STOCK BAGS WAITING FOR THE TAPERING
SOCGEN LIKES UNICREDIT, THE CAR IS BAD
Weak start across Europe, ahead of Fed meeting. But German investor confidence jumps in September (the Zew index, in fact, rose in the month to 49,6 points from 42,0 in August) has partly corrected the course.
In Milan the FtseMib index drops by 0,11% to 17.711 points. London loses 0,31%, Paris -0,3%, Madrid -0,52%. Frankfurt -0,14%.
Investors are realizing the gains accumulated in the last few bull sessions, waiting for the Fed meeting which is expected to announce the "tapering", or the downsizing of monetary policy interventions in support of the US economy. The prediction of most economists is that tomorrow the Fed will announce the reduction of the current bond purchase plan from 85 billion dollars a month to 75 billion a month.
Calm your fears on the intervention in Syria, the descent of oil continues, now in its third day of decline: Brent is traded at 109,8 dollars a barrel (-0,2%), Wti at 106 dollars (-0,5%).
Sul government bond market, the 10-year BTP it is traded at a yield of 4,45%, the spread unchanged at 250. Spain has placed bonds for 4,56 billion at 6 and 12 months with slightly rising rates.
On the European lists the most significant losses concern car titles (-1,3%), held back by sales data in August, and banks (-0,9%).
At the Stock Exchange Frankfurt, which yesterday marked a new all-time high, BMW loses 1,1%, Volkswagen down 1%.
In Milan Fiat falls by 0,81%, Pirelli loses 0,73%, Fiat Industrial -0,32%.
Among banks Intesa loses 0.82%, MontePaschi -0,92%. The decline of the Popolari was more marked: Banca Pop.Milano (also promoted by Soc Gen, target price from 0,37 to 0,42 euro) lost 0,7%, Ubi -0,37%.
Unicredit moves into positive territory +0,38% promoted by hold to buy from Société Générale for which the institution should be one of the major beneficiaries of the European banking union in terms of funding and capital synergies.
Positive too Mediobanca +0,4% on the day of the board of directors' accounts.
Insurance is down: Generali -0,6% Fondiaria-Sai -0,49%.
Among the positive notes, two stocks awarded by Mediobanca Securities: Diasorin +1,95%, promoted to "outperform" from "neutral". Indesit +2,7%: analysts have raised the rating to "outperform" from "neutral".
Su Recordati -0,69% Jefferies intervened, raising the target price from 7,7 to 8 euros (hold).
Nomura has adjusted the target of Luxottica -0,77% from 35 to 38 euros, but the rating remains low.
