The opening of the week turns red on all European stock exchanges (London is the worst: -0,94% on the Ftse 100) and Wall Street also opens weakly, held back by the possible increase in US interest rates by December. However, Milan travels against the tide and establishes itself as the best square on the continent. The Ftse Mib closes at +0,23%, supported by insurance and banking stocks.
Unicredit performed well (+2,3%), after the confirmation of ongoing negotiations with Pzu and Polski Fundusz Rozwoju for the possible sale of Pekao. During the day, the bank also launched a new senior unsecured bond issue, for an amount of one billion euro, collecting orders for over 1,8, above all from foreign investors.
Positive Mps (+1,17%). Plus sign also for Mediobanca: +1,29%, Intesa San Paolo (+0,96%). Excellent performances by insurance companies: Unipol (+1,76%) Unipolsai (+2,29%) Generali (+2,37%), the latter promoted by Kepler as a title on which to bet. Banco Popolare also recovers (+0,78%) after the yes to the wedding with Bpm.
In the popular sector, once again, the Bper share (+2,11%) is up sharply, which in recent days has subscribed to the Amazon affiliation program, the world leader in online sales. "It is one of the first alliances that the American e-commerce giant enters into with a national bank - claims the Modenese bank in a note - to promote and encourage the sale of its products".
The performance of Popolare di Milano (-3,02%) was in the opposite direction, after yes to the wedding, pronounced by the respective assemblies last Saturday. The bank, which on 2017 January 170 will give life to the third Italian banking group after Intesa Sanpaolo and Unicredit with the merger, with total assets of over 4 billion and a market capitalization of around XNUMX billion, falls after the euphoric sessions last week and values return close to those established for the exchange.
Telecom gains, +2,30%, also thanks to a positive assessment by Barclays for the prospects on the Brazilian market. According to the broker, the macroeconomic scenario and the context of the telecommunications sector in the South American country support an improving outlook. Leap forward for Leonardo-Finmeccanica (+2,33%).
Salvatore Ferragamo (-1,61%), Azimut (-1,94%); Recordati (-2,11%), Campari (-2,32%). Negative territory open for Yoox Net-A-Porter Group and the oil companies, Eni, Saipem and Tenaris.
The price of black gold fell at the opening in New York, where prices lost 0,10% to 50,31 dollars a barrel. Prices fluctuated, hurt by rising US drill counts and a strong dollar, but expectations of an OPEC intervention next month to cut production are providing a basis for futures.
Meanwhile, Iran has announced that it will increase its capacity up to 4 million barrels per day between now and next March; they should become 4,6 million barrels a day in five years. On the other hand, Iran, Libya and Nigeria were authorized to produce higher levels, regardless of the fact that OPEC decided to reduce production at the end of September.
Exchanges little moved on Wall Street, even if Bank of America shows accounts better than forecasts, with profits of 4,45 billion in the third quarter, up 6,6%. During the day, the euro recovered ground and returned to straddling one by 1,10 dollars, after the publication of the Empire State manufacturing index elaborated by the New York Fed, which fell in October to -6,8 from -2,0, XNUMX of the previous month.
There is expectation not only for the decisions of the Federal Reserve, but also for those of the ECB, which meets on Thursday. The Frankfurt institute should announce an extension of Qe beyond March 2017, but some analysts wonder if the European central bank will sooner or later begin to evaluate other scenarios for the future as well.
The data on inflation in the euro area do not allow for great flights of fancy: in September it is confirmed at 0,4% on the year, +0,4% the monthly index.
Finally, on the first day of placement of the new Btp Italia, it appears that, around 16 pm, orders from retail investors had reached one billion euros. The requests, which will have to be fully satisfied, started this morning at 9 and, unless closed early, will continue in tomorrow's session and the day after tomorrow. Thursday will be the turn of institutional investors. In the latest issue, last April, savers were assigned securities worth 4,2 billion, while institutional investors received 3,8 billion.
News comes from London that the yield on UK ten-year sovereign debt rose on Monday to its highest post-Brexit level,
