The European Stock Exchanges do not exhaust the contagion effect and are moving in positive territory in the aftermath of the rush of Wall Street which is preparing for the quarterly season with the monthly record of the Dow Jones. The impact of Brexit also passed without jolts, after the reshuffle in the British government.
In the middle of the day Business Square, uncertain in the morning, is among the best: Milan scores +0,48%, returning again above 22 thousand points despite the weakness of the banking sector. Take the road to the upside too Paris (+0,4%), timid recovery for Frankfurt (+0,15%), down Madrid (-0,2%). London brakes after the rise of the previous session and travels just above parity (+0,1%) in the wake of the movements of the pound due to the resignation of two cabinet ministers May, disagreeing with the Prime Minister's Brexit policy.
In fact, on the currency, while the cross euro/dollar it settled at 1,172 (-0,2%), the British currency weakened against the euro, falling to 0,884 (-0,2%), while recovering against the dollar reaching 1.325 against the 1,319 reached on Monday. Also affecting the performance of the FTSE 100 were data on the trade deficit of Great Britain, which in May disappointed expectations, settling at 12,36 billion pounds, and those on industrial production, which improved on an annual basis by 0,8%.
Remaining on the macro front, it was also published in the morning the German Zew index, which dropped in July to -24,7 compared to the value of -16,1 recorded in June. Turning to the raw materials, the Petroleum driven by fears of a drop in production due to the situation in Libya and tensions between the US and Iran: Brent rises to 79,19 dollars a barrel (+1,4%) and the price of Wti increases by 0,7% at $74,39 a barrel. On the bond, the spread between Btp and Bund which at 12.15 reached 234 points (-1%), with a ten-year yield of 2,667%.
Returning to Piazza Affari, the top of the Ftse Mib is there Salvatore Ferragamo (+2,48%), whose stock benefits from the upgrade by Jefferies analysts who brought the recommendation to Hold from the previous Underperform, confirming the target price at 19 euro. Also up sharply Recordati (+ 2,12%) and Brembo (+2%). Among the best titles there is also Fiat Chrysler which gains 1,7% thanks to the positive data on sales in Brazil. Well too Mediaset (+1,5%), it does not stop Saipem (+ 1%). The shares of the subsidiary Eni gain 1,1% today driven by the expectation for the one billion dollar maxi-order arriving from Azerbaijan.
In mid-morning the weakness of the banks was confirmed, with the sector index down by 0,16%. However, the big three are doing worse: Bpm bank (-0.68%), Unicredit (-0,4%), Intesa Sanpaolo (-0,51%). In this context, the governor of Bank of Italy, Ignazio Visco, speaking on the sidelines of the ABI meeting, declared that the reform of cooperative banks "must be completed, so as to allow the remaining cooperative banks of significant size to achieve the necessary improvements in terms of transparency of the governance structures, of the ability to resort to the market, of the possibility of participating in the aggregation processes”. The number one of Via Nazionale also launched a warning to the Government on "demand support policies" which "must be carefully dosed, paying attention to the balance of public finances and the need to keep the dynamics of the relationship between debt and product".
At the bottom of the Ftse Mib is the square Telecom Italy (-2%), weighted down by a negative report from Ubs, which revised the recommendation from Neutral to Sell, estimating a price target even lower than the current quotations, i.e. around 0,59 euro (and 0,5 euro for savings). It should be underlined that, compared to the levels at the beginning of April, in the 0,88 euro area, the shares of the telecommunications company sail on prices that are almost 30% lower, falling to 0,64 euro.
Outside the Ftse Mib, the performance of Banca Carige which, after having fallen sharply (-2,4%) is recovering ground while the board of directors is examining it Mincione's request to convene a meeting in September with the revocation and consequent appointment of a new board of directors of the Ligurian bank on the agenda.
Fly instead Fincantieri (+9,08%), after some press rumors, according to which the company is working on a 20 billion dollar maxi-order from the US Navy for twenty frigates.
