Still up, but at a more moderate pace. At the end of the morning, the Eurostoxx 600 index touched the maximum for two and a half years thanks to the push of the German stock exchange (+0,5%) and that French (+0,4%). TO Business Square, after the initial leap favored by the sprint in the early stages of the FCA, the Ftse Mib index remains in moderately positive territory: +0,1%, just below 22.800 euros. The best title is that of Leonardo (+2%), than today present the plan.
Slows the euro, after the long rally: the single currency travels around 1,2 against the dollar. A Bank of America report argues that the markets have so far underestimated the effect of the US tax reform.
The index Sentix signals nice stable in the sentiment of European investors. Both the current situation and forecasts are optimistic, but the title of the report underlines that "the risk is overheating". Meanwhile, the data on economic confidence in the EU jumped again by 1,4 points to 116, the highest level recorded since October 2000, In Germany orders to industry in November they show a growth of 8,7% on an annual basis, against +7,2% in October (revised from +6,9%). The figure is better than analysts' expectations, which remained at +7,8%.
The bond market is stable. Waist 0,43%, BTP 2%. “The agenda for the week foresees an overall offer of 20-22 billion from Austria, Holland, Germany and Italy. Brent oil rose by 0,2% to 67,7 dollars a barrel, from +1,1% last week, the third consecutive increase.
In great evidence Tenaris (+1,84%), best stock of the Ftse Mib, awarded by Equita (buy, target price 15 euro). The results of the investigation commissioned by the US president on the impact of imports on the steel industry are expected by 15 January. The sim claims that the possible imposition of tariffs or quotas on Korean players could improve the pricing scenario for the group. It weakens Saipem (-0,05%).
Strong auto performance, new M&A deals and better-than-expected results from chip maker Dialog Semiconductor contributed to the positive sentiment. Peugeot gains almost 0,9%, bmw + 1,6% Daimler + 1,2% Volkswagen salt of 0,4%.
Slow down instead Fiat Chrysler (-0,3% to 17,87 euros) after reaching a maximum of 18,48 euros also in the wake of a report by Morgan Stanley which attributes up to 30 euros to the stock in the "bull" scenario but up to 2 in the Bear one: target price stable at 16 euros.
The other titles in the Agnelli galaxy were positive. Ferrari + 0,2% Industrial Driver's License +0,5%, in December there was a significant decline in sales of agricultural machinery in Brazil. Exor -0,4%.
Car registrations in Europe fell by 5,3% year on year in December 2017, in a month that has two working days fewer than the same month in 2016. This is the estimate by Lmc Automotive which, in a note, says it forecast for 2018 registrations of 14,42 million vehicles, thanks to "a further recovery in the markets of Italy and Spain", from 14,3 million in 2017.
Avanza Ynap (+0,4%). HSBC cuts the target price to 33,5 euros, from 37 euros. For the Credit Suisse Neutral judgement, target price 29 euros.
Undecided banks. Unicredit +0,7%. This morning RBC Capital Markets raised its target price to 23,5 euros from 21 euros, confirming the Outperform recommendation.
Telecom Italy (+0,4%) expects to save 400 million euros over the next three years, thanks to a personnel reorganization plan which provides for the exit of 5.000 employees, against the hiring of another 2.000.
Atlantia -0,6%. The definitive decision of the Spanish Consob on the offer for Abertis is awaited for today.
Technogym +5%. Kepler Cheuvreux raises the judgment to Buy, target price at 9 euros.
MolMed +5%. Danish pharmaceutical group Novo Nordisk this morning announced a 2,6 billion euro offer for Belgian biotech group Ablynx.
Diasorin +1,2%, announced this morning a commercial alliance with Qiagen, in the automated diagnosis of tuberculosis.
