I European lists they are bringing a ship to port today calm and positive sitting, even if a little subdued, lacking the reference point of Wall Street, closed for Thanksgiving.
Milan appreciates by 0,52%, in the wake of Frankfurt +0,92% and in line with Paris +0,51%. They follow Amsterdam + 0,24% Madrid + 0,22% London + 0,1%.
Eurozone sentiment improved in the morning along with the French political picture and French government bonds that saw an easing of tensions. In addition, German inflation in October appeared in line with expectations (2,2%), as the ECB meeting on December 12 approaches, always a hot topic for investors.
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Villeroy (ECB): Options open for deeper cut in December
The market yesterday reduced its bets on a rate cut by the ECB next month, after hawkish statements by ECB advisor Isabel Schnabel. Today, however, the advisor Francois Villeroy de Galhau he said that “looking at the situation, there is every reason to cut” interest rates “on December 12.” And the cut could be even bigger than expected.
Eurotower – he added – should keep its options open, with its key rate potentially falling to a level that could stimulate growth again.
The president Christine Lagarde Instead, she suggested that European countries avoid a tug-of-war with Trump over tariffs, negotiate and respond by purchasing goods made in the USA. It is too early to say whether the tariffs will have an impact on inflation, but Lagarde said a slight increase in pressure was possible, due to a probable reduction in economic activity and exchange rate fluctuations.
In this context theeuro, after the recovery of the eve, treats slightly down against the dollar, at 1,055. Oil prices are stable.
Piazza Affari, the embers burn under the ashes
The embers burn under the ashes of Piazza Affari, which today sees purchases on the automotive sector, particularly disoriented in recent days, together with the luxury sector, by the projects of Donald Trump tariffsAmong the blue chips, the most notable are Iveco +4,23% and Stellantis + 1,76%.
In addition, there are several interesting stories in this period on the Milanese stock exchange. One of these concerns nexi +3,97%: the queen of digital payments benefits from rumors according to which Cdp is reportedly considering purchasing the interbank network (Rni) from the group. Another is related to Recordati, -0,68%: according to press sources, in fact, the company is working on an aggregation with Angelini, to create a pharmaceutical and health giant with a turnover of over 4 billion. Writes the He would run that, "according to rumors, the plan of the operation includes the union of the two companies - the first listed, the second family-controlled - with the support of a group of financial investors".
The most effervescent sector remains the banking one, in continuous movement towards new, larger and more solid realities.
The strongest daily increase is Bpm bank +1,97%, which rejected the sender Unicredit's exchange offer (+1,13%), but with the market thinking about a relaunch or perhaps a countermove involving Ps (+1,43%). The CEO of also spoke about the match today Understanding (+ 0,7%) Charles Messina which excludes the possibility of wear the robes of the White Knight (as suggested by the press) in favor of the Piazza Meda institution. "We have such a high market share - said Messina - that we cannot do any operation in Italy". The purchases continue to reward Mps, in the perspective of creation of the third pole, after the formation of a national consortium led by Banco Bpm which recently purchased 5% (rising to 9% with Anima) of the Tuscan bank. Also appearing in the top ten of the day Popular of Sondrio + 1,33%.
Among the big caps that are rising the most today are also Leonardo + 2,12% Interpump +1,39% and Tenaris + 1,17%.
Instead, back off Tim, -1,21%, despite some positive reports. Jp Morgan raised the price target from 0,27 to 0,29 euros per share, while Exane brought the rating from 'underperform' to 'neutral', with a revised target price from 0,20 to 0,25 euros.
They are getting weaker Diasorin -1,4% Campari -1,04% Unipol -0,68% Moncler -0,57%.
Spreads down
The closing is also positive for the secondary market: in fact, the spread between BTPs and Bunds, both with a 121-year duration, at 3,34 basis points and rates in retreat. The Italian bond is indicated at 2,13%, while the German one is at XNUMX%.
They breathe a sigh of relief then the French government bonds, after yesterday's crash. The 3-Year OAT Yield Back Below XNUMX% (at 2,95%), although it remains higher than that of the Spanish bond (+2,84%) and the spread with the Bund falls to 82 basis points.
In Italy, yields on primary markets are also falling.
This morning the Tesoro has assigned at auction 6,75 billion in total BTPs at 5, 10 and 15 years, with rates falling. For the 5-year BTPs (3,25 billion) the yield fell by 2,79%, down 17 basis points. The 10-year BTPs (2 billion) with a rate of 3,39%, down 19 points. The 15-year BTPs (1,5 billion), with a yield of 3,16%. Finally, 1,5 billion in 8-year CCTs were also auctioned, which obtained a yield of 4,08%.
