The Milan Stock Exchange travels just below parity (-0,02%), in a morning marked by the new drop, stronger than expected, of the Ifo, the German confidence index. In Europe, London and Frankfurt are on par. The decline in Paris was more marked, losing 0,5%. Meanwhile, the euro depreciates against the dollar and falls to 1,344 from 1,346 yesterday evening, a level not seen since November 2013.
The 2,713-year BTP strengthens to 1% (-XNUMX basis point). The spread is reduced to 155 bp. The Treasury's decision to cancel the medium- and long-term auctions scheduled for 13 August and those of indexed bonds scheduled for 26 August also contributed to strengthening the prices of Italian government bonds.
The fall of the French price list must be linked to the disappointing results of the luxury brands. The battleship lvmh slips 6%: first-half revenues rose 3% year-over-year to a round 14 billion euros, 200 million euros less than market expectations. Operating profit amounted to 2.58 billion euros versus forecasts of 2,76 billion euros.
Ferragamo lose 1,9%, Moncler 0,7%, Yoox salt of 1%. It shines though Luxottica, up 2% following the presentation of the quarter's data: profit and revenues rose year-over-year, and the company said it was optimistic about the second half of 2014.
Another negative note: the possible halt, as part of the sanctions against Russia, to the work of the South Stream gas pipeline, which should carry Russian gas bypassing Ukraine. They miss out Eni -1,2% and Saipem -0,1%. Utilities are down: Enel -0,6% Snam -0,5% A2A -0,8%.
Terna loses 0,5%. The high voltage electricity distribution company closed the second quarter with a gross operating margin slightly higher than consensus expectations.
This morning the announcement of the acquisition of Sky Italia by BSkyB of Rupert Murdoch who is accumulating new financial ammunition to attack Time Warner: the offer would have been raised to 90 billion.
Mediaset loses 2,5%. The subsidiary Mediaset Espana acquired from Prisa 8,5% of the share capital of Mediaset Espana for 307,5 million euros (8,892 euros per share). Telecom Italy salt of 0,5%.
Banks are opposed: Unicredit + 0,8% Intesa Sanpaolo + 0,9% Where's Banca + 0,8%. Banco Popolare lose 1,5%, Banca Popolare dell'Emilia Romagna -0,4%. Mediobanca it is unchanged. MontePaschi +1%: JP Morgan analysts upped the title to Neutral from Underweight this morning; the target price went to 1,50 euro from 0,87 euro. Banca Carige +2,8% after announcing exclusive negotiations with Apollo Management Holdings for Carige Assicurazioni Spa and Carige Vita Nuova Spa.
Among the financial companies it settles down Azimuth (-2%), down after the rally triggered by the quarter's data. They advance in reverse Mediolanum + 1% Soul Holding +4% and General Bank +0,7% .
