Piazza Affari closed the week flat, jump in the spread waiting for DBRS

In the red for most of the session, the European stock exchanges in the second part recovered ground closing in substantial parity. Supporting the Ftse Mib, which stopped at 26,875.96 points (-0.05%), was the performance achieved by the combination formed by Eni and Exor, up respectively by +1.97 and by + 1.22%. The six-legged dog ended the third quarter with an “adjusted” net profit of 1.43 billion euros, compared to -153 million in the same period of 2020. The holding instead announced the long-awaited preliminary agreement with Covèa for the sale of the PartnerRe reinsurance group for 7.7 billion euros. A day of accounts also for Moncler (+ 1.47%) which closed the quarter with revenues of 555.5 million, + 55% on 2020 and + 33% in comparison with 2019. Slight plus sign for Generali (+ 0.05%) which, as part of the takeover bid on Cattolica (-2.66%), exceeded the minimum target of 50% plus one share of the capital. A session to forget for the combination of Banco BPM (-7.28%) and BPER Banca (-6.44%), penalized by the reduction of the DTA (Deferrer Tax Asset, deferred tax assets), the tax bonuses in case of M&A transactions (mergers and acquisitions). The indications coming from the macro data showed that in our country the GDP of the third quarter recorded an increase of 2.6%, with an acquired growth of 6.1% in 2021; the French figure rose by 3% while the German figure, disappointing operators, was + 1.8%. Pending the assessment by the DBRS agency, which could emulate S&P by raising the outlook on the sovereign credit rating of our country (currently equal to “BBB high” with a negative trend), the BTP-Bund spread has made a leap by more than 9 percentage points to 124 basis points. (In collaboration with money.it)