The financial week in Europe starts down, under the shock of Japan, which unexpectedly plunged into recession, with an immediate repercussion on the Japanese stock market, which fell by 3%. The markets, however, recovered from the initial lows. The Ftse Mib index lost 0,35% to 18.897. The other European price lists are also in red: Paris -0,0,33% Frankfurt -0,36%, almost unchanged Madrid –'0,04%. London loses 0,27%.
Anticipation grows for the hearing of Mario Draghi to the European Parliament, scheduled for 15 pm. In the meantime, the bond market has moved little: the spread is 156 basis points. Board member Yves Mersch said this morning that the central bank could in theory buy government bonds or other assets such as gold, stocks or ETFs.
The decline in oil after the Japan, the world's fourth-largest importer of crude oil, slipped into a recession after Saudi Arabia reiterated that the price of oil must be left to supply and demand. The contract on Brent for January delivery drops 76 cents to 78,65 dollars a barrel. The December deadline for US crude oil CLc1 falls by 50 cents to 75,32.
Eni is down 0,7%. Saipem instead it gains 1,4% after the news of the merger between Halliburton and Baker Hughes: the number two and number three in the industry of services to oil producers announced today that they have reached an agreement.
In Piazza Affari, after the initial decline, the two major systemic banks reversed course: Unicredit + 0,2% Understanding + 0,6%.
MontePaschi salt by 1,9%. Yesterday the president Alessandro Profumo spoke with Sky Tg24, he said that no bank has come forward with a merger proposal. This morning CEO Fabrizio Viola underlined the need to have shareholders with a long-term horizon. “The situation we inherited two years ago was a disaster.”
According to the Spanish newspaper El Confidential, the Banco de Santander is examining the dossier of Banca Carige (+2,6%). Some popular banks remain in decline. Banco Popolare -1% Banca Popolare di Milano -1,7%.
Among the insurance Generali loses 0,9%. The company has sold its stake in Intesa. Unipol Sai + 1%. Catholic +1,1% after the interview with the managing director Giovan Battista Mazzucchelli. The number one of the Verona-based company has once again explained that the capital increase underway is an expansive and not a defensive operation.
Vola World Duty Free (+4%) later the results of the third quarter and the appointment of the new CEO, Eugenio Andrades. This morning Kepler -Cheuvreux promoted the title to Hold da Reduce. Natixis raised the target price to 7 euros from 6,50 euros, confirming the Neutral rating.
Telecom Italy it is now on parity. The company stressed this morning that no capital increase operation is being studied. This was stated in a note in response to rumors from Il Messaggero on Saturday. Mediaset is up by 0,5%.
Enel -1,7%: it started well the offer of Endesa shares to institutional investors. Enel Green Power is down 2,5%.
Among the industrialists, Finmeccanica is down 1%. The deadline for binding offers on Ansaldo Breda and AnsaldoSts expires today, unless extended. Pirelli loses 0,5%, Industrial Driver's License -1%.
Finally it drops Italcementi (-3%). This morning Deutsche Bank reiterated the Hold (neutral) recommendation, reducing the target price to 5,30 euros from 5,40 euros.
