Piazza Affari lengthens its stride with the Ftse Mib index, which now receives l’at 1.84%, to 16.596 points, overperforming, among other things, the rest of the main price lists in europe: Ftse100 (+0,93%), Cac40 (+0,65%) and Dax (+0,50%). “In general, the movement can be defined as a rebound in a market environment that remains cautious: the sales could, in fact, return in the next few days,” said one strategist contacted by the agency MF-dow jones, adding that “the banking industry is experiencing closures of short positions saw the oversold, that you came to create on the banks in the last period”. Meanwhile, the greenback will move away from the maximum six months on the yen (exchange 110,745), while the ascen t of the prices of copper and ferrous minerals, pushes upward on the currencies most exposed to the trend of raw materials prices, the australian dollar in the head.
Today, melts the tension for the constitutional referendum of December 4th, also on the bond. The performance of the Btp 10-year drops below 2% and 1,975%, with the spread contracting to 173 basis points. And for the first time in the last two weeks, the yield of the five years of German slips back to below 0.4%, therefore excluding from the purchases of the Ecb. Insiders refer to the last comments of the executive director and chief economist of the Ecb, Benoît Coeuré, according to Frankfurt, it remains premature any hypothesis of tapering.
On the occasion of the monetary policy council of the Ecb on 8 December next, after the Italian referendum, followed by meetings of the Eurogroup and the Ecofin, will be issued a quarterly update of the estimates on growth and inflation. From the information the macro will be sensible to infer the implications for the continuation of the Qe program beyond the horizon of the current march 2017.
according To the economists at Intesa Sanpaolo , expected, on the basis of the recent actions of bankers, are to a possible expansion of stimulus measures by the Ecb and a rate hike in December by the Fed. “Is it possible that the president of the Ecb, Mario Draghi, is still trying to build a broad consensus to extend purchases beyond march 2017″, added the experts, explaining that “the executive committee, except, perhaps, for Lautenschlaeger, it should be in favour, but it remains to be seen how broad is the consensus among the remaining voters. Remember that Weidmann will not vote in December, and then we decided on an extension of the purchases for at least six months”.
On the list milan, thanks to the rise in the price of crude oil (Brent +0,45% to 49,12 dollars per barrel), while intensifying the rumors about a possible agreement between the Opec Countries and Russia to cut production to support the market, Eni mark a +2,15%, followed by Saipem (+0,62%) and Tenaris (+0,27%). The prices of the black gold are benefiting from the statements of an official of the nigerian, which, on the sidelines of a technical meeting preparatory to the understanding, he said that it is likely that all Countries will rise “on board” later today.
In light Enel (+3,40%) in the wake of the presentation of the new plan, which provides for the increase of the dividend: by 2017, the pay-out from the current 60% will go to 65%. The company plans to distribute 0,21 euro per share on net income of 2017, estimated at 3.6 billion euros. All positive, then the banks. Intesa Sanpaolo scored a +3,18%, Banco Popolare a +2,95%, Bper +2,47%, Bpm a +2,66%, Unicredit a +2,34%, Mediobanca a +2,29%. Exception Mps with a -0,62%. Much better General (+4,19%) on the eve of the presentation of the industrial plan.
But it is not the less among the industrial, Fiat Chrysler Automobiles (+2,19%) with Berenberg has initiated coverage of the title with a rating of hold and a price target to 7.7 euros. The same investment bank has initiated coverage on the Ferrari (+0,69%) with a rating of buy and a price target to 65 euros. Red Luxottica (-1,13%), impacted by the profit warning of the rival Essilor .
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