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Piazza Affari (FTSE MIB index -0.05% to 19,271 points) at the beginning of the session, but after yesterday's meeting of the Eurogroup finance ministers, the discussion on the budget planning document Italian has already dominated rejected by the European Commission and for which Brussels has requested a second revised and corrected version.
Corrected, in particular, as yesterday Valdis Dombrovskis, Vice-President of the Commission in charge of the euro, said about the structural deficit in relation to GDP, which has worsened by 0.8 % instead of improving by 0.6%, as requested by the European executive. No decision was taken, but the Eurogroup strongly supported the Commission and asked Italy to continue the dialogue with it to find a solution respecting the common rules. However, as stressed by the European Commissioner for Economic Affairs, Pierre Moscovici, the ball "is in the field of Italy".
"We are waiting," said Moscovici, as Italy submits a revised new draft budget by 13 November. The Minister of Economy, Giovanni Tria, at the end of the Eurogroup warned that "the maneuver does not change", but that he used the present and not the future. how to say: it does not change here and now. "We are discussing, we have to respond to the Commission by November 13, I do not have to answer here," he added. "We have studied the maneuver, the data and the strategy, the dialogue will take place with the Commission, which is our interlocutor at this stage, and we will respond in due time," said the minister, noting today. There is no confrontation or compromise and the Eurogroup has invited dialogue with the Commission to continue ".
Regarding the commitment to reduce the public debt, which the Commission does not seem to believe, Tria said: "Our maneuver is written: we estimate that the debt will decline by 4 percentage points over the next three years our estimates ". And the BTP / Bund spread is virtually stable at 289.7 basis points pending the Ecofin board, which will discuss the state of negotiations on the issue of web taxation.
The euro / dollar exchange rate has not been reduced to 1.1417 pending the composite PMI and euro area services. The flash estimate released Oct. 24, recalls Reuters, stood at 53.3 percent for the service sector and 52.7 percent for the composite, after 54.7 percent respectively. and 54.1% of the previous month. Still in the euro zone, producer prices should be known in September, with an increase of 0.4% over one month and 4.2% over one year.
Overseas, the United States is being called to the polls to nominate its congressional representatives in the mid-term elections, all of which look like a "referendum" on Donald Trump in a deeply divided country. Democrats dream of a "political revenge", at least partial, before the natural deadline of 2020.
The first seats will be open at 6 am (12 am in Italy) in different states of the US East Coast. In "Palio", there are 435 seats in the House of Representatives, including one third in the Senate, as well as the governorship in some thirty states, including Florida and Alaska. Polls have favored Democrats to win a majority in the House of Representatives, while Republicans should retain control of the Senate. The uncertainty remains however real.
The quarterly with Intesa Sanpaolo is on the Milan list (-0.78% to 1.96 euros), Enel (-0,11% to 4,42 €), Banca Generali (+ 0.33% to 18.11 euros), Campari (+ 0.95% to 6.92 €), FinecoBank (-2.30% to 9,36 €), Brunello Cucinelli (+% in euro), Inwit (stable at 6.265 euros) and Falck Renewables (with a par value of 1.87 euros), which now unites their boards of directors and publishes the accounts of the third quarter. Also Ubi (-0.79% to 2.77 euros) and Snam (-0.03% to € 3,704) brings the boards closer, but the results will be published tomorrow morning.
Ferrari released them yesterday, they have not booked the big surprise and the action is limited to + 0.05% to 103.20 euros. Better Italgas (+ 0.64% to 4.71 €), closing the first nine months of the year, recording a 6.1% increase in net profit to 226.4 million euros and an increase of 5.5 % of its turnover to 880.7 million. Ebitda improved by 8.9% to 629.2 million euros, while EBIT increased by 8.9% to 333.9 million euros.
Instead Mediaset up + 0.87% to 2.79 euros after recording an increase in advertising sales in Italy of + 2.5% over the first nine months of the year compared to the first nine months of 2017 In addition, according to press reports, the group exercised the option of selling the company R2, the platform on which Premium is hosted, to Sky. The investment banks would like a marriage between Mediaset and the French Tf1 group of entrepreneur Martin Bouygues.
Atlantia weaker (+ 0.14% to 17.69 €) after the rating agency S & P has revised the ratings of the group and the subsidiary Autostrade per Italia from BBB + to BBB, while the rating of Atlantia's debt (holding) goes from BBB to BBB-. The rating of Aeroporti di Roma remained BBB +. The rating agency also placed all the notes of the group in a negative perspective. The revision is related to the regulatory and operational risks related to the concession Autostrade per ltalia after the collapse of the Morandi bridge in Genoa.
Among the industrialists, they earn Prysmian lands (+ 0.64% to 18.065 euros), STM (+ 0.30% to 13.31 euros) and Leonardo (+ 0.21% to 9.57 euros), after yesterday announced the signing of the contract to sell 15 helicopters AW139 by the Chinese distributor of helicopters Sino-US Intercontinental Helicopter Investment (Sino-US). The helicopters will be delivered between 2019 and 2021 and will be used by Kingwing General Aviation (Kingwing) for helicopter rescue in China. These orders, which reinforce the collaboration between Leonardo and Sino-US in the country, add to several previous contracts, especially those concerning eliambulanze, signed by the same customer in recent years and including 34 AW119Kx, 24 AW139 and 25 AW109 Trekker. Instead Fca has a turnover of 0.25% to 14.30 euros.
Finally, Tim change hands at 0.5326 euros and earns 0.52%. This morning, Jefferies has brought the price target of 1 to 0.75 euro, reaffirming the purchase note. Experts quoted by the Mf-DowJones agency said they expect quarterly accounts to show "more pressure on national furniture" due to competition and promotions. During the teleconference that will follow the publication of the accounts, "the attention will be focused on the confidence of the direction in the orientations". Tim will meet the board of directors on November 8th. The meeting will also discuss the convening of the shareholders' meeting to appoint the audit firm, probably on December 14 or the following week, if the board of directors scheduled for Thursday was to reach to an agreement.
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