RATES, SMELL OF HILL. THE BAGS ARE BREAKING
UNICREDIT IN FLIGHT, PIRELLI Swoops
US exports are galloping, but the Bull, fearing a cut in Quantitative Easing as early as September, brakes on Wall Street: S&P500 -0,69% and Dow Jones -0,69%. The Nasdaq also falls -0,76%.
Le European stock exchanges in the afternoon they took the downward path in the wake of the weakness of the American market: Frankfurt lost 1,31%, London dropped by 0,43%, Paris -0,29%.
Business Square slows down after the initial blaze of Unicredit +1,6% after also touching +5%.
The index Ftse Eb it lost 0,4% to 16.683 bps.
Lo spread at 10 years falls by 7 basis points to 252 for a yield of the 10-year Btp at 4,22%, on lows since early June.
In Italy in the second quarter the GDP fell by 0,2%. YoY GDP decreased by 2,0% from -2,3% in the first quarter of 2013 (revised from -2,4%).
from Germany excellent macro data continue to arrive which strengthen the picture of the German economy: industrial orders grew by 4,3% in June.
Great Britain's macro data is also good where in June industrial production rose by 1,9%, the maximum increase in the last two and a half years.
In the US, the trade balance deficit it fell beyond expectations in June: red by 34,2 billion, much better than the 43,2 billion expected and a clear reduction from the 44,1 billion of the previous month.
In the spotlight the actions of The Washington Post +6% after Amazon founder -0,5% Jeff Bezos reached an agreement to personally acquire (Amazon is not involved) the house that publishes the newspaper for 250 million dollars.
In Piazza Affari he holds court the recovery of Unicredit +2,16%: second quarter earnings more than doubled compared to a year ago, with “the first positive signs of a trend reversal” in Italy.
As proof of an improving scenario, in July UniCredit proceeded with the repayment of 2 billion of the funds obtained with the Ltro operations of the ECB. The second quarter closed with a net profit of 361 million, up 113,8% on the previous year. In the period, loan provisions totaling €1,7 billion were made, up 35,4% on the previous quarter but down 8,8% year-on-year.
Mps bank also on the rise +1,74%, after the appointment of the new deputation which includes 14 members.
Contrasted the banking sector with Intesa San Paolo which reverses course loses 0,71%, Ubi -1,4%, Banco Popolare +0,15%.
Among the most affected sectors is the Utility (Eurostoxx -2,2%) the most sensitive to assumptions of higher market rates.
Snam Rete Gas -1,17%, Enel -1,68%, A2A -1,51%, Atlantia -2,85%, Enel Green Power -0,77%.
Pirelli thud -5,14% after the six-month accounts even if the numbers are in line with analysts' expectations. After the Equita accounts, Banca Aletti, Kepler Cheuvreux and Mediobanca raised their target price but there are also those, like Deutsche Bank, who were disappointed by the forecasts for the end of the year, prudently confirmed at the bottom of the range.
Great effervescence instead for Impregile it +3,74%. The meeting for the merger with Salini will be held in September.
RCS Media Group +0,56% in fibrillation in view of developments in the negotiation for the sale of the headquarters in via San Marco: in pole position the Blackstone fund with an offer of 120 million.
Yoox gains 4,7%, Goldman Sachs raised its target price to 39 euros from 22,5 while keeping the stock on the conviction buy list.
In the automotive sector it decreases Fiat -0,33% the Turkish subsidiary Tofas closed the second quarter with a net profit of 109,2 million Turkish lira (57 million dollars), down 12,4% compared to last year and below the expectations of the analysts.
Landi renzo -1%. Mediobanca cut the rating on the stock to underperform from neutral with a target price cut to 0,85 euro from 1,35.
Brembo resets this morning's gains that had pushed prices to all-time highs of 18,46 euros
