Ups and downs for the world stock exchanges, mostly oriented towards negative territory in Europe. However, Milan is saved and closes at +0,29%. The other lists of the continent instead stop with the minus sign in front: London -0,84%, Frankfurt -0,44%, Paris -0,09%. Also Wall Street opens in a bad mood, but then turns to good weather after the oil inventories news. Black gold starts down and loses up to 2%, because, after Iraq, Russia too seemed oriented to take a step back on the reduction of production. But the tide is changing as US weekly crude oil inventories data are sharply declining. Moral: on the New York Mercantile Exchange, Light Sweet Crude is back to almost parity at 49,91 dollars (-0,10%), while Brent Crude drops 0,35% to 50,63 dollars a barrel.
In this context, however, the oil companies of the Ftse Mib are unable to recover: Eni -1,02%, Tenaris -2,9%; Saipem down to -3%, despite the good quarterly results, due to the downward forecasts for 2017, with revenues expected to be around 10 billion, lower than previously communicated (over 11 billion) and net financial debt expected to rise on previous estimates from less than a billion to almost 1,4 billion. New day of passion also for Monte dei Paschi di Siena, -8,64% and the shares are back below 27 basis points. However, other bank stocks, above all the popular ones, offset the list average: Bper +1,63%; Pop Milan +2,54%, Banco Popolare +3,5%. Of the opposite sign is Banca Mediolanum (-1,02%), because the ECB has requested a reduction in Fininvest's stake in the institution (today it is around 30% and should fall below 9,9%).
On the insurance front, Unipol (2,89%) and Unipolsai (+1,66%) shine the best stock in the Ftse Mib is Fiat Chrysler Automobiles (+4,37%), following the quarterly published yesterday, which showed better than expected results. Among the worst stocks also Yoox Net-A-Porter Group (-2,27%), despite the fact that the fashion sector is experiencing a strong day, given the exploits of Kering, +8% at the opening in Paris, thanks to a beautiful quarterly made shiny by the subsidiary Gucci. There is also anticipation for the Yoox quarterly and analysts are expecting a good turnover trend, in line with the previous quarter.
In the day Mediobanca also discloses some indexes and data on the ten-year performance of stock exchanges. The reading is not comforting: in the last 10 years, Piazza Affari has lost just under half of the investment made at the end of 2005. Despite recovering from mid-2012 (+62%), it is the only one in negative territory among the main 23 world stock exchanges for an annual average of -6,5%. Capitalization has decreased by 38,6% from 2005 to today, "burning" 261 billion down to the current 415 (from 676). The value has dropped to 0,8% of the total number of world Squares (it was 2% in 2005) and is equal to 26,4% of the Italian GDP. The Nyse is confirmed as the world's leading stock exchange, followed by the Nasdaq, Tokyo and Shanghai, which jumps to 6,6% of global capitalization from 0,7% ten years ago. The first European stock exchange is London, followed by the Euronext circuit and Frankfurt. Overall, the capitalization of world stock exchanges has grown by 63,2% since 2005 to 53,9 billion, of which 76,4% belongs to mature economies. In Milan, from 1938 to today, only three stocks have stood up to inflation: Generali (+14% annual average), Italcementi (+13,2%) and Caltagirone (+10,8%) against a rate of inflation of 10,1%.
On the currency front the euro recovers ground against the dollar (+0,21%) to 1,09, while the price of gold stands at a three-week high in US morning trade. Among the quarterly reports of large American companies, today was the day of Coca Cola, which saw its profits fall, but still beat analysts' forecasts, and Boeing, +34% profit, better than expected.
