The disappointment with the quarterly results of some blue chips together with the drop in oil contributes to the decline in European lists. TO Business Square the Ftse Mib index fell by 0,31% around 17.100 points. Heavier the drop than Paris (-0,8%), Frankfurt (-1%) And London (-0,9%). Madrid loses 0,09%.
Commodities in decline: Antofagasta loses 6,6%. The company said it sees full-year copper production at the low end of guidance, and to expect a decline in 2017.
Bad too Petroleum. Brent loses 1,3% to 50,1 dollars a barrel, Wti to 49,2 dollars (-1,3%). Crude oil prices are influenced by statements by Putin who said that Russia does not intend to cut production. Even within Opec, an agreement for the determination of new production quotas seems very distant.
Tenaris drops by 2,6%, Total -1,5% Bp -2%. It gets worse Saipem, down 6,5% after the quarterly results which are also positive, Eni loses 0,8%.
Dollar down slightly against theeuro to 1,092, from 1,088 yesterday. The yield of BTP at 10 years it rose to 1,42% from 1,38%. The yield of the 10-year BTP rose to 1,42% from 1,38% yesterday.
Among the best titles Fiat Chrysler, +2,7% after the good results of the third quarter: Ebit amounted to 1,5 billion euro, higher than the consensus of analysts who expected 1,3 billion euro. Management has raised its targets for the whole of 2016, indicating a target of 5,8 billion for EBIT. Goes down Cnh Industrial (-1,5%).
Construction stocks fell throughout Europe after the disappointing results of the French group Vinci (-1,8%). In Milan Buzzi lose 1%, Salini Impregilo -1%.
Still great volatility in Milan up Mount Paschi. The stock has been repeatedly suspended in a volatility auction and has returned to trading, losing ground, with volumes already exceeding 120 million units. After a momentary return to positive ground, the stock dropped 4%.
The international press is skeptical, starting with the Financial Times, which notes the extreme volatility of the shares: "The problem becomes the generation of profits", which is based on a growth in loans that appears "optimistic". For the Wall Street Journal the bank "hopefully could start paying dividends in four or five years". According to La Repubblica, the London-based investment fund Attestor Capital has invested 1 billion in Monte dei Paschi's subordinated bonds and has already decided that it will convert them into shares.
Unicredit loses 0,4%, Understanding -0,2%. Positive Popular Bank (+0,7%), e Pop.Emilia (+ 0,5%). Mediolanum Bank loses 1%: the ECB has reiterated the request, made two years ago by the Bank of Italy, that Fininvest reduce its stake from the current 30% to less than 9,9%, because owner Silvio Berlusconi has lost honourability requirements (finally convicted of tax fraud).
Finally, the sharp drop in Yoox (-4,8%), on the day when in Paris Kering, the holding company that owns Gucci, soars by 8% thanks to the good results. The online company, closely linked to the English market, will announce the third quarter data on November 11th.
