Europe cautious with its look at US-China, BTP rates little under Greek bonds


the stock exchange day

Today, caution prevails in terms of international trade negotiations. Meanwhile, the quarterly season continues at full speed. Positivo Tokyo (+ 0.26%). In Piazza Affari runs Leonardo awarded for the accounts

of Eleonora Micheli

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European stock markets weak at the start, with investors holding their breath waiting for news on the negotiations between the United States and China on the international trade front. If an agreement to phase out the duties seemed close, the doubts came back to the fore today. After all, in the evening the White House consultant, Peter Navarro, turned off the excitement revealing that at the moment there is no agreement. From the macro front, the data on the October trade balance showed that the tariff war is being felt, with Chinese exports down for the third consecutive month, by 0.9%, and imports are down for the sixth consecutive month, by 6.4%. Meanwhile, the quarterly season continues at full speed. Milan loses points, while the spread is in area 148, Yesterday the spread between German BTPs and Bunds reached 150 points and also the yield on Italian securities went up to 1.25%, exceeding the rate of Greek bonds at 1.24%. Today the ten-year BTP makes 1.21%, a little less than 1.24% of Greek bonds. The Tokyo Stock Exchange closed up (+ 0.26%), following the record updated yesterday by Wall Street.

Telecon and Unipol under observation
Piazza Affari Telecom Italiar is weak, following the release of third quarter numbers, filed with a loss of 301 million euros, compared to 1.4 billion in the same period of 2018. The UNIPOLS are rising while the Unipols are down, after the accounts for the first nine months of the year. Mediobanca remains under the lens after the move by Unicredit (inv) to divest the 8.4% stake in the capital and Leonardo Del Vecchio's decision to increase to 10% of the shareholding. The owner of Luxottica, moreover, also took part in Salini Impregilo's 600 million capital increase. The construction company shares lose 2.5%.

Leonardo rewarded after the accounts, Salcef on the rise on the day of his debut
The most capitalized stocks are those of Leonardo – Finmeccanica (+ 3.5%), after the dissemination of accounts for the first nine months, closed with a net profit of 465 million, up 77% compared to the same period 2018. The top management of the group announced that new orders are growing strongly, amounting to 8.6 billion, with strong growth if we exclude the effect of 3 billion on the Q90 NH90 contract entered in the portfolio in the third quarter 2018 .. Outside the main basket Salcef Group celebrates its debut on the list with a 5% progress.

Euro stable, crude oil weak
On the foreign exchange front, the euro is not moving: it stands at 1.1051 dollars (yesterday at 1.1047 dollars) and at 120.77 yen (120.73), while the dollar / yen is equal to 109.27 ( 109.285). The fears that the US-China negotiations for international trade are still on the high seas push the value of crude oil down after the rise on the eve: the December future on the WTI drops 0.9% to $ 56.62 a barrel.

In the States wait for MIchigan index
Today the day promises to be on the eve of the day, with few important macro data (except probably the US consumer confidence calculated in November by the University of Michigan) and looks instead focused on the quarterly. The accounts at Piazza Affari, among others, include Anima, Atlantia, Banca Intermobiliare, Popolare Sondrio, Rcs MediaGroup, Retelit and Ubi Banca. To follow also the press conference with the analysts of Telecom Italia, which released the budget data last night after the markets closed.

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