Waiting session on the European Stock Exchanges. The Ftse Eb it closed down by 0,1% weighed down by banks and energy, Paris +0,01%, Frankfurt -0,11% and London +0,42%.
In July the index pmi across the Channel plunged to 47,7 from 52,4, far worse than economists thought. The index, based on the purchasing intentions of company managers, recorded the worst drop in 20 years of history and slipped to the lowest level since March 2009, compatible with a drop in GDP of 0,4% in a quarter . Down the pound against the dollar.
Thanks to the push of Germany and France, the eurozone composite PMI fell less than expected in July, settling at 52,9 from 53,1 in June, the consensus was at 52,5 points.
In Use manufacturing activity picked up pace in July. The flash estimate for the manufacturing PMI, compiled by Markit, came in at 52,9 points, up from 51,4 in June's flash reading and 51,3 in last month's final. Analysts were expecting a reading of 51,9 points.
A Wall Street at the close of Europe, the indices rose moderately: the Dow Jones rose by 0,14 and the S&P500 by 0,31%. Eyes on ge which published the results highlighting a return to profit in the second quarter of 2,74 billion dollars, compared to a loss of 1,36 billion in the same period of the previous year. Oil lost ground with WTI down 1,81% to $43,94 a barrel.
Markets are now looking to next week's meeting Fed and the publication of the stress tests on the major European banks scheduled for 29 July. In Piazza Affari attention is always high on Mps -3,29% which after the start of an increase went negative, while speculation continues on how the problem of non-performing loans will be tackled. In the meantime, Bankitalia has announced that three binding offers have arrived for the good banks. Among the sales banks also on Bpm -1,96%. This morning Berenberg cut the recommendation to Sell, from the previous Hold. Same rejection, by the same person, for Banco Popolare -1,59%. The broker recommends staying away from all Italian banks, which need a total of at least 30 billion euros of new capital, but in an extreme hypothesis, the gap could be three times higher. Ubi Banca -1,79%, Unicredit -0,61%. Positively Understanding +0,15%.
At the bottom of the Ftse Mib also Cnh Industrial -2,15%, Tenaris -2%. Featured among the best stocks in the main basket Moncler +2,67% e Telecom Italy +1,46%. Yesterday the company sent a letter to the competent ministries and to Federmanager to announce the start of a procedure for the exit by 2018 of 170 executives (out of 648) from the perimeter of the parent company. TLCs are boosted throughout Europe by the good quarterly results of Vodafone which showed revenues up by 2,2% on a comparable basis to 12,3 billion euro.
Outside the Ftse Mib Rcs it slipped by 0,39% while Cairo Communication rose by 1,34% after Consob decided not to suspend Cairo's winning offer as a precaution after having viewed the complaints received from the competing consortium. Datalogic +3,69% after preliminary sales were well above expectations.
