European stocks positive in the middle of the day, in a market heavily influenced by banking stocks, which are positive today. The pink jersey goes to Business Square, which gains 0,9%, followed by Frankfurt (+ 0,8%), Paris (+0,6%) and London (+ 0,6%).
To support the price lists are in the first place the new arrivals from Bank of England, which announced a cut in the discount rate to an all-time low of 0,25%, from the previous 0,50%. For the BoE, this is the first reduction in the cost of money since 2009. The expansionary maneuver comes after the macro data which testified to a slowdown in the economy caused by the outcome of the Brexit referendum. In recent days, the PMI indices have shown a contraction in manufacturing activity, which fell in July to the lowest levels since 2009.
La European Central Bank, however, published today its latest monthly bulletin, in which he confirms that the Eurozone continues on the road to recovery despite Brexit. But the Eurotower also reiterates that it will intervene with new monetary policy measures if the conditions of the economy and the markets so require.
On the financial side, the London Stock Exchange closed the first half with adjusted operating profit up 9% to £333,3 million and revenue up 9% to £721,9 million. Furthermore, the group that also controls Borsa Italiana has announced that the process for the merger with Deutsche Boerse, announced in March, is “making good progress” following shareholder approval in July, and that work is underway to obtain regulatory approval. The CEO of LSE, Xavier Rolet, declared that the closing of the merger is expected in the first half of next year.
As for the Asian markets, the stock exchange of Tokyo ended the session sharply higher on the back of Wall Street and the recovery recorded by oil prices. The Nikkei index gained 1,1% to 16.254,89 points, while the Topix gained 0,87% to 1.282,99 points. Positive closures also for Shanghai (+ 0,13%), Shenzhen (+ 0,73%) and Hong Kong (+ 0,43%).
Bank stocks are in positive territory on the Ftse Mib. Among the best there is Unicredit, which rebounded 3,6% after losing 2,2% on the day yesterday dissemination of the half-yearly, archived with a net profit up to 1,3 billion, but also with a fully loaded Cet1 declining, which feeds the fears about capital generated by the stress tests. The hypothesis continues to circulate that the Bank's number one, Jean Pierre Mustier, will soon announce a recapitalization of between 7 and 8 billion euros.
Still volatile Ps (+1,17%), which was affected by the uncertainty about the upcoming 5 billion euro capital increase. Furthermore, according to Exane Bnp Paribas, in September the Tuscan institute could exit the pan-European Stoxx Europe 600 index.
Money up too Bper (+ 2,47%), bpm (+ 2,54%) and Mediobanca (+1,25%): today the heads of the three institutes will meet to approve the accounts for the April-June period. Among other banks, Understanding + 1,37% Ubi +3,78% and Banco Popolare + 2,42%.
fca -0,17% after yesterday's rally triggered by the hypothesis of the sale of Magneti Marelli to the Korean Samsung for about 3 billion dollars. The Italian press also talks about a possible joint venture with Samsung entering the capital. In the Agnelli galaxy the Ferrari (+0,6%) and the Exor (+ 0,62%).
The revolution at the top is good for Rcs (+5,58%), which yesterday announced the departure of CEO Laura Cioli and the president Maurizio Costa, replaced in both roles by Urbano Cairo. Also yesterday, the group announced that it had returned to profit after 14 quarters, recording a positive result of 2016 million euros between April and June 19,9, against a loss of 60,2 million at the end of June 2015.
The accounts also push Unipol (3,14%), which closed the half-year with consolidated net profit of 276 million, down from 446 million in the same period of 2015, given that it had however benefited from an extraordinary financial management result. The Board has decided to invest up to 100 million euros in Atlante 2. Unipolsai (+2,18%), always in the wake of the accounts.
Among the oil producers, Tenaris gains 1,03% in spite of the disappointing half year, which saw profits go from 321,4 to 4,9 million dollars on an annual basis. Management expects turnover and capacity utilization to recover in the last quarter of the year. The stocks are well positioned awaiting the conference call in the afternoon, even if Equita's analysts have already said that they believe "at least a high single-digit downward revision for EBITDA is reasonable".
Out of the main basket it flies sapphire (+11,58%), which closed the first half with a sharp increase in net profit (+130,6%, to 22,9 million), even if on revenues in decline (-3,5% at current exchange rates , to 651,1 million euros). Analysts, however, recommend caution. Equita confirms the recommendation of "Neutral" on the stock, however raising the target price to 8,5 euros. Mediobanca still sees risks for the company's business, pointing to the possible break with Gucci, whose contract will expire in 2017. There is also no information on the renewals of the Dior and Celine licenses.
On the foreign exchange front, theeuro it changes hands at 1,1132 dollars (1,1174 dollars at yesterday's close). As for the Petroleum, the WTI contract for delivery in September regained 40 dollars a barrel (+0,15%, to 40,89 dollars a barrel).
Finally, the spread between BTp and Bund it moves at 123 basis points, a slight decrease compared to the 125 of the last closing. The return of ten-year BTPs drops to 1,19%, from 1,22% yesterday evening.
