Halfway through the session Business Square travels around parity (+0,1%), better than Frankfurt (-0,8%) And Paris (-0,4%). Madrid e London flat.
The rise in bank shares dominates the Milan Stock Exchange. The best stocks of the Ftse Mib are Bpm bank (+ 2,7%), Bper (+ 2,2%), Ubi (+ 1,8%), Unicredit (+ 1,2%) and Understanding (+2,9%). Mediobanca analysts have raised the target price on the institute led by Carlo Messina from 2,75 to 3 euros, assuming a merger at par with Crédit Agricole. “Neutral” rating confirmed.
Drive the ups Ps (+4,9%). Quaestio Capital SGR, on behalf of the Italian Recovery Fund, has closed the investment operation in the mezzanine tranche of the securitization of approximately 25 billion euros of Npl of the Sienese institute.
Cnh Industrial falls back to parity, at 11,96 euros per share, after updating the all-time high to 12,04 euros thanks to Goldman Sachs. The US investment bank confirmed the purchase recommendation, indicating a target price of the stock of 14,5 euros.
Among the titles in red, they correct after the brilliant start of 2018 Pirelli (-1,83%) and above all fca, which slips by 2% after hitting a new all-time high yesterday at 18,47 euros (+23,9% since 2 January). Still in the Agnelli galaxy, Exor -1,9%.
Among the utilities, Enel marks -1,88% (after launching yesterday its second green bond) to stm it dropped 0,9%, in line with the performance of the semiconductor sector.
In red Tim (-0,5%) which according to press rumors is ready to put up to 700 million on the plate for the redundancy and new hires plan.
The collapse of the day is to Brunello Cucinelli, which drops 3,29%, to 27,95 euros, in the wake of the news of placement of 6% by Fedone, holding company of the chairman and CEO, at 26 euros per share. Over 2 million pieces have already been traded, against the average of 57 recorded in the last month over the entire session.
They still go up oil prices: the decline in US mining activity and tensions in Iran have already pushed contracts to the highest levels since December 2014 and operators are waiting today for the official data on US inventories (the American Petroleum Institute estimates a drop of 11,2 million of barrels in the past week): Wti in February rose by 0,7% to 63,4 dollars a barrel, Brent in March by 0,4% to 69 dollars a barrel. Despite the performance of crude oil, stocks are weak in Piazza Affari Eni (+ 0,2%), Saipem (-1,47%) And Tenaris (-1,31%).
Outside the Ftse Mib they rip Zucchi (+ 4,7%), Astaldi (+ 7,6%) and Gima (+3,77%), the latter promoted to "buy" by Kepler Cheuvreux, who raised the target price from 18 to 19,7 euros.
As far as government bonds are concerned, new all-time low for the yield of Annual BoT. In today's auction, the 12-month bill saw the simple weighted average yield fall to -0,420% (-1 basis point), updating the record achieved last month. Total demand reached 10,544 billion, against the 7,5 billion offered and fully assigned. The coverage ratio was 1,41, never so low since the beginning of 2016. The settlement of the auction falls on January 12th.
Lo BTP-Bund spread travels at 155 basis points, with a yield on Italian ten-year bonds at 2,03%.
On the currency front, the euro/dollar ratio recovered to 1,99 after yesterday's correction to 1,1936. Continue instead the strengthening of the yen, with the exchange rate on the dollar falling below 112, to 111,91, from 112,62. The euro/yen cross dropped instead to 133,59, from 134,42. The strengthening of the Japanese currency contributed to the slight decline in Tokyo (Nikkei index -0,26%), following the surprise decision of the Bank of Japan to reduce purchases of government bonds. In any case, the previous session had closed for the Japanese listing at its highest levels since January 1992.
