Positive reaction of the European Stock Exchanges at Fed decisions: the less expansive attitude than expected by the US central bank (only minus 0,25%, no commitment on subsequent interventions) favored the strengthening of the dollar against the euro to 1,10, at its lowest level for two months. The share price lists benefit from this: Piazza Affari in the middle of the day increases by half a percentage point around 21,500 points.
Paris was also positive +0,70%: Société Générale, after the quarterly, is the best European blue chip with an increase of 5%: Among the positive aspects, the improvement of the capital solidity indicator. In Frankfurt +0,38% falls Siemens -6%, after the publication of disappointing data for the quarter. Madrid Salt +0,50%. Almost flat London -0,04%. The London Stock Exchange has reached an agreement to acquire the financial information company Refinitiv in a 27 billion dollar operation that will transform the British company that controls the London and Milan stock exchanges into a giant of data and analysis.
Better than expected the data on the European manufacturing sector. The PMI index for the euro area improves to 46,5 from 46,4 in June, signs of awakening also for Italian industry, the PMI index improves to 48,5 from 48,4 in June: economists were very more pessimistic, they expected 48,0. But the activity has stagnated for ten months.
WTI oil loses 1,5% to 57,8 dollars a barrel. Sector stocks hold: Eni +0,4%, Saipem +0,7%, apart Tenaris is even the worst in the main basket, down 4,2% at mid-day. The pipemaker ended the quarter with $370 million of adjusted EBITDA, down 8% from the first three months. About 20 million euros less than consensus expectations. Profitability is also below forecasts.
The parade of accounts continues in Piazza Affari. Entente takes off +2,3%, in the aftermath of the data publication of the quarter. The rest of the sector did well: Unicredit +0,5%, Bper Banca +2%. Ubi Bank +1%. Banca Mps up sharply +2,7%: the institution sold impaired loans to Cerberus for 455 million.
Banca Mediolanum +2,8%. Citi raises its target price to 7 euros. The quarterly effect on Poste Italiane continues, even if it is weak, +0,12%. Equita raises the target price. Generali +0,65% closed the first semester with an operating profit of 2,72 billion euros, slightly above analysts' estimates. The Combined Ratio was better than expected, at 91,8%. Business plan targets confirmed. Snam +1%, raised its earnings per share forecast for 2019: from +5% to +6-7%. The quarter closed with 298 million euros of adjusted net income, slightly above estimates.
Terna halls +2,2%. JP Morgan raises rating to Neutral. Enel +0,16%. New step forward by Tod's +3,5%. Salvatore Ferragamo, on the other hand, is still down -0,74%.
