THE IPHONE TAKES THE FIELD AGAINST THE RECESSION
THE GERMAN CAR ALSO BRAKES. MEDIOBANCA DISAPPOINTS
The recession is roaming the markets. Not only in China, where the signs of an economic slowdown are multiplying but also in Europe, where the sudden braking of the German car is impressive. And, above all, in Italy which now entrusts the hope of reviewing a positive GDP to 2014. In the meantime the data say: -2,4% for 2012, -0,2% for 2013, better than suggested initially by Minister Vittorio Grilli, who was more inclined towards a cautious -0,6%. In any case, the Piave line to avoid the increase in VAT and achieve the objectives agreed upon in the EU passes from divestments equal to 1% of GDP, or 18 billion divestments.
Asia ends a mixed week higher. Tokyo rises by 0,65%, Hong Kong by 0,76%.
According to Yuan Gangming, leading economist at the Chinese Academy of Social Sciences, the slowdown in Beijing's GDP will be more marked than expected. In the fourth quarter, the economy's growth rate will fall below 7%.
The anti-recession weapon is called iPhone 5 on sale today in Japan, Hong Kong, Singapore, Australia but also France, Germany and the United Kingdom as well as the USA and Canada (Italy will follow on 28 September). Last night (Italian time) the Apple stores in Australia opened their doors first, followed by Asian stores. Apple expects to sell ten million units over the weekend.
Apple's suppliers benefit, including the enemy Samsung +1,2% which achieves 9 percent of its turnover with supplies to the US group.
Wall Street in the end it absorbed the disappointing data on US employment: Dow Jones +0,14%, S&P -0,05%, Nasdaq -0,21%. After the closure, the disappointing data of the software giant Oracle were released: in the quarter the turnover was 8.21 billion against a forecast of 8.43 billion.
Gold resumes the race, confirming the upward trend: 1774 dollars an ounce +0,23%. Oil also recovered this morning after four consecutive sessions down: Wti this morning at 93,17 dollars +0,81%.
THEeuro trades at 1,2994 against the dollar.
Another negative session for the European stock exchanges, even if in the end there was an improvement that allowed the lists to close well above the day's lows.
In Milan the FtseMib index it fell by 1,6%: among the Italian blue chips, the biggest losses are from the banks.
La London Stock Exchange was down 0,5%, Paris -0,6%, Frankfurt closed unchanged.
The day has recorded a slight worsening of the BTP, with the yield rising to 4,96% and the spread growing to 339 (+11 basis points).
In Milan, bank stocks were penalized by uncertainty about if and when Spain will decide to present an aid request, a move that would allow the European Central Bank to intervene in the debt market to curb Madrid's high lending rates. Unicredit fell by 3,1%, Intesa -3,3%, Banco Popolare -4,3%, MontePaschi -5,3%, Popolare Emilia -4,3%.
After the release of the results, Mediobanca fell by 3,5%. The Piazzetta Cuccia institute closed the 2011-2012 financial year (as at 30 June) with a net profit of 80,9 million euros, a decrease of 78% compared to the previous financial year. The average consensus of analysts was 95 million. Shareholders will receive a dividend of €0,05 per share, up from €0,17 last year. Mediobanca closed the fourth fiscal quarter with a net loss of 24 million euros from the -50,3 million of the previous year in the same period.
The core tier 1 ratio at the end of June was 11,5% from 11,2% the previous year.
Down Generali -2,9%, while Fondiaria-Sai it closed up 1,5.
Negative notes for the car, on the eve of the expected meeting at Palazzo Chigi between the Fiat delegation and Mario Monti, accompanied by Elsa Fornero (“it won't be a Fiat monologue,” he said) and Corrado Passera (“Fiat will have to explain to us why others earn”). In the meantime, Fiat lost 2,3%, together with Pirelli -3,2%, downgraded by Citigroup. But the slowdown does not depend on homegrown controversies, if anything on the abrupt stop of the Big Germans, conditioned both by the poor conditions of the European market and by the decline of the Chinese economy. This is the case in particular of Daimler -2%, after the CEO Dieter Zetsche has revised downwards the profit estimates of the Mercedes-Benz brand for the second half of 2012, saying that it will make lower profits than those of the first half. In July, Zetsche had forecast earnings for the second half of the year in line with those of the first six months. BMW lost 2,8%.
The recovery of crude oil has not had a positive effect on the prices of oil stocks: Eni is down 1%, Saipem -1,4%. In Paris, Total closed down 1,5%.
Among the mid caps, Reno De Medici rose +1,9% and Risanamento +0,8%.
Prelios it fell 4,4%.
Rcs, after the now customary suspension, fell to 1,54 euros, down 14%. The meeting of the agreement will be held today in which the Fonsai representative will not participate: the insurance company has 5,4% of Rcs and was represented by Massimo Pini, who passed away recently.
Also in sharp decline Telecom Italy Media -7,9%. In the race for the broadcaster La 7, after the withdrawal of Sky, Cairo, the Clessidra fund and 3 remain.
