PIAZZA AFFARI CLOSES A DIFFICULT WEEK WELL. GREAT SPRINT BY UNIPOLSAI, AUTOGRILL AND FERRAGAMO
Closing of the week with a happy ending for Piazza Affari, after the traumas caused by bank accounts. The Ftse Mib index rose by 0,97%, just a whisker to 19 (18.965). The other European Stock Exchanges report more contained positive changes: Paris +0,4%, Frankfurt unchanged, Madrid -0,03%, London +0,2%. Wall Street moved little: Dow Jones -0,07%, Nasdaq +0,09%, S&P unchanged.
GDP in the euro area, +0,2% in the previous third quarter, fared better than expected. Italy shows a contraction of 0,1%. Germany rose by 0,1%, in line with expectations. The French GDP is better, growing by 0,3% against an average estimate of +0,1%. In October, consumption in the USA rose by 0,3% (+0,2% forecast). October's Consumer Confidence Index (University of Michigan) jumped well beyond estimates (89,4 versus 87,5) to reach its highest since 2007.
The weak trend in inflation distances the prospect of a rate hike: the dollar falls from 1,24 to 1,2470. Oil and gold also bounced back thanks to the coverings. Brent, after losing more than 3% yesterday, now marks a 2% increase to 79,5 dollars a barrel, Wti at 75,3 dollars (+1,5%).
The response of oil stocks was immediate: Eni 0,8% salt, Saipem recovers 3,9% after yesterday's sharp decline (-4,2%). They are positive on the other price lists too Bp +1% and Total +0,7%. Gold climbs back to 1.175 dollars an ounce (+1,1%). On the government bond market, the yield of the BTP is down to 2,34% (2,37% yesterday), spread at 156.
In Milan, the recovery was driven by some positive quarterly results. Front row UnipolSai earn 8,9%. In the first nine months, the Bologna-based company recorded a consolidated net profit of 593 million, already almost in line with the objective set in the business plan of 600 million. It follows Ferragamo +4%: the Florentine maison also announced earnings that positively surprised analysts. It also runs Rest +8,8% (yesterday it gained 6,6%) after the good results of the third quarter. World Duty Free + 2%.
For the Japanese press is almost done for the agreement between Hitachi and Finmeccanica + 3,7%. StM +2,7. Another positive factor is the recovery of the banks: Unicredit salt by 2,5%, Understanding + 1,7%. MontePaschi salt of 1,9%, Mediobanca +0,5%, move back Banco Popular -0,9%. Also to be noted: Telecom Italy +1,6% after Oi's official expression of interest in a merger with Tim Brasil, a subsidiary of Telecom Italia. Enel +0,8%. All Italian utilities are positive: A2A + 1,6% Atlantia + 0,1%.
Still on the rise fca +0,8% after the news that it will collect a super-dividend from Ferrari of over 2 billion euros before the spinoff. Pirelli + 1,9%.
