SQUILLA TELECOM, STM SHOULDER STRAP. PIMCO'S AX IS HOLDING BACK THE BUSINESS PLACE
The Milan Stock Exchange narrowly defends its objective of a fifth consecutive hike. The Ftse Mib index closes at +0,03% at 16238, albeit with a sharp worsening in the final stages. London -0,39%, Frankfurt loses 0,19% and Paris 0,43%.
The deterioration was caused by the decision by Pimco, one of the largest asset management companies in the world, to take a more cautious stance on Italy, Spain and the periphery of Europe.
The BTP weakens and the yield rises by 5 basis points to 4,35%, the yield of the German Bund also rises to 1,55% (+3%). The spread between the two securities is 279 basis points (+2 basis points). Wall Street loses ground after breaking new records. The US stock market weakened after breaking new records at the start of the session. The Nasdaq reversed course and lost 0,2%. The Dow Jones and the S&P500 are up 0,1%. Uncertain Apple -0,6% that tonight with the stock market closed will give the results.
The only important macroeconomic data of the afternoon is the index on the conditions of the manufacturing industry in the Virginia area, unexpectedly dropped to -11 from 8 in June, economists expected a rise to 9. The contraction of the index elaborated by The Fed of Richmond, the capital of Virginia, is heavy, and even such as to make it in need of the stimuli provided by the Federal Reserve.
Suddenly the banks get worse. Unicredit loses 0,56%, it gained 2%. Intesa is up 0,95%% but was up 2,5% in the afternoon. Generali loses 0,03%%.
The best stock in the main Milanese basket remains Telecom Italia +6,74%. The leap follows the announcement of a major telephony operation in Germany: KPN will sell its German subsidiary E-Plus to Telefonica Deutschland for 8,1 billion euros. Telefonica gains 2%, Telefonica Deutschland loses 2%.
Enel also stands out +1,91%. Fiat +1,18% and Finmeccanica is up by 1,9%. In the banking segment, the increases of the two largest companies stand out: Unicredit +2% and Intesa Sanpaolo +2%. Atlantia rises by 1,8%, the promotion of Morgan Stanley has arrived on the stock.
Stm collapses by 10,5%, after the results of the second quarter, closed with a loss that doubled to 152 million dollars, against the 75 million of the same quarter of the previous year. Revenues fell to $2,05 billion from $2,15 billion and gross margin fell to 32,8% from 34,3%. The consensus forecast by analysts converged on revenues of 2,07 billion dollars.
