“Agreement reached with the entire government on 2,4%. We are satisfied, it is the maneuver of change”. Matteo Salvini and Luigi Di Maio, shortly after 21 of the last useful day, announced the agreement reached on the update note to the Def. The "maneuver of the people" as defined by Di Maio foresees that the overrun lasts for three years, sufficient to bring home the symbolic measures of the yellow-green contract, from the basic income to the overcoming of the Fornero, passing through the rate at 15 % “for more than a million workers”.
The Piave line of Giovanni Tria did not stand up, which must take note of a Caporetto. Now we move on to the examination of the European Commission: the rejection is almost obvious, unlike the French maneuver (which in any case worries Berlin). And thus a new front will open up with Brussels, pending the vote of the European elections in the spring.
The temperature of the spread, given the premises, promises to be hot. And the markets are wondering what credibility Tria can still have in Europe. But, in the event of his resignation, comments Giuseppe Sersale of Anthilia, "a serious deterioration of the picture would be inevitable with the spread reaching the 350-400 area in not too long a time, with a serious impact on the Italian growth picture".
The euro retreats to 1,164 against the dollar.
US GDP +4,2%. FLY APPLE, ELON MUSK SUGGESTED
The case of Italy confines international news to the background. New confirmations arrive from the USA on the brilliant situation of the economy: GDP rose by 4,2%, orders for durable goods in August by 4,5%, above forecasts. The optimism, comforted by the Fed's judgments (the risk of recession is at its lowest) has spread to Asia.
The Tokyo Stock Exchange, up 1,3%, reached 24,286, the highest since November 1991, the time of the big bubble. Shanghai also rose by one percentage point, on the eve of a long vacation.
Wall Street was also positive yesterday: Dow Jones and S&P 500 +0,2%. Nsdaq +0,65%.
In great evidence Apple (+2,05%) after the overweight of JP Morgan. Also prominent were Alphabet (+1,2%) and Facebook (+1,1%).
The SC has decided to sue Elon Musk for false statements after the announcement of the intention to withdraw from the stock list, then retracted.
Oil is stable: Brent trades this morning at 81,73 dollars.
MISFIRES PIAZZA AFFAIRI, BTP AUCTION OK
Sitting in the dark yesterday in Piazza Affari, frozen awaiting the outcome of the majority summit on the maneuver. Uncertainty has only touched the other markets of the Eurozone, in positive ground driven by Wall Street.
Milan -0,62%, the Stock Exchange worsens, closing at 21.511 points. Frankfurt +0,4%: Paris +0,5%. Madrid +0,03%, London +0,45%, Zurich +0,32%.
The euro slipped below 1,17.
"In the near term, the momentum of the global economy should cool off," wrote the ECB in the Economic Bulletin. "Further increases in tariffs and uncertainties about future trade relations are set to weigh on the momentum of the global economy", it continues.
At the last monetary policy meeting, the ECB confirmed its intention to halve monthly bond purchases starting this month in order to conclude Qe at the end of the year.
The ECB also announced that it will keep interest rates at low levels for the whole of next summer, considering market expectations for a first rate hike in the fourth quarter of 2019 to be adequate.
The test of the auctions was well passed this morning by the Treasury, also thanks to the limited amounts on offer. Auction yields were down on the multi-year auction record at the end of August. The Treasury has assigned the maximum amount of 5,25 billion euros, placing BTPs at 5 and 10 years and the CCTEU in September 2025.
The tensions on the accounts in the morning led the spread to touch 251 basis points, a good 21 basis points above Wednesday's closing levels and the highest since last September 14th.
In the afternoon, the differential went down to a minimum of 235 basis points.
BANKS UNDER PRESSURE, BOLLORÉ LEAVES THE MEDIOBANCA AGREEMENT
Banks under pressure as early as yesterday, albeit recovering in the afternoon: the sector index closed at -1,3% against a slightly moved trend of the European Stoxx.
Ubi loses more than 2%, Unicredit around 1,7%, Intesa – 1,2%.
Mediobanca leaves about a percentage point on the ground later the cancellation of the agreement by the Bolloré group which in fact sanctions the dissolution of the agreement.
Pesante Carige, down 5,5% in a market that fears a new capital increase.
In contrast with the sector, Creval (+2%) gains 2% on the wave of the announcement of Bankitalia's go-ahead for internal models: Equita Sim has raised its recommendation to Buy, emphasizing the improvement in the risk profile of the institution and the speculative appeal.
Among the few positive ideas Unipol up slightly with +0,77% driven by the hypothesis of an incorporation of the subsidiary Unipol Banca by Bper (-1%).
Banca Ifis slows down (-7%).
AUTOGRILL BOUNCES, LUXOTTICA SHINES
Very brilliant, Autogrill , up 4,26% after revenue data for the first 8 months of the year
Mediaset advances by 1,94%. Bolloré's exit from the Mediobanca pact may be a prelude to news in the match between Vivendi and the Biscione.
Luxottica is also making progress (+1,6%).
Iren gains 1,7% after the presentation of the new industrial plan. The objectives of the new business plan are higher than expected. Ebitda of 1,03 billion euros in 2023. Mediobanca Securities underlines in particular the dividend growth estimates: +20% by 20% compared to 2018 in 2019, then up by 10%, 200 million euros more on 2017.
DEFAULT AIR FOR ASTALDI AND STEFANEL, SAFILO COLLAPSES
Safilo -17,7% after announcing a capital increase of up to 150 million euros which in all likelihood will have a price not exceeding 1,5 euros.
Stefanel loses 13% after announcing the postponement of the approval of the half-year report due to the lack of business continuity prerequisites.
Astaldi is about to announce today the request for access to the blank composition with creditors. It is a bankruptcy procedure to "secure the company", as explained on the site. Assisted by the lawyer Franco Gianni, Astaldi will submit to the Court an application for admission to an arrangement with creditors.
