Mistrust is contagious Germany, tired locomotive of Europe. L'Zew index in July it fell to 27,1, far below the 30 expected. Italy doesn't do better: inflation goes down again, at 0,3%, in full deflation risk. Business Square worsens more than the other lists: the Ftse Mib index loses 1,42% to 20403.
Paris e Frankfurt they lose 0,46% and 0,5%. London -0,17% Madrid marks a drop of 1,29%. Go back to suffering Lisbon, down 1,5%: the Banco Espirito Santo stock collapses to historic lows (-15%) at 0,37 euro. The yield on Portugal's 5-year bond rose 3,83 basis points to 168%. The spread between Btp and Bund is unchanged at around 2,87 bp, the 1,59-year yield is at XNUMX%. Instead, the euro weakened to XNUMX against the dollar.
Looking forward to the audition of Janet Yellen, at 16 (Italian time). The accounts of the two banking giants, Goldman Sachs and JP Morgan, will arrive first. After the close of the markets it will be the turn of Intel and Yahoo. Great expectations also for the announcements of Microsoft: the giant of Redmond, anticipates Bloomberg, will announce the heaviest cuts in its history, more than the 5.800 cut in 2009.
In red almost all the Italian blue chips. The worst are the banks, despite Morgan Stanley's promotion of the sector. Unicredit -2,4% (overwight up to 8,1 euros for the US broker), Understanding -2,5% (target price at 2,9 euros). They also retreat Banco Popolare -2% (from underwight to equalwieght) e Popular Milan (from under to over wieght) -2%. Massive losses of Mediobanca 3,8% and of Where's Banca -4%.
Generali loses 1,5%. Kepler Chevreux analysts confirm the hold rating, target price at 15,7 euros after the sale of BSI.
It sags speculation about Telecom Italy +1,55%. Telekom Austria is targeted by Carlos Slim who has relaunched his European campaign. Mediaset also fell sharply -2,4%. Utilities retreat, Enel -2% Enel Green Power -1%, A2A -1,5%. Snam -0,4%.
Weak oil: Eni loses 0,8%, Tenaris -1,4% Saipem -0,3%. Industrial companies have reversed course. Finmeccanica -2% and the subsidiary Ansaldo Sts -1%. Fiat earns 1,13%. Slightly declining StM -0,6%. Bucking Yoox, +4,09% thanks to the promotion of Kepler Cheuvreux: Fidentis has started the cover with a buy, targeting 32-24 euros.
