The accounting season on Wall Street opens with an uncertain tone. Citigroup (-0,1%) first to disclose yesterday quarterly numberscertainly didn't warm up the markets: the results (4,8 billion in profits against 4,5 in the first three months) were better than expected, but operators weren't impressed. Today it's up to JP Morgan, Goldman Sachs and Well Fargo the difficult mission of driving away the distrust of the markets for the uncertain prospects of global demand that dominates the lists despite the continuous records. Even more, look at the data on retail sales that coincide with Amazon's Prime Day.
DAIWA: TRUMP WILL STAY QUIET ON DUTIES UNTIL OCTOBER
In any case, the gaze goes beyond the day's appointments, towards the Fed meeting at the end of July, when, in all probability, there will be the first rate cut since December 2008. The operators then focus on the trade war: “We still don't know what to expect from the US and China, but there are vague expectations that Trump will remain quiet over the summer and that the issue will be sidelined until close to China's National Day (early October)," said Yukino Yamada, strategist at Daiwa Securities.
Europe, awaiting the decisions of the ECB, is today concentrated on the appointment of the new president of the Commission and observes with astonishment the evolution of Italian politics, already shaken by the Savoini case.
HYRAGAN BRRY DOES NOT INFLAME OIL
Asian stocks in no particular order this morning, after Wall Street closed almost unchanged. The MSCI Asia-Pacific index ex-Japan rose 0,1%. China's CSI 300 index dropped 0,5%. South Korea's Kospi gains 0,24%. Japan's Nikkei 225 stock index, which closed yesterday for a holiday, lost 0,7%.
The US markets were almost flat: Dow Jones +0,1%, S%P 500 +0.02%, Nasdaq +0,17%.
Oil falls: Hurricane Barry, the first of the season in the Gulf of Mexico, is having a modest impact on production. Wti crude oil drops to 59,58 dollars, Brent to 66,48 dollars (-0,36%).
Down in Piazza Affari Saipem -1,41%, Tenaris -1,11%, Eni -0,77%.
DECREASE OPENING FOR EUROPE, FLAT BUSINESS PLACE
The European Stock Exchanges anticipate a cautious start, futures on Eurostoxx 50 and Frankfurt Dax -0,1%.
The decline in the spread was not enough to support the rally in Piazza Affari, yesterday bringing up the rear in Europe with a very slight decrease of 0,02% to 22.178 points. After a brilliant start, culminating in the highs of the main index for 13 months, profit-taking thus prevailed, above all on the stocks on which most speculation last week, starting with the banks.
Best of all, Frankfurt, already targeted in recent days by a real shower of profit warnings, which takes advantage of the recovery of Deutsche Bank, up 2%.
Modest variations Paris +0,1%, Madrid +0,3% and London +0,33%.
VON DER LEYEN PROMISES FLEXIBILITY FOR THE EU
Yesterday the big maneuvers on the eve of the day continued throughout the day vote tonight for the choice of Jean Claude Junker's successor led by the European Commission. Ursula von der Leyen has made important commitments to gain the necessary consensus. In particular, you said you were in favor of the minimum wage for all European workers and the supplementary unemployment benefit. Furthermore, in the letters addressed to the socialist and democratic leaders of the assembly, you clarified that the EU budget rules must be interpreted with greater flexibility and follow a line that favors growth in the euro area.
Meanwhile, good news arrived yesterday for Italian public finance: Bank of Italy certified the drop in May to 2.364,7 billion, 8,7 billion less than the previous month.
DBRS PROMOTION HELPS BTPs
The Canadian rating agency Dbrs confirmed its assessment of Italy at BBB (High) on Friday evening, with a stable trend. The assessment takes into account the progress made by the banking sector, the improvement in credit quality, and confidence in a more prudent fiscal policy.
Also thanks to these signals, the BTPs archived a brilliant session, especially in the long part of the curve, confirming themselves among the best European government bonds.
The yield differential between the BTP and the Bund on the 10-year stretch fell to 190 basis points, a new low since May 2018, from 198 at the end of Friday's session.
The 1,64-year rate drops to 1,73%, from XNUMX% at the last close.
THE “DECOTTA” COMPANY WILL HAVE TO SAVE ALITALIA
Spotlights turned on this morning in Piazza Affari on Atlantia (yesterday -0,16%) but also on the rest of the Benetton galaxy. Yesterday evening, at the end of a long meeting, the board of directors of Ferrovie dello Stato decided to continue negotiations for Alitalia with the holding company of the Veneto group. "Having evaluated the confirmations of interest received - reads a note - Atlantia has been identified as a partner to support Delta Airlines and the Ministry of Economy and Finance for the Alitalia operation”. Thus Claudio Lotito, the Toto family and the Colombian entrepreneur German Efromovich leave the scene.
Beyond the official declarations ("great result - underlined the deputy prime minister Luigi Di Maio - but we are not backing down on concessions because the state will continue to have the absolute majority of the company and therefore also control of the newco") it is clear that the turning point is destined to have an important impact on the dispute over the Morandi bridge, on which there are disturbing news: the Financial Times writes that the company had been aware of the bridge's problems since 2009.
Now we will enter the decisive phase. The main node is that relating to the approval, and possible integration, of the industrial plan already defined by FS and by the industrial partner, the US carrier Delta. As far as the shareholdings are concerned, between 35 and 40% should go to Atlantia.
THE RESCUE OF ASTALDI ALSO UNDERWAY
New arrivals also for the construction pole. Yesterday the board of Salini Impregilo (-1,73%) approved a new offer for Astaldi (+4,65%) within the framework of the so-called Progetto Italia, which aims to consolidate the major works and construction sector. The proposal, broken down into many points, envisages, among other things, a cash capital increase of 225 million reserved for Salini Impregilo, a commitment to grant some credit lines and the hypothesis of a capital increase by Salini from 600 million with the participation of banks and Cdp.
S&P PROMOTES UNICREDIT OUTLOOK
Yesterday the slowdown in the banking sector conditioned the stock market session, starting with the stocks returning from the best performances. About 2% of Ubi Banca and Banco Bpm were left on the ground. Finecobank is also bad, which still remains above 9,85, a value at which 116,1 million shares were sold. Unicredit -0,9%. Rating agency S&P has improved its outlook to stable da negative for the better resilience capacity of the group to a hypothetical default of the Italian sovereign debt.
Mps is down sharply (-6%), which yields a part of the previous strong gains: since mid-June the stock has gained around 60%. Banca Ifis, on the other hand, shot up (+4%), the best stock of the session.
Among the utilities, Hera's new absolute record should be noted: +1,14% to 3,55 euro. Enel +0,8%.
JUVENTUS, DE LIGT'S DAY
FCA (+0,5%) and Ferrari (+0,88%) advance in the Agnelli galaxy: as of July 12, the company held 2,76% of the capital in treasury shares. The Juventus title is in the spotlight: today the contract with Ajax defender Matthjis De Ligt will be signed in Turin.
Also in great evidence Amplifon (+2,5%) and Recordati (+2%). The latter has signed an agreement with Novartis for the worldwide acquisition of the rights to Signifor and Signifor LAR, two drugs for the treatment of Cushing's disease and acromegaly.
FALCK, GIGLIO, RESANAZIONE, A TRIO OF RAISES
Falck Renew continues its ride and with an increase of +3,3% pushes the quotation to the new highs since September 2008, at 4,43 euros.
New leap for Giglio Group (+3%), a company active in the field of electronic commerce which has announced that it has signed an agreement with Del Mare 1911, a historic Milanese brand, to expand its digital business.
On Risanamento (+12,7%), the effect of theawarding of the 2026 Winter Olympics to Milan-Cortina, which should enhance the Santa Giulia area.
Brunello Cucinelli is back (-4%), which last week communicated its revenues for the first quarter.
Profit-taking starts on Tinexta (-3,8%) after a +140% in 12 months.
Biesse (-2,6%) hits new lows for three years.
