Incoming data from China, which showed a recovery in manufacturing activity and domestic demand, allowed for a positive start to trade also in Europe. But he thought about ruining the idyll Donald Trump, which announced the arrival of new duties, this time borne by the steel and aluminum produced by Brazil e from Argentina.
Business Square, which gained half a percentage point at the opening, lost about 0,7%, Madrid -0,5%. Less strong trend reversal a Paris (-0,26%). Frankfurt -0,08, Paris + 0,06%.
The positive start was to be linked to the improvements in the European economy. The PMI index on the expectations of purchasing managers of companies in the euro zone rose in November for the second consecutive month to 46,9 from 46,6 in October, better than the consensus, which expected 46,6. The PMI index for German manufacturing also grew, to 44,1 from 43,8. On the other hand, Italian manufacturing activity continues to decline, which in November contracted for the fourteenth month in a row.
Weak start also for the bond market: the yield on the 1,35-year BTP rises to 6% (+XNUMX basis points). Bund rates also rose by five points. The spread rises above 160 (against 159 on Friday).
The euro it is down slightly to 1,101 on the dollar.
Petroleum Brent up 1,3% to 61,3 dollars, from -2% on Friday. Wti +1,7%. Iraq's energy minister said last night that additional cuts will be discussed at this week's expanded OPEC summit. OPEC and its allies intend to increase the cuts in oil production and have an agreement on the table that is valid at least until June 2020, with Saudi Arabia wishing to surprise the market positively in view of Saudi Aramco's listing on the stock exchange.
Eni + 1% Saipem + 1%.
In Piazza Affari publishing on the front page. The title Cheetah is suspended pending a release. Last Friday the parent company Cir (+5,92%) announced that discussions are underway with Exor on a possible shareholding reorganization of Gedi, the publishing company that controls the newspapers "La Repubblica" and "La Stampa", which could lead " the acquisition of control by Exor”. Cir's board of directors will meet today "to examine this possible transaction and the appropriate communications will be provided to the market upon completion of the transaction".
It's not the only game going for Exor (+1,38%). The capital increase by started this morning Juventus: +0,55% to 1,28 euros net of fees.
Salt too Rcs Mediagroup (+ 5%). Mediaset +0,3%: the court of Milan has set the hearing for December 6 to discuss Vivendi's request to suspend the MediaForEurope operation after the failed conciliation attempt between the parties.
Positive Fiat Chrysler: +0,92 to 13,54 euros. On Friday the company closed the deal with the United Auto Workers union. Company and workers have reached a provisional agreement for a four-year employment contract. Meanwhile, the CEO of PSA Peugeot, Carlos Tavares, told Automotive News that he recognizes that after the merger the new group will be able to accelerate in China.
The banking sector is positive. However, the rise of Unicredit (+0,19%) which communicated on Saturday that it had reduced its stake in the Turkish Yapi Kredi Bank to less than 32%. The change will have a positive impact on the Common Equity Tier in the order of five basis points.
They go up FinecoBank (+ 2%), Intesa Sanpaolo (+ 1,3%), nexi (-1,5%) And Italian post (+ 0,6%).
General Bank (+1,5%) should be included in the Ftse Mib index of the top 40 listed securities with the quarterly review to be announced on 4 December and operational from 23. UnipolSai is at risk of exclusion.
Down Ps (-3%). Amco, the Asset Management Company controlled by the Treasury for the management of non-performing loans, will make a capital increase of 1 billion euros within the year. The proceeds of the transaction will be used to purchase Carige's non-performing loans but could also be used to acquire part of MPS's problematic loans. But Brussels is perplexed.
Slightly up Atlantia despite the possible rating downgrade by Fitch. A warning that arrived before the letter written by Luciano Benetton. Aspi for Fidentiis is counting on Atlantia's price for 15 euros: quite a lot.
On the Milanese list, utilities such as accelerated downwards A2A (-1,96%) ed Enel (-1,93%) And Ivy (-1,65%). Italgas (-2,28%) launched a buyback of the January 2022 and March 2024 issues and in the meantime launched a 12-year fixed-rate bond of 500 million.
Down Moncler (-1%), Buzzi (-0,5%) And Leonardo (-2%).
