european stock markets were positive in the start post-meeting Ecb. Yesterday in the press conference the president of the central Institute, Mario Draghi, stressed that the Council has not discussed nor is the hypothesis of the elongation or of the gradual removal of Qe, easing fears of an upcoming end-of-cycle ultra-expansive monetary policy. The market is mainly waiting for a time extension of the program in December. Are expected to day, new projects representatives from the Ecb (Weidmann in Frankfurt at 11:00 and Nowotny in Vienna at 16:30), after yesterday’s Frankfurt concluded its meeting, as expected, with policy rates unchanged.
The words yesterday of the Dragons have finished to put pressure on the euro, which fell to the lowest levels in seven months against the dollar, which, on the contrary, continues to show well set on all the other uniforms. At the moment the euro/dollar exchange rate is at 1,0905 from 1,0928 of the last closing; dollar/yen to 103,937 from 103,94 and the euro/yen to 113,358 from 113,59. While the rate of the ten-year Italian again this morning from the depth of 1,37% and the spread on the Bund from 136,9 basis points after having widened yesterday in the wake of purchases on the card in German.
markets are closed, will the pronouncement of Fitch on Italy’s sovereign rating, currently at BBB+ with a stable outlook. Last month, the agency said that a possible victory of the no to the constitutional referendum of December 4th, would have a negative impact for the economy and the credit worthiness of the italians. After Fitch, the 11th of November there will be the announcement of Standard & Poor’s, while it awaited the verdict of the Dbrs on creditwatch negative”), issued in August, always on Italy.
Among the other pronouncements in the calendar, there is the one of the Dbrs on Portugal. With a rating of BBB (low) and a stable outlook by Dbrs is the only agency that keeps Lisbon in the area of investment grade, allowing the government securities of the Country, the access to the refinancing operations and the Qe program of the Ecb. The experts of Unicredit do not expect new because the variables on which it focuses the attention of the agency have not shown substantial changes since the previous revision of April.
Always with the markets closed, the Treasury will communicate the details of the auction of indexed of Wednesday 26th October (this month is not expected to offer Ctz). According to Intesa Sanpaolo the offer will be for a maximum of a billion yesterday. Yesterday we closed the placement of the new Btp Italia, with a collection total of 5,220 billion. Meanwhile, according to some sources, the Eu Commission has asked corrective to Italy on the maneuver, in particular on the deficit judged to be too high. Without an agreement soon, already next week could start a formal letter to ask for an additional effort of the financial statements.
At Piazza Affari the Ftse Mib index stands at an altitude 17.172 points (+0,18%). Still boom for Mps , suspended for excessive upward with a theoretical +9,76% after the strong rally began on Monday. From the close of Friday, yesterday, the action has posted a +38% in the wake of expectations for the presentation of the industrial plan (the board of directors is scheduled for Monday, October 24) and the light of the plan of Corrado Passera.
Continuing, then the coatings on the title from the big american funds. As has explained yesterday Andrea Cuturi of Anthilia Capital Partners to the agency MF-dow jones, “the closures of short positions started on Monday when I got the new proposal will pass”. Trade in on the action are already high, are passed from hand to 26.2 million units, compared to the daily average of the last thirty sessions of 55.9 million pieces.
a short time moves, instead, Intesa Sanpaolo (equal to the altitude of 2,108 euro), even if Rbc Capital Markets has reaffirmed the rating to outperform and raised the target price from 2.20 to € 2.40, Unicredit (+0,18% to 2,254 euro) and Ubi (+0,24% to 2.47 euro). It should also be noted that Moody’s raised the rating on Bpm ( (+0,24% to 0.42 euro) from Ba2 to Ba1. Still little convincing Mediaset (+0,38% – to 2,63 euro) that has revealed to have received a letter from Vivendi, with which it is officially communicated the termination of the management system, the so-called “interim management” of Mediaset Premium.
the group of Cologno Monzese, it is “a belated attempt to avoid further damage” that they have already blocked the setting of an entire season, subscriptions, and football. The letter, however, only for Mediaset is an “implicit recognition of the validity of the contract”, since the request to “invalidate a single article of a contract, automatically confirms that all the other articles of the agreement already signed are valid”.
While the oil stable (Wti -0,08% to 50,59 dollars per barrel and Brent +0,06% 51,41 dollars per barrel), Eni mark a +0,07% to 13,74 euro: Kepler Cheuvreux has confirmed the rating buy, is better Saipem (+2%) 0,444 euro) with the Ubs has raised its recommendation from neutral to buy, bringing the target price from 0.42 to 0.50 euro, and Saras (+0.33% 1,51 euro) with Igor Sechin, ceo of Rosneft, has confirmed the interest of growth in the Mediterranean.
Ubs intervened on Tenaris (+0,30% 13,40 euro), initiating coverage with a rating of sell and a target price to $ 23 on Adr. Instead, Barclays has raised the target price of Ferragamo (+0,62% 22,59 euro) 21.5 to 23.5 euros and confirmed the judgment of equal weight. Finally, Jefferies has reduced the taregt price on Snam (-0,12% to 4.88 euros) from 5.6 to 5.4 euro, but reiterated buy.
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