Bounce today for Piazza Affari at the end of a swinging session. European equity markets had opened strong today and then slipped in the middle of the morning (down to -1% on the DAX) and recovered again in the last hours of trading.
The Ftse Mib, back from more than -1.6% on the eve of the day, scores + 0.63% at 27,109 points at the end of the day. Investors look with apprehension at the decisions that Germany will take today, which is going to stricter restrictions against Covid-19 by virtue of record infections (yesterday nearly 67 thousand daily infections with 335 deaths).
Mixed indications came from the macro front. In the US, third quarter GDP was revised upwards, but less than analysts expected. On the other hand, new applications for unemployment benefits fell in the last week to 199,000 units, well below the 260,000 units expected and the lowest value since 1969. In Europe, a new step backwards in the Ifo index, a thermometer of growing fears that the fourth Covid wave will slow down the German economy.
On the Milan parterre, TIM’s new overbearing shot, which at the end of the day gained 15.6%, a step away from € 0.50. We look at the extraordinary board of directors convened for Friday 26 where Vivendi’s pressure could blow strongly for a change at the top with the replacement of CEO Luigi Gubitosi. Meanwhile, the KKR fund would be evaluating the relaunch of the offer at € 0.70-0.80 per share.
Enel is also in the spotlight today (+ 2% to € 7.045) which by 2030 Enel expects to reach an overall renewable capacity of around 154 GW, tripling its portfolio by 2020, as well as increasing the customer base of the network by 12 million and to promote the electrification of energy consumption, increasing the volumes of electricity sold by almost 30%.
Purchases on Banca Mediolanum (+ 2.91% to 8.83 euros) on the day of the death of its founder Ennio Doris who passed away at the age of 81.
Among the banks stands the + 2.97% of Unicredit at 11.45 euros. Today Jefferies analysts raised the valuation to 14.75 euros from 13.40 euros in anticipation of the Investor Day scheduled in the coming weeks.