STOCK EXCHANGES HOLD DOWN: MILAN FALLS BACK INTO NEGATIVE SITUATION (-0,75%)
AFTER THE BANKS, THE SECURITIES OF THE EXPORTING INDUSTRY UNDER FIRE
The uncertainty continues in Piazza Affari, with a further deterioration in the climate mainly due to the shares of the Fiat group, which suddenly slipped into a heavy loss, and of the banks, which have slowed down their flying start: after more than two hours of trading the Ftse Mib index marks a loss of 0,42%, in line with the slowdown of the other European lists.
The European stock exchanges now seem to be waiting for the speech of ECB president Jean-Claude Trichet (although it is assumed that rates will remain unchanged) and US macroeconomic data, starting with the new unemployment claims.
By mid-morning, the Stoxx 600 index, which captures the performance of the main stocks listed on the stock exchanges of the Old Continent, grew by a few fractions. London went negative weighed down by credit instruments (Rbs -3,07%, Lloyds -4,31), Paris is saved (Dexia +3,51%), while Milan continues to fluctuate on parity weighed down by Unicredit (-1,31 .XNUMX%) for the data of the subsidiary Bank Austria.
AFTER BREMBO AND DIASORIN, TENARIS FALLS
THE FIAE AND FIAT INDUSTRIAL LANDSLIDE CONTINUES
Beyond the difficulties in the credit sector, the violence of the attack on the industrial securities sector is striking, despite the limited exposure of the main securities to the domestic market. Today's sensational case concerns Tenaris. The leader of the Rocca family, called in the volatility auction, suffered a loss of more than 9 percent.
The triggering cause of the sales were the quarterly data which show a slightly lower trend than the consensus, even if the oil equipment multinational (already penalized on the occasion of the Vallourec data) nonetheless records a turnover, in dollars, of 2,403 billion (+21%, an operating profit of 412,4 million (+2%) while earnings per share amounted to 0,24 dollars (+2% y/y). Sure, the Ebitda margin is slightly down decrease (23% compared to 27% in the same period of the previous year), but the cash flow still amounts to 325,1 million dollars.
However, the rain of sales on Tenaris is not an isolated case. The same script was repeated for Fiat and for Fiat Industrial, in the crosshairs after a growing quarterly. Or for Brembo, in heavy fall after double-digit growth in accounts or Diasorin itself, target of massive sales after budget results slightly below forecasts. In essence, there is a partly inexplicable escape from "Made in Italy" manufacturing which affects stocks of companies strongly oriented towards exports.
Same music in these minutes for Saipem and Pirelli, temporarily suspended from trading. After having hit the public debt, banks and insurance companies, the downward spiral against the Bel Paese is affecting the pillars of the manufacturing economy, which also maintained its positions on the markets in the first half of the year. An attack that coincides with the meeting between the social partners and the government, twenty-four hours after Sergio Marchionne's lunge on the need for a change of leadership.
