The slump on Wall Street, disappointed by the Fed's communications, is making its effects felt on European stock markets, canceling the timid positive signals coming from European manufacturing. Piazza Affari loses 0,4% around 21,800 points in line with Paris, -0,4%. The negative phase in Madrid continues -0,8%. Slight drop in London, only Frankfurt is making positive progress +0,2% supported by the accounts of Volkswagen +5%: this morning the automotive manufacturer released data for the quarter. Operating profit of €3,9 billion, in line with expectations. Revenues at 60 billion euros, expected 58,2 billion. The company, which has set aside one billion for legal expenses and has confirmed its objectives for 2019.
The news does not warm Fiat Chrysler -2,1% waiting for the quarterly. In the US, its brands were down 6% year-over-year in April, to 173.000 units. Evil Jeep -8%. Good RAM (+25%).
Bene Bayer +3% After a favorable ruling by a US court on glycophase.
On the macro front, there was a modest improvement in the PMI indices: in April, the index on the expectations of purchasing managers of Italian manufacturing companies rose to 49,1 from 47,4 in the previous month: the consensus expected 47,8. In April, the index rises again, after three months of decline.
There is also a very modest recovery of European manufacturing as well. Markit's eurozone PMI rose to 47,9 from 47,8. Expectation 47,8.
In a context of rather low volumes, lo spread it stands at 251 basis points from 255 at the end of Tuesday's session and the 2,54-year rate drops to 2,56% from XNUMX% at the last closing.
THEeuro it appreciates slightly to 1,121 on the dollar.
CNBC reports this morning that tomorrow, the US and China will announce they have reached a trade deal.
Oil down: Brent down 0,7% to 71,6 dollars a barrel. In decline at Piazza Affari Tenaris and Saipem down by more than 2%. Eni -0,5%.
The titles of the Vacchi group shine: Ima + 6% Gima TT even +29,14%. The Food and Drug Administration (Fda), has given the first authorization for the sale of Iqos in the United States. These are the new "cigarettes" that heat the tobacco instead of burning it, produced by Philip Morris. Gima is one of the main suppliers of Philip Morris.
Three banks rooms Intesa Sanpaolo +0,4%. even if Berenberg has cut the rating to Sell. Bpm bank + 0,4%. Unicredit.accelerates in the middle of the day and reaches the top of the Ftse mib with an increase of 1,3%
The market was conditioned by the release of a series of reports. In luxury, Brunello Cucinelli slows down -3,28%. Jefferies cuts recommendation to Hold. The same broker instead raises the target price of Moncler -0,5% but cuts the judgment on Ferragamo - 3,1% to Underperform,
Datalogic also holds back -5%. Exane cuts judgment to Neutral.
US private equity Blackstone filed a new lawsuit, this time directly against the chairman and major shareholder of Rcs Urbano Cairo, regarding the sale of the properties of the publishing company which took place in 2013. The publishing company has not made any provisions in the financial statements for the legal risks associated with the dispute in course.
