a change in ECB policy regarding rates. "Before making any alterations to the ECB's monetary policy - he said - we still need to build sufficient confidence" on the fact that inflation will really converge towards the Frankfurt target "in the medium term and will remain there even in a context of less accommodative monetary policy”. After Draghi's intervention, the euro/dollar exchange rate fell to a minimum of 1,0629, a record low in the last three weeks.
Risk aversion is felt in the debt market, rises to 203 points the spread between Btp and Bund, the 2,26-year bond trades at XNUMX%. Tonight the data on the month-old offer of the Bots will be released.
Oil was up 0,3% with Brent at $54,5 a barrel. Eni +0,3%: made a new gas and condensate discovery in the Gamma exploration prospect off the coast of Tripoli, offshore Libya. Tenaris -0,8% Saipem -1,3%.
In Piazza Affari, the drop in stands out Exor -2%: Kepler Cheuvreux cuts the recommendation to Reduce da Hold and the target price to 44 euros from 44,6 euros. Exor chairman John Elkann confirms that Fiat Chrysler (FCA) CEO Sergio Marchionne will leave the group in 2019 and that the search for the new boss will be done within the group.
On the other hand, the securities of the automotive sector are recovering. Well Fiat Chrysler +1%, Ferrari and Brembo flat.
stm loses 0,4%. Apple's launch of the iPhone 8 could be delayed to October or November instead of the usual September date. The delay is due to technical problems related to the production of the display and the integration of the 3D camera.
Financials also slow down Unicredit drops 0,9%: Morgan Stanley raises the target price to 15,5 euro from 15 euro, Equal Weight judgment confirmed.
Down too Understanding -0,2%: Morgan Stanley raises the target price to 3 euros from 2,9 euros, Overweight opinion confirmed.
Weak too Mediolanum Bank -0,1%: management hopes to distribute a dividend of 2017 cents in 40 as well. The company aims to achieve the all-time record of net fund inflows in 2017, thanks to the subscriptions to individual savings plans (PIR), which, this year, should catalyze at least two billion euros. Azimuth -1,7%.
Generali -0,7%. Cattolica Insurance -0,8%: Fondazione CariVerona acquired just over 3% of the capital, rising to 3,4% of the insurance company, as part of the accelerated bookbuilding operation with which Banca Popolare di Vicenza reduced its share.
Step back slightly Enel -0,1%. Telecom Italy flat.
Flat too Astaldi, which yesterday approved the new 2017-2021 strategic plan.
