After a negative start, European stock markets rebound. Sales were driven by the much lower than estimated trend in factory orders in Germany, which fell by 4% in June from +2,6% in May. But to compensate for the negative effect came theSentix index on investor confidence in the Eurozone, which rose to 14,7 in August. Business Square gains about 0,1%, to 21.600 points, in line with Paris. Frankfurt +0,3%, slightly down London (-0,2%).
After a difficult week, the Italian secondary sector opens the new eighth with a moderate recovery against its German counterpart, with the spread between ten-year bonds falling slightly below 250 basis points. The 2,89-year BTP stabilizes at a yield of 2,91% from XNUMX% on Friday evening.
Bright Saipem (+2,89%) after CEO Stefano Cao's interview with Repubblica. Tenaris + 0,6%.
The most positive note of Piazza Affari is provided by Tod’s (+15%) after the results of the quarter better than the estimates. After two hours, trading exceeded 250 pieces (against an average of 22.400 pieces). Kepler and SocGen upgraded the recommendation to "hold". The latter also raised its target price to 59 euros per share. The Ebitda for the half year was higher than the consensus of analysts.
The most negative test is about Bpm bank (-6,50%), recovering from the initial loss (-9%) under a flurry of downgrades following the results of the half year: the market did not appreciate the negative impact of the widening of the spread on Cet1 by 84 basis points in the second quarter. Credit Suisse cut its target price to 2,8 euros from 3,10 euros with the recommendation of “neutral” from “outperform”. Cheuvreux also revised its rating downwards, bringing the recommendation on the stock to "reduce" from "hold".
Better Where's Banca, +1,5% after the accounts: capital ratios are holding up well. Mediobanca raises the target price.
Unicredit +0,2% awaiting the board of directors on quarterly data. The institute has registered with the Court of Milan a summons against Caius Capital and the Caius funds, with which he requested compensation for damages of approximately 90 million euros as a result of the initiatives taken over the last few months by Caius Capital and the funds on the Cashes issue.
Mediobanca -1,8%.
The increase in bets against bank stocks emerges from the update of net short positions. At the top of the ranking of shorts is located Azimuth (+1,8%) with an aggregate total of short positions of 9,53%. The exposure of international investors against Bper, Ubi and Bpm is also heavy.
Italian post -1,3%. The market does not like the possible involvement in the relaunch of Alitalia: approximately 1,2 billion euros are needed immediately to avoid the company's bankruptcy. The company could be called upon to pay out 400 million euros.
