The heart of the stock exchanges in recent months has always beaten to the rhythm of the US-China relations on duties and today the rumors of a possible withdrawal of the tariffs, even before the signing of the agreement, brings the Bull back to all squares. European lists close in green: Frankfurt +0,81%; Paris +0,41%; Madrid +0,49%; London +0,14%; while Wall Street is pulverizing old records, with Qualcomm gaining more than 8% and reaching a 20-year high, thanks to higher-than-expected profits and revenues.
Piazza Affari rises by 0,56%, to 23.503 points, driven by the banks and especially from Unicredit, +5,96%, protagonist of the session also thanks to the quarterly report, with robust earnings that allow it to reopen the door to its first buyback in more than ten years. To move the waters is the sale of the 8,4% stake in Mediobanca (-1,76%), which has always been considered a simple financial stake by CEO Mustier. The move has a chain reverberation on the subsidiary of Piazzetta Cuccia, Generali, +3,41%, which reaches its highest since 2008, because, apart from the quarterly, we look at Leonardo Del Vecchio's possible next moves.
The entrepreneur may have already reached 10% in Mediobanca and is one of the main shareholders of the Trieste Lion, with a 5% stake, similar to that of Gaetano Caltagirone. Outside of Ftse Mib, Banca Mediolanum archives an effervescent session, +5,58%, while CEO Massimo Doris says he has not bought Mediobanca shares put on the market by Unicredit and observes: the hypothesis of a merger with Piazzetta Cuccia makes sense, "because the banks are complementary, but it is not on the table and it is not in our goals".
Creval shines, +3,74%, after the results of the 9 months which see a clear triple. Moncler +4,83% stands out on the main list; Azimuth +3,6%; Ubi +2,63%. Sales hit utilities; Terna -2,73%; Enel -2,13%; Snam -2,09%; A2a -1,72%. Italgas down -1,55%, after the numbers for the quarter. Among industrialists, Prysmian falls -1,83%.
Outside the main basket, Enervit is bursting with health, +16,77%, after the agreement with Alibaba to enter China. The company will fully enter Tmall Global, the B2C marketplace signed by the e-commerce giant which has almost 700 million active consumers on its platforms. Limits the damage Salini Impregilo, -2,68%, which at a certain point was suspended after the placement of new shares for 600 million, as part of the Progetto Italia operation, at a price between 1,4-1,5 .1,79 euros per share, at a significant discount on yesterday's closing price of XNUMX euros.
A stale session for bonds, with the Italian 1,13-year yield rising to XNUMX% and the spread with the Bund up to 138 basis points, +2,36%, despite the increase in yield of the latter to -0,25%.
The eurozone economy remains stagnant and Germany will also start growing again, but without major leaps. According to the new EU estimates this year will close up 0,1%, it will drop to 0,4% in 2020 and 0,7% in 2021. For this reason, the Commissioner for Economic Affairs Pierre Moscovici also joins the chorus of those who invite the Germans to use the margin of maneuver they have, thanks to the country's enormous surpluses, to invest more, but Finance Minister Olaf Scholz replies spades.
In return Italy is always at the bottom of the class and this year it is the only country with France that fails to reduce its debt-to-GDP ratio. However, while the French debt remains below 100% (at 98,9% in 2019 after 98,4% in 2018), the Italian one goes from 124,8% to 136,2% in 2019. However, the EU will not open a infringement procedure against Italy. According to the Minister of Economy Roberto Gualtieri, in any case, 2019 for Italy could end with a growth of 0,2% and not 0,1% as both the government and the European Commission estimate.
The euro is declining against the dollar and the exchange rate is currently hovering around 1,104. The relationship with the pound is flat. Today the Boe left the cost of money unchanged (0,75%), but two members of the board expressed themselves in favor of a rate cut due to signs of a more pronounced slowdown in the economy. Others have said they will consider a cut if Brexit and global growth risks persist.
Tariff optimism boosts oil, with Brent at $62,51 a barrel, up 1,25%. Gold thud, which loses about 2% and moves around 1462,35 dollars an ounce.
