The attempt to rebound by the European stock exchanges fails at the end of a week dominated by the downturn. The trend is joined by Piazza Affari in decline today but in any case the only one in positive territory since last Monday: +0,6% against -3% for the Eurostoxx and -3,5% for the Dax index. Milan at the end of the morning was down by almost one point below 20.400 points. A similar situation in Madrid, Paris and Frankfurt, the decline fluctuates between 0,2 and 0,3%.
Trade tensions between the US and China still weigh heavily, as well as the weakness of emerging markets. Up to 5% drop hits International Consolidated Airlines (IAG), which holds British Airways, after the British company announced that the financial and personal data of 380.000 customers were stolen from the company's website.
Among the stocks on the rise, the French TLC stands out Iliad which records a +5% on speculations according to which the title could go off the lists. Instead, go negative Telecom -0,6% later a good start helped by the rumors about the first steps for the sales process of Sparkle. “Any update on the sale is welcome,” commented a Mediobanca Securities report this morning.
In red semiconductors in the wake of the crisis in the sector on Wall Street. Down in Piazza Affari stm -1,5% on the lows from September 2017 to 16 euros. The Sox semiconductor index lost 2,7% last night. Companies have sounded a warning about the near future, warning that margins are likely to be hurt by falling Dram (memory chip) prices and oversupply in NAND (flash memory) products.
The yield of the 10-year BTP continues to drop by 3 basis points and is back below the 3% threshold again, the spread shrinking to 247 basis points. According to reports from La Repubblica, Economy Minister Giovanni Tria is aiming for a GDP deficit ratio of 1,6%, much lower than previous indications.
Oil is stable: the Brent contract rises by 3 cents to 76,53 dollars a barrel. The October expiry of US light crude oil WTI advances by 7 cents to 67,84. Eni + 0,3% Saipem -0,7%.
Fiat Chrysler -0,06% will announce the group's new organizational structure by the end of the month, after today's meeting ratified the choice of Mike Manley as new CEO. In particular, the decision on the successor of Alfredo Altavilla, former head of the EMEA area, is awaited. "When we learned that Sergio Marchionne would not return to work, the board appointed Mike Manley, who was the only candidate", explained Elkann , adding that the decision on the new CEO was based on succession plans prepared with Marchionne since 2016.
The assembly is in progress Ferrari +0,7% which must ratify the appointment of Louis Camilleri as CEO.
He misses out Exor -2,3%: the first half closed with a profit down to 741 million euros and a Nav up to 23,909 billion dollars.
Banks weaken. Bpm bank it loses 2,8%, the worst in the list. B for Bank -1,4%. Understanding -0,9% Unicredit -1,8%.
Generali -0,7%. He entered into exclusive negotiations with the shareholders of Sycomore Asset Management to acquire a majority stake in the company. Unipol +0,4%. This morning Barclays raised the target price to 4,50 euros from 4,10 euros.
Among today's best to report Salvatore Ferragamo +1%, to the top of the basket. Positive too Moncler + 0,6%.
In the rest of the list in sharp decline Astaldi which marks the new all-time low at 1,29 euros.
From the beginning of the year -40%. S&P downgraded rating to CCC- from CCC with 'developing' outlook. American analysts are awaiting clarifications on the sale of the assets linked to the Third Bosphorus Bridge concession, a key step in proceeding with capital strengthening.
