The European economy is advancing and the Stock Exchanges, today orphaned by Tokyo and Wall Street, are cautiously following. Piazza Affari marks an increase of 0,12%, index Ftse Eb a thread below 22.400 points. Similar variations for Paris e Madrid. Still down Frankfurt (-0,1%), the market more linked to industry, less to banks and oil.
The surprising circumstance given the new records of European manufacturing, as emerges from the trend of PMI indices, based on corporate purchases. The "flash" reading of the index prepared by IHS Markit for the entire block showed this month a leap to 57,5, the highest since April 2011, exceeding economists' expectations. “We thought we peaked a few months ago, so we're in for a surprise. It appears to have the makings of a broad-based recovery,” said Chris Williamson, an economist at IHS Markit. The prospects for December also look rosy.
The abrupt thud of the Chinese price lists. This morning the CSI300 index of the Shanghai and Shenzhen stock markets closed down by 3%: to find such a negative daily variation you have to go back to August.
Il dollar weakens against euro: crosses 1,183, +0,2%. The bond market it was down slightly in the middle of the session, with spreads and 10-year yields remaining slightly above the lows for about a year reached a couple of weeks ago, pending the reports from the monetary policy council of the European Central Bank.
The Italian 1,774-year rate stands at 1,763% from 142% at the end of yesterday's session; the spread with the same maturity of the Bund stands at XNUMX points.
Il Petroleum Brent changes hands at 63,20 dollars, Wti at 57,90 dollars, yesterday the US type went to new highs since 2015 at 58,10 dollars. At Piazza Affari Saipem -0,96%. This morning Credit Suisse reiterated its Underperform recommendation (it will do worse than the stock exchange), adjusting the target price to 2,75 euros from 2,55 euros. A target price well below the last quotation. Unchanged Tenaris. Eni -0,14%: yesterday the Rome prosecutor's office had the oil measurement systems seized in 13 regions; the company considers itself the injured party.
On the Italian price list, the best blue chip is Telecom Italy (+4%). CEO Amos Genish reiterated his willingness to collaborate with any counterpart, including Open Fiber, to lead to the creation of the network infrastructure. Telecom then intends to comply with the decision on the Golden Power. Finally, the investments envisaged in the new business plan will be focused on new technologies.
Added to this is that Mediobanca Securities (outperform rating, target price at 1,30 euro) cites, on the one hand, the rumors according to which the dossier on the network (and on the possible spin-off) could reach the group's board of directors on 5 December, on the other hand, it echoes yesterday's words from CEO Amos Genish, who spoke precisely of "full collaboration with the Government regarding the implementation of the Golden Power". Piazzetta Cuccia calculates that the network is worth 15 billion euros as a basis.
Weak match, stm accelerates up by 1,2%. This morning JP Morgan strengthened the Overweight recommendation, raising the target price to 26 euros from 22,50 euros. Over the last two weeks, the promotions of the rating agencies have flocked. S&P raised its outlook to positive from stable, confirming its BBB- rating. Moody's raised its rating on Stmicroelectronics to Baa3 from Ba1 with a "stable" outlook.
Stretch again Leonardo (+3%), recovering after the landslide following the profit warning on Agusta Westland. Among industrialists, Fiat Chrysler was also weak (-0,47%).
Boom debut of Equita Sim at the Aim. The company's shares started trading up 9,3% to 3,17 euros. During the entrance ceremony in Piazza Affari, the president of Borsa Italiana Andrea Sironi recalled that Equita had established "the absolute record of funding on the Aim if we exclude the Spacs, 45 million with requests from 80 Italian investors and the rest of the world". The debut was attended by the CEO of Mediobanca Alberto Nagel and Urbano Cairo, president of RCS +1,09% after his declarations on the trend of advertising sales n growth of 4% in October and 7% in November.
In the credit sector, Mediobanca (-0,1%) announced this morning the acquisition of Ram Active Investments, a Swiss financial company with 4,3 billion euros of funds under management. The operation eats up 30 basis points at Common Equity Tier 1 level. The title is unchanged.
Still downhill Banca Carige (-3,5%). The managing director Paolo Fiorentino has ruled out a new capital increase, a hypothesis contained in the prospectus. On the contrary, the recovery of continues Creval (+ 5%). Monte dei Paschi Bank -0,3%. Total subscriptions to the senior share/bond exchange offer amounted to 83,5%. Unicredit + 0,5%.
It's back on levels record collection of managed savings. The balance has almost doubled, rising to €6,8 billion from €3,6 billion and the year-to-date total reaches a healthy level of €87,4 billion. Assets rose to a new high of 2.079 billion.
Among the medium caps it still rises Astaldi (+7%) thanks to new orders.
Real estate securities are in turmoil after the Senate Budget Committee rejected all the amendments that aimed to modify the rule that extends the tax benefits provided by the PIR to all real estate companies: Aedes + 4% Cleansing + 6% IGDMore + 0,6%.
