The International Monetary Fund is about to cut its estimates on American growth. Meanwhile, the final August US manufacturing PMI came in at 52, down from both the preliminary estimate of 52,1 and the July reading of 52,9. The ISM manufacturing index is also slowing down.
These indications, made known on the eve of the G20 summit in Hangzhou, caused a sharp setback on European and US price lists.
In Piazza Affari, the Ftse Mib index closed down by 0,1% to 16.923 points (from +1,7% in the morning), in Frankfurt the Dax falls by 0,55%. Paris closes with a +0.03, Positive Madrid +0,5%.
The S&P500 falls by 0,5%, a minus also for the Dow Jones which falls by 0,4%, the Nasdaq -0,2% is better defended.
PFCA sales on Piazza Affari are down (-2,7%) despite the sales figures in the US still growing (Jeep +12%) and in Italy (+24% against +20% of the market). Germany has written a letter to the European Commission accusing the company of using an illegal device to disable exhaust gas treatment systems in diesel engines. The German weekly WirtschaftsWoche reports it today.
As already mentioned, 50 Generali +1% and Unicredit +1,3% were canceled from the Eurostoxx.
Mps -0,9%. According to La Stampa, the managing director Fabrizio Viola will manage the operation to secure the institution with the capital increase and only after that will he leave the leadership of the Sienese bank.
Banco Popolare also held back -0,36%, Ubi +0,7%, Pop. Milan +0,16%. The best blue chip is Bper +1,86%.
In the rest of the list: Saipem -0,6%. In the evening, the placement of Saipem's first bond loan in the post-Eni era was closed with an amount of one billion euro against requests exceeding 6 billion. The issue is structured in two tranches of 500 million, one maturing in 2021 and one maturing in 2023. The requests were equally divided over the two maturities. Saipem aimed to place at least 750 million. Eni -0,7%, Tenaris -1,4%.
– Campari -0,5% despite the promotion by HSBC to Buy from Hold with a target price that rises to 11 euros from 8,8 euros
– Telecom Italia +0,37%. The CEO Flavio Cattaneo said he was optimistic about the third quarter results.
– Total and Erg +4,5% probed the banks for a sale of the TotalErg service station chain, according to sources familiar with the situation.
