European stocks down after an attempt to rebound at the opening. It resists in positive ground Business Square (+0,2%), supported by the good quarterly results and by some banks. Meanwhile, Italian industrial production rises again in September: Istat certifies it according to which the seasonally adjusted index increased by 0,2% compared to the month of August.
On the government bond front, the rate on the BTP at 10 years at 1,65% from 1,67% at yesterday's close. At the same time, the yield spread between ten-year BTPs and Bunds narrows to 98 basis points from 100 at the last closing.
In Milan it advances Banca Popolare di Milano (+2,2%) after rumors about meetings with the top management of Ubi: it is a merger structured like an acquisition of Bpm by Ubi (+0,46%), which includes a card-for-card exchange.
Poste Italiane (+2,4%) closed the first nine months of 2015 with a net profit that almost doubled compared to the same period of 2014, against revenues up by 6% and an operating result that leapt by 26,9%.
Brilliant too Unicredit (+1,3%) on the eve of the presentation of the strategic plan: Bank Pekao, the Polish subsidiary, recorded a 13% year-on-year drop in net profit in the third quarter, but above analysts' expectations.
Meanwhile the Financial Stability Board has announced the plan to be presented to the G20 which provides for the additional capital requirement Tlac (Total loss absorbing capacity), which will lead the 30 largest banks in the world, with Unicredit the only Italian one, to strengthen their capital. The institute is already in line with the minimum level envisaged for 2019 thanks to the instruments already issued.
Understanding 0,4% salt, Mount Paschi -0,4%. It stands out in asset management Anima (+1,5%), which presented a non-binding offer of 700-800 million for Arca.
Among the positive notes also figure Moncler: +2,7% after the announcement of the accounts. The company closed the first nine months with revenues up 25% to 561,5 million (+17% at constant rates) and with an adjusted Ebitda of 174,5 million, from 136,1 million. The trend in Asia improved markedly in October, China (minus Hong Kong) and Japan are doing well, said CEO Remo Ruffini. Ferragamorises by 1,1%.
Delicate situation for Fincantieri (-2,73%): Andrea Mangoni has resigned from the board of directors and from the position of general manager. Today the board of directors, in addition to approving the report as at 30 September, will address the issue of a possible capital increase of 500 million euros. Banca Imi has put its rating and target price under review, Mediobanca expects a 47% increase in net debt to 325 million.
In the weak automotive Fiat Chrysler (-0,15%). Porsche instead rises (+0,38%). Volkswagen's majority shareholder closed the first nine months of the year with a net profit more than halved due to the costs of the diesel emissions scandal. Net income fell to 1,19 billion euros from 2,5 billion in the same period of 2014.
StM + 0,5% Finmeccanica +0,8% after an Agusta order in the United Arab Emirates. Contrasted oil companies: Eni +0,8%, Tenaris -0,7% pushed down by the losses of Valllourec in Paris (-0,8%). Telecom Italy + 0,5%.
