European lists improve, but remain below parity, after a weak opening. The exception is Piazza Affari, still in positive territory +0,3% just below 21 points. At 13,30 the minutes of the last one will be released
ECB advice on rates, in which Frankfurt opted for a confirmation of rates, however opening up even more explicitly to the possibility of additional stimulus measures. In the meantime, the data of the European manufacturing industry weigh no: the PMI manufacturing index, elaborated on the basis of interviews with purchasing managers by IHS Markit, stood at 47,0 compared to the final July figure of 46,5 .
The indicator for services rises to 53,4 against an expectation of 53 and a final figure for July of 53,2. The data is positive but does not mark a turning point, compared to the overall picture, for the first time in five years, the number of companies expecting a drop in production is higher than the number of companies expecting an increase.
Paris and Frankfurt are in the red (-0,3% for both), while Madrid is struggling, like Italy, with a complex political crisis. London 0,6%. The possibility of avoiding a no-deal Brexit is increasingly remote.
Waiting for developments of the crisis. the spread is further reduced, below 200 points (197 at 11). The bund yield is at -0,65% (+2 basis points). The ten-year rate is at 1,30%, falling below 1,29%, the lowest since November 2016, shortly after the opening from 1,34% at the last closing. The euro appreciates to 1,110 (+0,2%).
In Piazza Affari the banking sector rose (+0,80%) which drives the index upwards on the wave of the decrease in the spread. The performance of Banco Bpm, which rises by 1,4%, and Ubi, which rises by 0,9%, stand out. Fiat Chrysler rose by 0,3%, which continues to be supported by rumors of an undercurrent continuation of the negotiations for a merger with Renault.
Among the options under consideration to favor the unblocking of a possible merger between FCA and Renault there would also be the transfer of part of the Nissan shares held by Renault in favor of FCA or as an alternative to Exor. In addition, Nissan could obtain more seats on the board of the new entity formed between FCA and Renault. Cnh Industrial +0,5%.
Tenaris stands out among the oil companies +1,4% The National Oil Company of Abu Dhabi has awarded three contracts worth a total of 3,6 billion dollars for the supply of pipes and coatings to Tenaris, Vallourec and Marubeni. For Equita, the Italian group has acquired between 33% and 50% of the contracts for an amount equal to 1,2-1,8 billion dollars–
Among the worst of the main Leonardo list, which leaves 1,5% on the ground. Down Atlantia -0,2%. Yesterday the Ministry of Infrastructure said no to the construction of the Genoa gutter. Stm -1%. In Luxury, Moncler -0,5%.
