Good macro indications on the Chinese economy and recent signs of slowing U.S. inflation are calming sentiments, and even on the geopolitical front there is a bit more optimism about the situation in the Middle East, just days before Donald Trump takes office in the White House. However, as early as Monday the U.S. president could give the first hints on his dreaded trade policy.
Around 12:10 p.m., the Ftse Mib rose 1.1 percent with 1.3 billion euros in volume traded, supported mainly by a jump in the auto sector.
Stellantis is the star of the session after surging +5% to an intraday high of 12.89 euros. The auto sector is also among the most popular in the rest of Europe. The French-Italian group actually continues yesterday's rise (+1.9%) triggered by estimates for fourth-quarter deliveries - down but a marked improvement over the previous three months - and simply returns to the January 7 levels.
Iveco (+2.7%), Brembo, Ferrari, Pirelli also rise in the sector.
Banks up moderately today led by Bper advancing more than 2%. UniCredit rises 0.8% as investors reflect on Barclays' rise to 16% (between shares and derivatives) in Commerzbank . "Some newspapers say that the British bank's stake could be part of a deal with UniCredit, as the two banks had already collaborated in the context of setting up Unicredit's potential stake in Commerzbank," Intermonte writes. "In our view, UniCredit's strategy remains fixed, which is to maintain flexibility on the stake and then be able to decide how to move" also in relation to the outcome of the Ops on Banco Bpm, the broker concludes.
Saipem recovers initial losses almost in full despite a downgrade by Kepler to 'hold' from 'buy'. The group announced the sale of 10 percent in Kca Deutag to Helmerich & Payne (H&P) for about $89.5 million.
A promotion to 'buy' from 'hold,' also by Kepler Cheuvreux, instead pushes Maire up 7 percent.
(Claudia Cristoferi, editing Andrea Mandalà)