The Milan index -1%, just above 22 points, lost ground in the last session of a turbulent week which is starting to close down, also due to the effects of the technical deadlines on the day of the four witches, when futures on stock indexes, single stock futures, stock index options and stock options.
The EuroStoxx 50 index marks a drop of 1,3%, the Frankfurt Dax -1,7%. Overseas, the future on the S&P500 is down by -1%. Thursday night the headline Fedex it came to lose 17% in the post-market. The shipping giant withdrew the previous indications on the current year and explained that it was unable to provide new ones because the situation in Asia and Europe is completely unpredictable.
European stock exchanges today: Fitch's growth cut weighs, Btp yield rises
The spread was little moved at 229 basis points compared to the 228 basis points of Thursday's closing but the 10-year BTP yield rises to 4,06%. “So far we haven't seen major signs of fragmentation in Europe – said ECB vice president Luis De Guindos – Spreads are under control thanks to the normalization process of monetary policy and yield curves are moving upwards. Fragmentation is a phenomenon that we will fight because it hinders the transmission of our monetary policy decisions”.
A calm that is not shared by the rating companies. Thursday evening Fitch revised the forecasts for European growth bringing the estimate to a slight contraction to – 0.1%. The cut of the growth Italy it is marked with the estimate for 2023 which goes from +1,9% to -0,7%. The revision is linked to the negative impact on consumption and investments linked to the increase in energy costs. The Italian government is working on the Def Update Note which should be published shortly and foresee a revision of 2023 growth below the 2% currently forecast.
Also the Germany is expected to contract by -0,5% in 2023 with a 2.8% cut in growth.
Milan Stock Exchange: -20% from January, only 4 blue chips are saved
Returning to Ftse Eb, since January the drop has again exceeded 20% while only four out of 40 blue chips show a gain in 2022: Tenaris +50%, Atlantia +30%, Leonardo +22% and Banco Bpm + 8%. The ranking for the session, on the other hand, sees Banca Bper excelling +1,7% ahead of Banco Bpm +0,5%. Saipem and Snam are also on positive ground.
Continue target practice up Tim -5% to a new all-time low of 18,8 cents. Barclays cuts judgment to Underweight, target price at 0,15 euro. Analysts write in the note that without extraordinary transactions, the fair value is just above zero.
Heavy drops, in the order of 3%, for Poste Italiane, Cnh Industrial and Inwit.
Between the banks it slips Mps -4,30% after the assembly has approved thecapital increase from 2,5 billion which will start in the autumn.
Down too Average For Europe -1%. Barclays cuts judgment to Underweight. In July, its advertising revenue in Italy fell 9%, against a market that was down 21%.
And Ariston flies after the big hit in Germany
Ariston leaps +5% off the main index: the company has signed a binding agreement for the acquisition of the entire capital of the German Centrotec Climate Systems GmbH from its parent company for an amount consisting of 703 million euros in cash and about 41 -42 million in newly issued shares. The pre-synergies acquisition (estimated for a value of 20-25 million when fully operational) will contribute positively to EPS starting from the first year.
For the rest:
- Brent oil and Wti recover slightly, from -3,8% on Thursday.
- Natural gas in Europe down: -7% to 199 euros per MWh.
- Gold at 1.658 dollars an ounce, on the lows of the last two years.
- Bitcoin barely moved below $20.
