EUROPEAN EXCHANGES MARK TIME. SPECULATION PUSHES MEDIOBANCA
Indexes in red at the start of negotiations on the stock market: the confirmation of the slowdown of the Chinese economy, arrived from the July statistics on exports, is making sales prevail, leading to a decrease in the main European lists.
The European Stock Exchanges retreat e the Stoxx 600 index marks a drop of 0,3%, a step back after 5 consecutive upward sessions that pushed it to April levels. In Milan the Ftse Mib index marks a drop of 0,52% to 14,578. London drops by 0,25%, Paris by 0,85% and Frankfurt by 0,5%.
Chinese exports rose 1% in July from +11% in June, economists had expected an 8% increase. China's trade balance shrinks to $25 billion from $31 billion, expectations were at +35 billion. Another confirmation of China's slowdown comes from new loans in yuan, which fell to 540 billion from 919 billion in June against expectations of 700 billion.
The euro devalues against the dollar for the fourth consecutive day and falls to 1,227 against the dollar from 1,230 at the close. Italian interest rates go up: the yield on the 10-year BTP rose by 5 basis points to 5,87%, that of the 2-year BTP is at 3,28% (+8 basis points).
In Milan the banks withdraw, but the discounts are much less extensive than the opening. Unicredit -0,8% Understanding -1,07% People of Emilia -2,2%. Mediobanca it is up by 1,19% due to speculation on new shareholdings. Generali is down 1,2%. Fondiaria Sai rises by 2% in the aftermath of the rating upgrade by Standard & Poor's.
Unipol gains 1,7% after the conference call on the quarterly data and the first indications on the integration program with Fondiaria Sai and Premafin. Utilities go down. Enel -0,7% Atlantia -1,5%. Tenaris lose 1,79%, Ansaldo Sts 1,3%. stm earn 0,7%.
Finmeccanica earn 0,38%. Today the Council of Ministers will examine the draft implementing decree on the golden share that the state holds in the defense sector. In the spotlight there would be the core business of Finmeccanica, Avio and Fincantieri, excluding Ansaldo Energia and Transport. If approved, the new decree would also block possible takeovers by companies from EU countries.
Lottomatica salt by 1% and Mediaset by 2%. Sharp decline of Saras down 9,4% after the quarter's data was released. The refining group achieved a comparable Ebitda of 33,6 million euros against an average of 52 million in analysts' estimates.
