The market absorbs Donald Trump's new tariff offensive, this time revolt Europe. The stock exchanges this morning are reacting to yesterday's declines thanks also to the push of corporate news. Business Square recovers 0,8%, however still below 23 thousand points, in line with Frankfurt (+ 0,6%). Madrid +0,29%. In red Paris (-0,3%) under Trump's offensive. Worse London (-0,94%).
There is still tension on the spread due to the vicissitudes within the majority related to the Mes issue. The differential widens by 3 basis points, to 166.
The next German representative to the board of the ECB would have voted against a new cycle of the Frankfurt-branded securities purchase program even though she considers it a valid tool. This is what you said in front of the European Parliament Isabel Schnabel at the hearing for its confirmation. “I'm not sure it was absolutely necessary to restart the purchasing program at this time,” she explained.
Il Petroleum Brent is trading at $61,1 a barrel this morning, up 0,4%. Bloomberg reports that OPEC countries' production fell by 110 barrels a day in November. US oil inventories are expected to have fallen last week for the first time since mid-October. Saras +0,3%. For the eighth consecutive week, oil refining margins in the Mediterranean fell to -2 dollars a barrel.
There is still tension on the spread for the vicissitudes within the majority linked to the ESM question. The differential widens by 3 basis points to 166.
The presentation of the is underway in London strategic plan of Unicredit (+0,95% to 12,49 euros at 13 pm). The group expects to reach 2023% exposure to non-performing loans (NPE) in 3,8, in that year the cost of risk should be 40 basis points and the adjusted net profit of 5 billion. In the 2018-2023 period, revenues are expected to remain roughly flat, +0,8% average annual growth to €19,3 billion. Return on tangible assets expected at 8%, or above, over the life of the plan. Unicredit will distribute eight billion euros to shareholders in the period 2020-2023: six billion euros through the dividend and two billion as a share buyback. A staff reduction of 8 units is expected.
Intesa Sanpaolo + 0,7%.
Fineco Bank +2%. To those who asked him if an integration with Mediobanca was possible, the CEO Alessandro Foti replied: "The last thought we have is to go chasing the rumors and chatter on the market". After the exit of Unicredit from the capital "we have become a public company" and "ours is a story characterized by very strong organic growth". Poste Italiane +1,5%.
Spotlight also on Exor (+1,3%) after the purchase of 43,8% of Gedi: +60% at 0,46 euro, a 64% premium on Friday's closing prices. The publishing company will be worth 1% of the NAV of the holding. The Gedi stock is in line with the value of the tender offer. Cir -7,3%
Corre Ferrari (+1,5%). Goldman Sachs raises the target price to 170 euros, recommending the purchase of the stock because the new models will drive the growth of the Red
Utilities rebound. Terna + 1%. Enel + 0,6%. Italgas (+1,14%) successfully completed the launch of a new bond issue maturing in 2031.
Moncler + 1%. Tim +0,5%. In Brazil, the poor quarterly results of the telephone operator OI should make the start of consolidation more likely. The sale of Persidera (television assets) has been closed, the operation has a positive effect on Tim's debt.
Piaggio +1%. In November, sales of two-wheelers in Italy fell by 4% year on year, the figure does not take into account the extra working day in the same month of 2018.
