The European stock exchanges are accelerating on the downward path awaiting the data on US employment (appointment at 14.30pm). In Milan, the Milan Stock Exchange sells mainly to luxury and energy companies. The index Ftse Eb it loses 1,02% just below 18. Similar trend on the other European lists: Paris -0,94%, Frankfurt -0,51%, Madrid -0,45%. London -0,72%. Among the stocks down sharply today in the City ArcelorMittal -4% after keeping its earnings estimates unchanged despite a slight improvement in the steel market. The cause is the dumping practiced by Chinese exports.
The positive note for Milan, for once, comes from the world of credit, Monte Paschi shines again this morning +3,8% (+5% at the beginning) on the back of the first quarter results better than expected: profit fell less than expected at 93 million euros. During the presentation, the CEO Fabrizio Viola he said the bank aims to sell more than the 3,5 billion euros of non-performing loans foreseen in the plan for 2018.
They also recover Unicredit +1,5%, Ubi Banca +3% (the time has come for Icbp to buy) and Banco Popolare +3%. Understanding -0,45%. In the financial sector, the pressure on Azimut -1,4% should also be noted. The day after the presentation of the quarter's data, Mediobanca lowered the recommendation to Neutral from Outperform, target price cut to 22 euros from 26 euros.
Soul -1,4%, Banca Mediolanum +0,13%. Generali loses 1,38%. It's raining on Ferragamo -2,5% the opinion of Rbc Capital cut the recommendation to Underperform from Sector Perform, target price at 19 euro. Tod's -1%, Yoox -1,5%.
The prices of Petroleum are down today with investors preferring to monetize the 20% gain over the last month, thus balancing the impact of the production cut in Canada for the fire that disrupted operations on the tar sands. For the first time in five weeks, prices have dropped from one Friday to the next: Brent trades at 44,77. Eni is down by 1,4%. Tenaris -0,3%. Saipem +0,2%: Macquarie has raised the rating to Neutral from Underperform.
Downward debut for Leonardo, from today the new name of Finmeccanica. Yesterday the board approved the results for the first quarter of 2016 which closed with a net profit of 64 million, including approximately 8 million from the capital gain on the sale of Fata, but up from 11 million in the same period of 2015.
Heavy decline for Cnh Industrial -3,3%. Fiat Chrysler +0,5%: car production in Italy in 2016 will exceed one million vehicles, for the first time since 2008. Autogrill's promotion is still worth mentioning +1,5%: JP Morgan raised its recommendation to Neutral from Underweight, target price at 7,90 euros.
