Difficult morning for the European stock exchanges, while the US tariff offensive against China starts again and the signs of a slowdown in economies are multiplying. Faced with the prospect of an increase in US tariffs of up to 25% on Beijing's imports, China has already responded by airing adequate countermeasures.
A Milano the index slowed down by 1,8% to 21.400. Does slightly better (or less worse) Frankfurt (-1,7%), the hardest hit by the threat of tariffs. Weighing the slowdown of Siemens -3,5% which announced lower than expected revenues despite profits slightly better than forecasts. Hugo Boss marks a decline of almost 6% after earnings below expectations.
Paris -0,7% Madrid -1,2%. It's no exception London (-1,3%). The Bank of England raised its interest rate to 0,75% from 0,50%. Committee members believe further monetary tightening is needed, which will be 'gradual and limited'.
The 2,89-year BTP trades at a yield of 0,42%, the highest since the end of June. Bund up 0,44% from 1,161% yesterday. The euro weakens to XNUMX against the dollar.
The drop in oil prices for the third consecutive session contributed to slow down the price lists following the surprise growth of US inventories. The Brent contract fell by 42 cents (-0,58%) to 71,97 dollars a barrel. The wti loses 67 cents (-0,99%) at 67 dollars. In Piazza Affari it is in sharp decline Tenaris after second quarter communications: -3%. The manufacturer of special tubes has warned that growth will be weak in the second half of the year. Eni+0,1%. Morgan Stanley lowers the target price to 17,50 euros.
Saipem -1,8%. Weak stm (-0,2%) despite Apple's propellant. The profit warning of weighs on the European automotive industry bmw which leaves 2,6% on the ground after having communicated margins lower than the targets on the car. The entire sector is affected and loses 1,77% It is also slowing down Fiat Chrysler (-1,7%) after the data on car registrations in Italy (+3,4%) and in the United States (+6%).
Ferrari (+1%) rebounds after yesterday's crash (-8,3%). Morgan Stanley raises its judgment and target price.
The banking sector loses share, penalized by the widening of the spread. Intesa Sanpaolo e Unicredit -4%; Bpm bank -3,3%. Where's Banca (-2,6%) announced the securitization of non-performing loans for a value of 2,75 billion euro.
Italian post, down 4%, unveiled this morning second quarter accounts: operating profit of 350 million euros, 25 million euros above consensus expectations.
Down Ferragamo accelerates downwards by 2% and reaches the lowest price of the last two years at 19,06 euros. This morning Equita reduced the target price to 19,0 euros from 19,60 euros, confirming the negative recommendation Reduce (lighten the position).
