At the end of the morning, Piazza Affari guides the European lists on the day of the year with the most European quarterly reports. The Ftse Mib index marks an increase, albeit slight, of 0,15% around 21.600. Better than Paris +0,07%. In the red Frankfurt -0,50%, on the day of Deutsche Bank accounts, and Madrid -0,10%. London unchanged. In Milan the focus is on General Bank e fca who have presented their accounts: Banca del Leone exceeds the consensus, operators disappointed by the automotive group's EBITDA and debts despite record profits.
The crisis between France and Italy worsens Fincantieri, down by 2,2% after a positive opening. Le Monde wrote this morning that French President Emmanuel Macron "chose to nationalize the Stx shipyards of Saint Nazaire rather than give the keys to an Italian shareholding deemed problematic". “The operation will be implemented concretely between now and tomorrow evening. The French State, already a shareholder with 33%, will exercise its right of first refusal on the rest of the capital”, reads the newspaper's website.
The dollar is recovering slightly after the sharp depreciation immediately following the Fed meeting,. In mid-morning the euro/dollar changed hands at 1,1715 after rising to 1,1777 in the first part of the session, the highest level since January 2015.
Purchases on bonds after the Fed expressed its cautious tone on inflation and rate hikes. Bunds 0,52%, BTPs 2,08%. This morning the Treasury placed the expected 6,5 billion euro of six-month BOTs; the yield stood at -0,362%, slightly up from the all-time low of -0,372%
Gold climbs to highs from one month to 1.265 dollars, taking advantage of the weakness of the dollar.
On the macro framework, Brent is projected above 51 dollars the barrel for the first time since early June. It is the fourth consecutive increase, yesterday US crude inventories showed the 14th drop in fifteen weeks. Eni gains 0,4%,?Saipem? loses 0,6%.
Great enthusiasm in Piazza Affari for Moncler +3,7% after the quarterly results announced on Wednesday evening after the Stock Exchange was closed: revenues grew sharply, +20,5% year on year to 131,4 million euro, better than analysts' estimates. In luxury they drive too?Tod's? +1% and ?Ferragamo? +0,8%.
On the European price lists, on the other hand, it weighs splash of the Anglo-Swedish giant Astra Zeneca -15% after the failure of tests on a cancer drug for which there were high hopes. The pharmaceutical sector index slips to a four-month low. Roche gains 1,2%.
Registered +1,97% closed the second quarter with revenues up by 8,2% to 308,9 million euros and a net profit of 68,5 million, up by 19.% compared to the corresponding period of 2016. The net financial position at the end of June it shows a net debt of 356,3 million which compares with a net debt of 198,8 million at December 2016. During the period, the pharmaceutical company specifies, dividends were distributed and the acquisition of the marketing rights of some products from Astra Zeneca for a total outlay of 324,9 million.
Pressured banks after the results of Deutsche Bank -4%. Despite higher-than-expected profit growth in the second quarter, CEO John Cryan stressed that the group's profitability does not meet longer-term objectives.
In Milan Unicredit?+0,3%,?Intesa? +0,2%. Ubi Banca?+0,8%. The company has reached an agreement with the unions on early retirements and early exits. In assets under management, Banca Generali stands out, leaping to the helm of the Ftse Mib (+3,4%) after the half-yearly accounts with results well above the consensus. Azimut +0,6%,??Banca Mediolanum??+0,2%.
Generals +0,07%. Allianz rises instead of 1,5% after reporting results yesterday, with full-year profits in 2017 at the high end of expectations.
After the accounts Fiat Chrysler it lost share (-0,3%). In the meantime continue the Ferrari rallies up 1,8%, new record. Brembo?+0,2% closed the first half with a turnover up 10% and profits up 7,6%. Telecom Italy today meets the board of directors on the accounts that will be presented tomorrow in conference call. Same for Eni.
