European stock exchanges still weak in the middle of the day, without great opportunities to move into positive territory. Milan at 12 is the worst, with the Ftse Eb at -0,77%, weighed down by oil and the red quarterly by Eni, but also by bankers, today negative. It comes off the compartment Mediobanca, having presented the best accounts for eight years. Plus sign for too Ps, which grows by 0,33%. Bad insurance: Unipol -2,5% Generali -2,1%.
Among the European price lists, Ibex 35 -0,51% Dax -0,42% Ftse 100 - 017%, Cac +0,15%. There is concern about the next moves of the central banks and there is expectation on the data US GDP. On the other hand, the uncertainty on the Petroleum and on the next appointment on 30 November in Vienna, but also on the meeting of these days between Russia and Opec countries, again in the Austrian capital, to discuss the quotas for production cuts.
In the Eurozone it continues the rise in government rates, with 0,22-year Bunds returning to yields of 1,66% while in Italy the 145-year rate rises above 14%, a level not seen since last February and a spread between the Italian benchmark and the German Bund virtually unchanged at XNUMX basis points. Also contributing to this situation is the expectation of rising inflation in Germany in October, a preliminary data which will be announced at XNUMX pm.
This trend adds to the rise in British GDP after Brexit and the concern that the ECB will start a gradual reduction of Qe after March. On the subject of monetary policy, Reuters today reports the opinion of Benoit Coeure, a member of the executive committee in Frankfurt, according to which the ECB's room for maneuver shrinks as the central institution approaches the limits of its interest rate policy, therefore governments must begin to take responsibility for giving new lifeblood to the eurozone economy. For Coeure, the unprecedented stimulus from the ECB has so far proved appropriate, but we must be careful of the limits and side effects of monetary policy, shifting the burden of continuing with this work onto governments: "Postponing the necessary reforms is never an option valid".
On the macroeconomic data front, in Spain the economy is growing in the third quarter by 0,7%, in line with expectations, while a preliminary estimate indicates that consumer prices in October (over the year) rose by 0,5%. In France, on the other hand, consumer spending surprisingly dropped by 0,2% in September.
Among the quarterly weightings released today we still remember Eni, which announces a net loss of 0,56 billion between July and September, (1,39 billion over nine months). The six-legged dog confirms the guidance for 2016 of a substantially stable production level compared to 2015, despite the Val d'Agri standstill. Right now the stock is losing 2,04%, despite the buy opinion of various brokers.
Mediobanca on the other hand it is one of the few positive titles (+0,22%), thanks to a third quarter closed with a net profit up by 11%, to 270,7 million euro, the "best quarterly result since 2008". And the CEO Alberto Nagel, responding to an analyst who asked him about a possible interest in Fineco, replies: "In two weeks we will announce our plan and we will also take stock of our appetites and our guidance for acquisitions".
Outside the national borders, ubs closes the third quarter with a 60% decrease in net profit to 827 million Swiss francs from 2,068 billion, a fall that the bank explains by having benefited from a tax credit of 1,3 billion in the third quarter of 2015 , but also with "macroeconomic and geopolitical turbulence and market headwinds".
Accounts in the red also for Royal Bank of Scotland (RBS), which closed the quarter with a net loss of £469 million (profit of £940 million for the comparative quarter).
Stock market closes higher Tokyo (+0,63%), despite the fact that deflation hit for the seventh consecutive month in September: "core" consumer prices fell by 0,5%. Supporting the Nikkei would have been provided by the weakening of the yen above an exchange rate of 105 against the dollar.
