The European stock exchanges close with little movement with Milan, in the lead, which recovers part of yesterday's losses: +0,18%, 22.430 points. Among the best in the Ferragamo list, +2,93%, promoted to "buy" by Deutsche Bank, which considers it the most promising tour-around story in the luxury sector after the Gucci case. After all, Luxottica, -1,51%, following the news that the EU Commission has launched the second phase of the Antitrust investigation into the integration with Essilor (-1,57% on the Paris Stock Exchange).
The other Squares were more timid: flat Frankfurt +0,08% and Paris +0,03%; in red London -0,21% and Madrid -0,26%. Wall Street opens in tune, with the rebound of technology, led by Apple, after the losses on the eve. Janet Yellen's speech on "Inflation, Uncertainty and Monetary Policy" is expected shortly.
Profit-taking penalizes oil, which in recent sessions reached a two-year high, Brent at 57,36 dollars a barrel, -1,15%. Gold, back in the area around 1300 dollars an ounce, still loses some position.
The euro falls further against the major currencies. In particular, it lost 0,64% against the dollar and the cross fell to 1,177. The European currency continues to suffer from the climate of political uncertainty following the outcome of the elections in Germany and depreciates. The obstacles on the way to greater European integration, following the German vote, are also reflected to a certain extent on bonds. The yield of the 10-year BTP, 2,18%, did not change much, but the spread with the Bund widens and reaches 176.90 basis points (+0,63%).
In Piazza Affari, the queen of the blue chips is Bper Banca +2,95%; Banco Bpm also rose sharply +2,39%, which awaits the formal offers for the bancassurance partner for tomorrow. Leonardo is up, +1,49%, following the good forecasts of CEO Alessandro Profumo, who plans to exceed the 3-5% revenue growth target in the long term. Ynap did well, +2,14%, celebrating the 'buy' of HSBC with a target price of 37 euros.
At the bottom of the basket, after Luxottica, there is another important luxury brand Moncler, -1,3%. Down session also for Ferrari -0,86%. Mediaset resumes its journey backwards, -0,89%, after a brief pause. Generali loses 0,78%. Fincantieri, leaves 2,05% on the ground, after the rally of the last session, awaiting the Lyon summit, tomorrow, between Emmanuel Macron and Paolo Gentiloni, per Stx.
Palazzo Chigi has however further postponed the meeting of the strategic committee to the day after tomorrow, which must ascertain the possibility of exercising special powers over Tim (+0,19%), after the entry of Vivendi. With a little malice we can say that the return match between Italy and France will be played on Thursday.
On the IPO front: Gima, two days after the closing of the offer, is starting to be priced at the top of the range and therefore at 12,50 euros. According to Reuters, however, the order book for Pirelli shares is hovering at the threshold of 7 euro, the initial public offering of which will close at 13.30 pm on 28 September, just below the average level of the range (6,3-8,3 euro ).
