After a good week Milan pays pledge to oil and financial companies and files this Friday as the worst square in Europe, while the spread shoots up. Closing: Ftse Mib -0,59%, Dax -0,24%, Ibex 35 in parity, Ftse 100 +0,15%, Cac +0,24%.
Wall Street opens timidly, though the flame of US GDP (+2,9% per annum in the third quarter, higher than expected) is heating up the price lists a bit and infecting the old continent in part. The American locomotive is traveling at sustained speed and a rate hike in December now appears increasingly probable. At 18 pm the Dow Jones marks +0,3%, S&P 500 +0,26%, Nasdaq +0,14%.
Milan too benefits to a certain extent from the positive influence, but in the wake of the recovery of German inflation and the American economic recovery, the spread between Btp and Bund restarts in Italy, after the medium-long term auction which marks sharply rising yields for Italian bonds. The yield differential between the ten-year Italian benchmark (Isin IT0005170839) and the German equivalent maturity is close to 150 basis points, the highest since last June. On a day still marked by sales on sovereign bonds, Italian bonds, also under pressure due to the expectation of the outcome of the next constitutional referendum, are clearly worse than all the others in the Eurozone, with the yield rising to 1,67. XNUMX%, at the top since last February.
Among the blue chips, the worst stock is Banca Mps, -3,85%, which started well in the morning. The popular companies are down: Pop Milano -1,67%, Banco Popolare -1,39%, Pop Emila -0,28%, but also Intesa San Paolo -1,64%, Unicredit -1,26%, Ubi Banca -1,64 ,2,31%. Among the insurance companies, Generali slipped, -3%, but Alberto Nagel, CEO of Mediobanca, maintains full confidence in the company: “The stock will recover – he maintains – when interest rates rise again. Surely an insurance company that has two-thirds of the business in life suffers when rates go down. Sooner or later rates will rise again, interesting international monetary initiatives have been launched to favor the increase in rates over the long term. If this policy is translated into more concrete facts, the quotations will have a good response". And Mediobanca is in no hurry to sell its XNUMX% stake.
As far as the Piazzetta Cuccia institute is concerned, today things are going quite well, +1%, by virtue of one positive quarterly. Unipol, -2,21% and Unipolsai -0,06% are down. Oil in check, above all Eni, after the quarterly in the red: -1,75%; Saipem -2,4%, Tenaris -0,38%.
Better title is still Stmicroelectronics (+5,51%) which continues its run after the good scores and which totals a gain of more than 13% during the week. Also noteworthy are Cnh +2,16%, Luxottica +1,71%, Fineco +1,38% and Brembo, +1,54%, which reaches an all-time high.
Bad day for Banca Carige -8,13%, which is also stopped in the volatility auction in the middle of the day. To weigh in, the requests of the ECB on the management of non-performing loans with the consequent risk that a capital increase will become necessary. On the banking front to report the start of the process of rapprochement between Veneto Banca and Popolare di Vicenza to study the merger between the two institutes. “Absolutely yes”, announces the president of Veneto Banca, Beniamino Anselmi, at the end of the meeting, at the Milan office of the Orrick Herrington & Sutcliffe studio, between the top management of the two banks. "We always love each other, we are available for anything, we are secular and open to everything", even if "nothing has been decided".
Falling oil price in New York, at 49,36 dollars a barrel (-0,72%) and black gold penalizes companies also on the other side of the ocean: Exxon Mobil closes the third quarter with declining profits due to the drop in production and energy prices. Profit drops to $2,65 billion from $4,24 billion. The euro climbs against the dollar and is traded at 1,094 (+0,29%).
