The Fiat Chrysler effect is not sufficient to compensate for the nervousness that reigns on the financial markets after the attacks in Barcelona, Cambris to which today is added the one in Marseille. In Milan, the FtseMib index fell by 0,4% around 21.700. Frankfurt falls 0,4% together with Paris. Madrid on parity, London at -0,2%.
As already happened last week, the shock on FCA comes from Automotive News. The online newspaper reports the statements of the CEO of Great Wall, Wang Fengying, who declared the Chinese company's interest in buying Jeep. The brand controlled by Fiat Chrysler +3,18% over 11 euros is valued by Adam Jonas of Morgan Stanley at around 35 billion dollars more than the entire group led by Sergio Marchionne, valued on the markets at around 32 billion dollars. The Italian-American group specified that it had not been approached by potential Chinese buyers.
Ferrari advances +2,3%. Also in evidence is Exor +0,7%. The euro moved little at 1,174 against the dollar. The "defenestration" of White House strategic adviser Steve Bannon, known for his nationalistic economic positions, was viewed positively. Purchases on safe-haven assets such as gold, which reached $1.300 an ounce on Friday for the first time in nine months. Today it is trading at $1.287 (+0,2%).
Eurozone government bonds are well bought. German Bund at 0,4%, 10-year Btp at 1,997%. The market is dominated by anticipation of the Jackson Hole symposium, with government bonds appearing to have benefited in general from the cautious stance of central banks regarding possible monetary tightening.
Interest in Greek government is growing. Fitch upgraded its rating to 'B-' from 'CCC' thanks to reduced political risk and sustained GDP growth. Fitch said it expects government debt to improve steadily, buoyed by benefits from the ESM program. 2-year yield below 3% for the first time since 2008. 5,45-year yield at XNUMX%.
Major movements in the oil & gas sector. Total -0,5% announced the acquisition of the Danish Maerks Oil & Gas for a total value of 7,45 billion dollars. The closing of the operation is expected in the first quarter of 2018. The second group in Northern Europe is born. The Russian oil group Rosneft has finalized the purchase of the Indian Essar Oil by opening up new markets in Asia. The transaction values the Indian group which owns the Vadinar refinery, one of the most modern in the world and 13 service stations in India, at about 3.500 billion dollars. Eni -0,3%. This morning Barclays cut the judgment to Underweight from Equal Eeight. Brent not moved. Mining stocks rose (Eurostoxx 0,7%) after zinc in London hit a decade high on strong steel demand from China.
The flight from risk penalized the banks to a greater extent with falls between 0,8% and 1,5% of Ing, Societe Generale, Bnp Paribas and Credit Agricole among the worst. Understanding -0,7%. Banca Imi has paid the SEC $35 million to close an investigation into alleged violations of the ADR law. Unicredit -0,2%. Down Ubi -0,8%, Banco Bpm -0,8%. Among the insurance companies Generali -0,3%, positive Unipol +0,5.
