Stock markets choose caution as the direct confrontation between the presidents of China and the United States approaches. Piazza Affari is holding back more, while a new EU step towards the rejection of the maneuver is looming. Milan yields 0,3% just below 19.100. Better Paris +0,3% and Frankfurt +0,1%. The best square is Madrid +0,5%. Weak London -0,05% while the Bank of England meeting is underway.
Italy "needs a substantial correction" and a reduction of the 2019 deficit/GDP target by 0,2 percentage points to 2,2% is not enough, said EU Commission Vice-President Valdis Dombrovskis in an interview with La Stampa. “We are noticeably out (…). We need a major correction,” added Dombrovskis.
According to information collected by the Handelsblatt website in Brussels, the European Commission intends to initiate sanction proceedings against Italy before Christmas. The authorities are thinking about the date of Wednesday 19 December. The government meets today: first the Council of Ministers, then the Conte-Tria-Di Maio-Salvini summit.
Btp not moved: 3,28% the XNUMX-year yield. Spread at 291 basis points. This morning the Treasury placed 6,5 billion euros of Bots at 6 months with a yield of 0,163%, equal to the end-October auction. Good question (bid to cover at 1,60 times).
It falls on Piazza Affari la tile of the investigations in Argentina su Tenaris -9%. The judges who are investigating a widespread case of corruption involving senior officials in the Kirchner government have also opened an investigation into President Paolo Rocca. The club issued a statement tonight in which it confirmed its trust in Rocca.
Oil rebounds: Brent +1,3%, at 61 dollars a barrel (yesterday -0,4%). The American Petroleum Institute reports a good recovery in demand in the last week. Eni + 0,25% Saipem + 0,34%.
Down too Tim -1% despite the government measures to favor the single network, including the modification of the methods of remuneration of the infrastructure. A report by Goldman Sachs weighs in (rating a neutral from buy, target from 0,80 to 0,60 euros) which cites the uncertainty linked to the appointment of the new CEO among the negative factors. The broker reduces the rating to 'neutral', the target to 60 from 80 cents and says that the new CEO causes uncertainty on the strategic line, especially on cost cutting.
Much heavier the descent of Atlantia -2,5% on the wave of rumors about the next release of CEO Giovanni Castellucci.
It stands out among the banks Bank Bpm +4%. Tomorrow the board of directors could decide to proceed with the sale of around eight billion euros of non-performing loans. Unicredit +1,17%, it issued a 3 billion euro senior bond, with a five-year maturity, at a yield of 3% above the reference value. Intesa Sanpaolo + 0,61%. Bper Banking + 2%. Banca Carige +11%. The deposit protection and guarantee fund is ready to take charge of the rescue of the company.
Little move Luxottica +0,08% on the day the exchange offer with Essilor ends (tomorrow the holding's first shareholders' meeting). Instead, he misses out Ssharp -3,7%. The board of directors resolved to proceed with a capital increase of up to 150 million euros. 17 new shares will be offered for every 5 old shares. The price of the new shares is 0,70 euro (21% discount).
