MANCHESTER UNITED TAKES THE FIELD AT WALL STREET
CHINA HOLDS BACK EUROPE FLAT, MEDIOBANCA HIGHLIGHTS
"Things are going worse, much worse than expected." This, the commentary on Chinese export data released to Bloomberg by Sean Darby, Jefferies strategist in Hong Kong. In July Beijing exports they grew by only 1%, against a forecast of +8% by analysts. A drop that cost the loss of about one percentage point in both Tokyo and Hong Kong.
Few emotions on Wall Street. The S&P rises +0,04%, the Dow Jones falls slightly -0,08%. Only the Nasdaq +0,25% shows any sign of liveliness. The market, increasingly skeptical of European therapies, consoles itself with company results: 72% of companies beat analysts' forecasts.
Freshman Manchester United takes the field today on Wall Street. Yesterday, in fact, the placement of the shares of the British club took place, with a lower outcome than expected: approximately 10% of the capital was placed at an average price of 14 dollars, against an initial "range" between 16 and 20 dollars . Manchester United, however, gets a more than generous valuation: 2,9 billion dollars.
Weak sitting also in Europe, despite the cut in European growth estimates by the ECB.
Operators, despite the Frankfurt institute also has invited governments to be ready to use the bailout fund to buy bonds, therefore they continue to believe in an extraordinary intervention by the ECB itself. Dwindling bank liquidity, it is the prevailing reasoning, will impose a new loan Ltro already in 2013.
Otherwise, second pimco, one of the international asset management giants, the outflow of liquidity from the single European currency could unleash a new financial storm on the European financial markets.
The confirmation of the trend comes from Goldman Sachs, the fifth largest US bank by assets, which drastically cut its exposure to Italian debt. Goldman reduced its exposure by 92% to $191 million from $2,51 billion at the end of March (reversing the trend compared to the first three months of the year, when positions increased).
In this context, the Stock Exchanges are experiencing a flat calm that could be a harbinger of storms. There Milan Stock Exchange it closed for the second consecutive day with a modest change: Ftse Mib index -0,08% at 14654 points, the highest since April.
London gained 0,1%, Paris 0,54% and Frankfurt it lost 0,05%.
The interest rates on Italian government bonds moved in a contrasting manner, the yield of the Btp to 2 years to 3,22% (+6 basis points) and that of the 10-year BTP fell to 5,79% (-5 basis points).
THEeuro it suffers and depreciates against the dollar for the third consecutive day, reaching 1,231 from 1,236 at yesterday's closing.
At Piazza Affari it is set in Mediobanca light, up by 5,3% following the indiscretions of Repubblica on the possibility of purchases by Diego Della Valle.
Unipol closes the first half with a consolidated net profit of 121 million euros, up 112,3% compared to the 57 million euros of the first half of 2011. Management is improving, as confirmed by the combined ratio technical index, down to 95,5 .2011% despite the impact of the earthquake in Emilia, stable compared to the end of 99 but down compared to 1,6% last June. The solvency margin also strengthened, rising to about XNUMX times the regulatory requirements. These are some of the numbers announced by Carlo Cimbri during the meeting with analysts.
“During the six-month period we budgeted 11 million for the integration project with Fonsai between lawyers, advisors, and more” Cimbri himself underlined. The placement of the stake in Mediobanca was entrusted to Equta Sim after the veto of the Antitrust to Banca Leonardo, already advisor to the Ligresti family in the Premafin dossier.
In no particular order the rest of the financial sector. Unicredit +0,1%, Ubi -0,5%, Banco Popolare +2,5%, Intesa -0,4%.
Generali it lost 0,1%.
Prysmian gained 0,2%: HSBC raised its target price to 18 euros from 16,5 euros, a promotion that follows the presentation of the quarter's data.
Italcementi it rose by 2,2%. This morning Citigroup raised its recommendation to neutral from sell, confirming the target price at 3,60 euros.
Eni it lost 0,8% while Tenaris was up 1%. The race for oil continues, Wti-type crude trades at 93,9 dollars a barrel, up 0,6%. Achievements in the utility sector with A2A, Enel Green Power and Terna selling around 1%.
Snam loses 0,9% after the stop imposed on Fluxys in France on the project to import gas from Italy Stm rose by 1,2%, in line with the technology segment.
Among the mid-caps Brunello Cucinelli it gained 5% reaching the maximum since its arrival on the Stock Exchange.
Also shop on Rest (+ 1,6%) and Mediaset (+1,5%), promoted by Berenberg analysts. Telecom Italia – 0,9% does not celebrate the sale of Matrix to Sawiris, also due to the Anatel survey in Brazil.
