Piazza Affari exceeded 22 for a few minutes in the morning, only to then reduce the initial gain to 0,1%, with the Ftse Mib index above 21.900 shortly after noon. Same rise for Madrid. Paris and London advance by around 0,2%.
Among the European lists, Zurich -0,2% and Frankfurt, down by 0,40%, are in negative ground. This morning the Sentix, the European market sentiment index, despite the eighth consecutive rise, signals the first losses in the USA and Germany "with the emissions scandal which has negative repercussions on the economic mood". Industrial production data from Germany showed a decline of 1,1% month over month in June, below consensus expectations of economists who had instead expected growth of 0,3% month over month. On an annual basis, industrial production increased by 2,4%.
After the rebound on Friday the dollar fell again and was traded at 1,181 against the euro, down from the close, at 1,177. Some investors worry that the worst impact of a strengthening euro on European equity is yet to come. “The euro will have an impact in the third quarter, with a 10% appreciation of the euro weighing on a drop in earnings per share of up to around 5%,” said Reuters Valentin Bissat, senior strategist at Mirabaud Asset Management.
The Italian secondary is stable. The spread between the BTP and the Bund is 154 basis points, the 2,002-year yield pays 2,016% from 397,736%. At the end of June Italy's liabilities on the Eurosystem payment system amounted to 413,863 billion euros compared to 421,583 billion in June and after the record of XNUMX billion set in May.
Oil: Brent fell 0,2% to 52,2 dollars a barrel, from -0,2% for the week. The two-day meeting between OPEC countries and Russia ends today in Abu Dhabi, during the day the first rumors about the outcome of the meeting should begin to leak.
Saipem celebrates a new one with a 1,3% increase $800 million contract in Oman. Furthermore, Uganda announced that it has signed a preliminary contract with a consortium of investors, which includes Saipem, for the construction of the first crude oil refinery in the African country. According to estimates by government geologists, Uganda can count on crude oil reserves of 6,5 billion barrels, of which 1,4-1,7 billion are considered exploitable. Eni +0,3%.
Sales in Piazza Affari Telecom Italia +1%. “Naturally looking to make the most of the asset they have, Open Fiber or its shareholders are in this case well positioned to acquire the Telecom network, being able to make the most of the synergies between the two networks and accelerate everyone's migration from copper to fiber ”. As Franco Bassanini, president of Open Fiber, in an interview with La Stampa. “It would also be easy – he added – to reach some form of agreement or integration, which avoids the duplication of infrastructures and allows for the acceleration of the construction of the new generation network”. Mediaset +0,9%.
In Piazza Affari the session continues with reduced trading and limited price changes. The rise of Banco Bpm stands out +2,7%, after the sale to Anima -1,8% of Aletti Gestielle. In a 7-page note, Banca Imi, which confirmed the buy opinion on the Anima share, raised the target price from 6,8 to 8,5 euros per share. Among the other banks, Unicredit rose by 0,7%, Mediobanca +0,9%, Ubi +0,5%, weak Intesa -0,1%.
Generals +0,70%. Morgan Stanley raised its Leo price target from 13,6 to 15,3 today mainly due to a lower cost of capital, given the continued decline in risk and the potential upside from disposals. Furthermore, the dividend yield of 5,4% this year is solid and attractive relative to the sector, “but we believe a slight discount is justified, given the exposure to Italian sovereign risk, and therefore we maintain the equal weight rating on the stock”.
Minus signs prevail among industrial stocks. Stm -0,4%. The group has completed the repurchase of 18,6 million ordinary shares for a value of 297 million. Leonardo -0,7%, Fiat Chrysler -0,2%, Prysmian -0,2%
At the request of Consob, Il Sole 24 Ore specifies that the employment relationship with the former director Roberto Napoletano was consensually terminated, close to the expiry of the 6-month period of unpaid leave granted, through the consideration of 700 thousand euros gross as a redundancy incentive.
