UTILITIES SHINE, LITTLE TELECOM MOVE. POPULAR BANCO AND LUXOTTICA UNDER FIRE
In Milan, the FtseMib index finished with an increase of 0,18%, the Paris Stock Exchange gains 0,5%, Frankfurt +0,9%. The good performance of industrial activity in the euro area supported the timid increase: the PMI index of the manufacturing sector rose to 52,3 in October from 52,0. The spread between the BTP and the Bund rises above 100 basis points. The 1,55-year yield is XNUMX%.
After a record October, Wall Street accelerates again with the S&P 500 gaining 0,6%, while the Nasdaq +0,7% and the Dow Jones +0,6% also rise. Good indications from the US manufacturing PMI for the month of October, up to 54,1 points from 54 in the previous month and above the 54 estimated. Above 50 points, the index indicates that the sector is expanding.
Vola Hewlett- Packard after the split into two different companies, both listed: one of data and server management (Hewlett-Packard Enterprise +2,2%) and the other that sells printers and PCs Hewlett-Packard Company +11,4%. Instead it goes down Visa by 3%: the American company is allegedly negotiating the purchase of the European circuit of Visa Europe for 21,2 billion euros.
Oil recovered from the lows of the session: Brent at 49,3 dollars a barrel, down 0,4%, Wti at 46,46 dollars (-0,3%). In Europe, the best sector is that of Automotive stocks (Stoxx +1,5%). Oil prices also rose (Stoxx +0,7%). Leading the rise in cars was Renault +4%, thanks to the good results of the subsidiary Nissan. Volkswagen + 3,1%. Fiat Chrysler closed slightly down (-0,1%), October market data will be released tonight. Tomorrow it will be the turn of the US market.
Among industrial stocks, StM earn 1,2%, Finmeccanica +0,3%. In evidence Cnh Industrial + 1,5%. Eni recovered the initial losses and closed unchanged: Morgan Stanley lowered the rating to Underweight from Equal Weight and cut the target price to 15,0 euro from 15,5 euro.
Saipem fell by 2,1%: Jefferies lowered the recommendation to Underperform from Hold by setting a target price of 7,10 euro. In Milan, the rise was supported by utilities after the latest document from the Energy Authority suggests a rise in tariffs.
At historic highs Snam +3,2% and Terna +1,1%. Positive too Enel +1% ed Enel Green Power + 1,7%. A2A rose by 0,6%. Little movement in Piazza Affari Telecom Italy +0,1%. Xavier Niel will be heard tomorrow in Consob to clarify his potential stake in the telephone group, which between shares and derivatives is 15%, and on relations with Vivendi he would be thinking of increasing his stake from the current 20% to 24,9% , i.e. just below the mandatory takeover bid threshold of 25%.
Mediaset earns 2,1%. Strong decline session for the Popular Bank -3,6% downgraded from Exane to Neutral by Outperform. The stock fell 3,6%. Unicredit +0,1%. They go up Understanding +0,3% and Mount Paschi +0,9%. Bad day for Luxottica -3,8%, downgraded by Bank of America which lowered the recommendation to Underperform from Neutral. Be and Mondo tv in orbit: +11 and +19%.
