Despite a modest recovery in the morning, the collapse of oil (-5% for Brent, below 50 dollars) still weighs on European lists, now characterized by holiday trading. Business Square retreats by 1,08% to 23.458 points under pressure from the banks, ahead of Madrid (-0,70%) and Paris (-0,34%). On positive ground London (+ 0,70%) and Frankfurt (+ 0,02%).
In the meantime, the negotiations between the Greek authorities and the international creditors continue, while the Stock Exchange of Athens, dopo yesterday's crash, when the day ended with a drop of 16 percentage points, continues to lose ground even today.
The Italian secondary starts in positive territory, slightly shortening the delay on the Bund, while the 1,75-year rate drops to XNUMX%.
The most significant macro data of the day will come from United States. Producer prices in the Eurozone are down by 2,2% yoy in June. While in the afternoon, from the USA, in addition to the ISM New York in July and the revision of the data on orders for durable goods, in June, we will look at the statistics on orders to industry, also in June: the estimates indicate an increase in 1,8% quarterly, after -1% in May.
In the spotlight Unicredit (-1,41%), on the eve of the board meeting in which the organizational reorganization of the group will also be discussed. The Polish subsidiary Banca Pekao closed the second quarter with a net profit of 619 million zlotys, down 10% due to interest rates at historic lows but above analysts' expectations.
Also declining Understanding (-1,7%). The Carifirenze Foundation, which holds 3,245% of the Bank, has launched the sale on the market to Italian and foreign institutional investors of a package of ordinary shares equal to 0,63 of the capital.
Strong declines also among the Popular: Ubi -2,48% Banco Popolare -2,50% and Bper -2,53%. Below also Ps (-1,63%). Mediobanca it limits the damages to 0,86% pending the preliminary results for the 2014-2015 financial year which will be released during the day.
Collapse in Paris of the listing of Crédit Agricole (-9,7%) despite the fact that profits rose from 77 million euros in 2014, a figure penalized by the Banco do Espirito Santo crisis, to 920 million this year. But what weighs on the stock is the decision to make additional provisions for 350 million euros to deal with legal disputes, bringing the total to around 1,6 billion.
Brakes Fiat Chrysler (-1,08%) despite the good sales data in Italy e In the USA. The data coming from the Brazilian market is conditioning the stock: registrations of cars, buses and heavy vehicles in Brazil fell by 23% last month to 227.621 vehicles. The Fenabrave association expects a 20% drop by the end of the year. But Equita analysts are convinced that in the case of FCA the NAFTA and EMEA areas are able to compensate for the decline in Latin America, leading to the confirmation of delivery volumes of 4,8 million this year.
Among the blue chips there is a bucking trend Prysmian (+0,61%) after Morgan Stanley confirmed the "overweight" recommendation, with a target price revised upwards from 22,5 to 23,5 euros.
0,44% salt Tenaris. Little move Atlantia which drops by 0,28% after the group closed the first half of the year with a profit up by 7% to 377 million euros.
Meanwhile, the IPO is approaching Poste Italiane. The Ministry of the Economy has chosen to set the threshold for the share ownership of the company, which will be listed in October, at 5%. This was stated by the president of Poste Italiane, Luisa Todini, adding that the IPO prospectus will be filed with Consob between 10 and 15 August. "I think that the Ministry of the Economy, which is responsible for this choice as our shareholder, foresees a higher ceiling with the hope of encouraging large investors to buy an important stake in the company".
