WEAK START FOR THE EUROPEAN STOCK EXCHANGES AND THE DOLLAR
THE FLIGHT OF AUTOGRILL CONTINUES. AND THE LANDSLIDE OF FIAT
After the week of records, Stock exchanges digest progress. Waiting for the first data from the US after the long blackout. We start today with the unemployment data for September.
In Milan the FtseMib index drops by 0,36% to 19.200, Paris falls by 0,28%, Frankfurt -0,12%. Madrid -0,2%. London is the only one in positive territory, gaining 0,2%.
on the government bond market the yield of the 10-year BTP it dropped to 4,15%. The simultaneous drop in the yield of the German Bund leaves the spread unchanged at 232.
Il dollar remains weak againsteuro, trading at 1,367 (up from 1,368 on Friday night).
The industry is growing again, albeit slightly. August orders were up 2% from July, while sales were up 1%. However, on an annual basis, turnover recorded a contraction of 4,8%, the twentieth consecutive, while orders fell by 6,8%, resulting in a downward trend for the tenth consecutive time.
As often happens at the beginning of the week, it is above all the recommendations of analysts that move the price list.
Autogrill rises by 3,11% after JP Morgan raised its recommendation to "overweight" from "neutral", target price to 8,50 euros.
Goldman Sachs confirmed the “buy” judgment on Ferragamo, up 1% % and reaffirmed the "neutral" on Brunello Cucinelli +0,1%.
Same Goldman Sachs instead it lowered the rating from “neutral” to “sell”: Luxottica drops by 2,33% and Tod's loses 2,81%. The “sell” on Geox was also confirmed, down 1,8%.
Fiat -3,29%. This morning Fidentis cut the recommendation from "hold" to "sell". The valuation assigned is between 5,2 and 5,6 euros.
Financial stocks retreat.
Between the banks: Unicredit drops by 0,71%, Intesa -0,33%, MontePaschi -0,99%. The Popolari also lost ground: Ubi -1,13% and Banco Popolare -0,68%.
They also go down insurance: Generali -0,41%, Fondiaria-Sai is unchanged, Unipol +0,1%.
Good rise for Mediaset +1,91% and Mediolanum +1,19%.
Enel -1,11% and Eni -0,06% are down.
Positive Telecom Italy + 0,33%.
Among the small-mid caps, Poltrona Frau continues to grow +3,1%. Indesit +2,3%.
Registered +0,98% completed the acquisition of Casen Fleet in Spain. According to analysts, the operation is worth around 5% of sales and 4% of the estimated EBITDA for 2013. Furthermore, Recordati's financial structure after the operation remains solid. The only downside: increase the group's exposure to countries with public budget problems
