THE BULL RECOVERS BUT NOT TOO MUCH. FLY INDESIT. WELLS FARGO ACCOUNTS DISAPPOINT WALL STREET
The accounts of Wells Fargo -1,2%, the first major US bank to communicate results for the quarter, are in line with forecasts but do not excite Wall Street. Negative ground is Citigroup -0,8%, Bank of America -0,5%, JP Morgan -0,4%. The main indices are down: Dow Jones -0,1% and S&P500 -0,1%. The Nasdaq does better by +0,4%.
The news arriving from the US helped to slow down the recovery of European lists. This morning the Treasury filled up: all 7,5 billion BTPs at 3,7 and 15 years were placed (the latter at a new minimum record). Fears over the Espirito Santo crisis subside, the spread drops to 171 basis points. The Portuguese government bond spread rose by 7 basis points to 267, with a 3,87-year yield at XNUMX%.
In Milan, the Ftse Mib index limits the gain to +0,6% at 20.610 points (against a maximum of 20.833). Frankfurt +0,15% moved into negative ground, Paris +0,22% and London +0,07% reduced the rise. Madrid advances by 0,30%.
Indesit is up 2,85% on Piazza Affari at 10,83 euros, now close to Whirlpool's offer of 11 euros per share. The market does not rule out a possible increase in the offer price. On Wall Street, the title of the US buyer rises by 2%.
Bank shares improved (+1,7% the Stoxx of the European sector) also due to the positive evolution of Banco Espirito Santo readmitted to the Stock Exchange. The stock opened up 11% before trading below par and recovering to a 5,1% gain. In Milano Intesa rose by 1,6%, Unicredit +1,2%, Popolare Milano +3%, Banco Popolare +2%, MontePaschi +1,6%. Insurance companies rebound: UnipolSai +3,4%, Generali +1%.
In asset management, Mediolanum advanced by 1,2%, Azimut +1,2%, Banca Generali +0,1%. Among industrialists, the rally of Finmeccanica +2,9%, StM +1,1%, Fiat +0,6% continues. Enel gains 2%: yesterday the board of directors officially decided to put the assets in Slovakia and Romania up for sale, giving the relative mandates to some investment banks. Enel Green Power +2%. Also on A2A +2% and Snam +1%.
Eni in progress +1% despite the drop in crude oil: Brent falls by 0,5% to 108,5 dollars a barrel. Little move Telecom Italia +0,4%. Negative report by Keopler on the cement sector. In Italy, the market recorded a year-on-year decline of 12% with a further slowdown in the second quarter. Buzzi slows down +0,33%%, clearly evident during the session thanks to the promotion of Exane to Outperform from Neutral. Exane itself instead cut Italcementi's recommendation to Neutral from Outperform and the stock lost 3,5%.
