The Stock Exchanges have teetered, for a few hours, on the roof of the Empire State Building. Like King Kong in the famous film. Then the shock of the sharp drop in the Empire Manufacturing Index, which measures the performance of the manufacturing economy in New York (from +3,9 in July to -14,9) was absorbed: thanks also to the media recovery driven from Walt Disney: +1,8% on Wall Street thanks to the announcement of the forthcoming launch of two theme parks dedicated to Star Wars.
The media sector (+1,3%) was among the liveliest on the US Stock Exchange, now focused on the publication of the July Fed minutes, scheduled for tomorrow evening. Wall Street thus closed a mixed session higher: S&P500 +0,5%, Dow Jones +0,4%, Nasdaq +0,9%.
EMERGING UNDER FIRE. STILL IN DECLINE THE CHINESE BRICK
The ongoing film in emerging markets is no less eventful but highly dramatic; the Thailand Stock Exchange falls by 2,7% after the dramatic attack in Bangkok. The bath, the local currency, is at a 6-year low and adds to the list of geopolitical crises exacerbated by the strength of the dollar: Malaysia, Brazil, Turkey and Russia are the markets most at risk.
The Indonesian rupiah and the Malaysian ringgit are at historic lows against the dollar, while the Indian rupee is at levels not seen since 2013. The São Paulo Stock Exchange (-0,6%) is in its sixth consecutive day of lowest in the last 6 months. In Europe, Turkey suffers, the Istanbul Stock Exchange loses 0,5%, the drop is 10% since the beginning of the year.
Weak Japan (-0,2%), slightly up Hong Kong (+0,1%). Shanghai (-1,4%) and Shenzhen (-1,2%) are also holding back. The house price index in 70 cities continues to decline: -3,7% in July, better than in June (-4,9%) and falls of more than 6% in previous months.
MILAN CLOSES UP. IN ATHENS THE TEN-YEAR BELOW 10%
A more relaxed atmosphere on the European squares, in full holiday mood. The only emotions were caused by the ups and downs of Wall Street which conditioned a good part of the session. With an acceleration towards the end, the Milan Stock Exchange closed a session with wide deviations higher, Ftse Mib index +0,7%. Paris gained 0,7%, while Frankfurt lost 0,3%. Madrid was also down (-0,2%).
Pending the Bundestag's vote on Greece's 86 billion bailout plan, the Athens Stock Exchange (+1%) celebrated the Eurogroup's yes: the National Bank of Greece recorded a 5% increase. Greek government bonds also accelerated gains. The government ten-year yield it fell below the 9% threshold for the first time since last February, while the spread fell to 830 basis points. Finally, the yield on the 2-year government bond, the most sensitive indicator of default risk, fell below 11%, to its lowest level since 2011. By mid-June it had risen to 30%.
THE BOOM OF ARRIVALS IN FIUMICINO PUSHES ATLANTIA
In Piazza Affari, Atlantia (+1,5%) stood out, which owns Adr, the Rome airport company. Despite fires, strikes and various disservices, the Fiumicino airport is growing rapidly, confirming the positive trend in tourism. From 7 May to 11 August, according to ENAC, the airport recorded 13 million passengers (+6% compared to the same period in 2014). From the beginning of the year to 11 August, there were approximately 25 million passengers (+7%).
VOLUNTARY DISCLOSURE PUSHES MANAGED
The financial sector is positive. Shines Azimuth (+1,9%). The asset management sector should benefit from theacceleration of voluntary disclosure, after the rules that have clarified some critical points of the procedure have been passed in recent weeks. The banks were positive: Intesa +1,9%, Unicredit +0,8%, MontePaschi +0,7%. Ubi Banca +2,3%.
LUXURY STILL SUFFERS. PRADA THIS MORNING -1,1%
The Luxury sector is struggling to recover after last week's shock triggered by the surprise devaluation of the Chinese Yuan. Ferragamo (+1% at the close) lost its initial edge during the day, when it had risen by 2,5%. In Paris, Lvmh finished up 0,7%. Also down this morning in Hong Kong Prada (-1,12%) after Monday's drop - (0,7%). Yoox -0,7%, Luxottica +0,5%, Tod's +1,7%.
FLY SARAS. FOR EQUITA, THE TITLE IS NO LONGER BUY
Oil stocks are weak under pressure from falling crude oil. Eni closed a session almost entirely down unchanged. Tenaris +0,2%. Saipem -0,45%. In the meantime, Saras' run continues (+5,5% to 2,458 euros). The Moratti family's share closed last week with an overall increase of 12,5%, reaching the highest price since January 2009 at 2,47 euros during the week.
After the strong increases, Equita cut the recommendation to Hold da Buy to withdraw with a target price of 2,46 euros. Since the beginning of 2015, the stock has gained 190%. Stock market capitalization is once again well above 2 billion euro. Today it is about 2,3 billion euros.
In the utilities segment, Enel +1,1%, Snam +1,3%, Terna +1,1%. It should be noted that Iren +3,4%.
AUTOMOTIVE HOLDING DOWN: FCA -0,4%, FINMECCANICA GOOD +1,6%
In industry Prysmian (+0,9%9, Finmeccanica (+1,6%) and StM (+1,4%) are positive. Fiat Chrysler is down 0,4% in line with the automotive sector index (- 1,45%). The group announced last Saturday that it had recalled 88 vehicles, mainly sedans, due to a fault relating to the electrical system. Cnh Industrial was also negative (-1%).
