TRADE PLACES DOWN FOR SIXTH DAY. FIAT CHRYSLER GOOD, BUT LUXOTTICA COLLAPSES
After the positive morning, the Italian Stock Exchange resumed its downward path for the sixth day in a row after the negative start of the US Stock Exchanges. The Ftse Mib index closed at 19.139 with a drop of 0,32%. On positive ground Paris +0,04%, Frankfurt +0,21% and Madrid +0,46%%. London +0,35%.
US equities are also weak with the S&P 500 at its lowest since May. The wait is concentrated on the quarterly results: the results of Intel, Johnson & Johnson, General Electric and among the banks of Morgan Stanley, Citigroup and Bank of America are expected. The dollar was down to 1,269 against the euro, from 1,262 by Friday night's close.
Fiat Chrysler Automobiles makes history in itself, which took off at its debut on Wall Street with an initial jump of 6% to 9,25 dollars on the reference price (i.e. Fiat's closing on Friday in Piazza Affari at 6,64 euros equal to $8,76). In Milan, meanwhile, in the first quarter of an hour of trading, FCAs scored €7,15 at the opening, with an increase of 3% on Friday's closing, to then rise to a maximum of €7,25 (+4,5 .17%). Then the climate progressively changed so much that at 8,85 pm the stock lost half a point in the US to 1 dollars. In Milan, at the end, +2%. Both Ford and General Motors are down slightly on Wall Street. Conversely, Italian automotive stocks recovered: Pirelli gains 1,3%, CnhIndustrial +XNUMX%.
In the limelight, but for very different reasons, Luxottica. The eyewear leader lost 9,2% after the company announced the resignation of CEO Enrico Cavatorta yesterday evening. The decisions of the board of directors expected for 19 pm are expected in the evening: before the board, a meeting is scheduled between the six independent directors and the chairman of the board of statutory auditors to understand which solution to adopt for the good of the company after the arrival of a third CEO in just three months, Massimo Vian. Citigroup immediately cut the recommendation to Neutral from Buy.
The company of Lapo Elkann, Italian Independent +0,6%, is moving against the trend of the world of trendy eyewear. Up in luxury Ferragamo -0,8% and Tod's -1,5%. New heavy decrease for Stm -5,4% in the wake of the crisis in the chip sector. Mediolanum also under the spotlight +3,3%, correcting the slide on Friday (-3%). The idea of creating a blind trust in Fininvest to contribute 30% of the company led by Ennio Doris takes hold for a maximum period of 20 months. The Berlusconi finance company will soon hold a board meeting to decide how to proceed.
Brent's descent continues to 88,6 dollars a barrel, down 2% and at the lowest level in the last 4 years. Eni rises by 0,4%. Saipem loses 1,9%, the stock is penalized by the cut in judgment by Ubs. Tenaris +0,3%. Unicredit +0,4%, Intesa +1,9%, MontePaschi +0,2% holds the bank dam. BancaPop.Milano +1%, Ubi -0,3%.
