Business Square remains in positive ground after the data on industrial production, much worse than forecasts: in July -1,8% on the month, -1,3% on an annual basis for the first time after two years. “The figure adds downside risks to our forecasts for the current year, already recently revised downwards”, comments Paolo Mameli. At 13 pm, the index marks an increase of 0,13% just below 20.900.
Similar trend a Frankfurt (+0,2%). The German utility E.On loses 2,5%, reaching the lowest point of the Dax, following the cut in the target price by Morgan Stanley analysts.
Paris +0,3%. Hermes climbs 2% on the back of record margins in the first part of the year.
London -0,5%. Biotech is booming Galapagos (+16,7%) after positive tests for a treatment of a drug for rheumatoid arthritis.
Flat Madrid. salt Inditex, parent company of Zara, grew 2,9% after statements about profit margin growth in the second half of the year.
The Swiss chocolate manufacturer shines in Zurich Barry Callebaut which gains 6,3% after the upgrade of the title from "sell" to "neutral" by UBS analysts.
Oil stocks grew +1,6% in the wake of a rise in crude oil after the decline recorded in US inventories and the expectation of hurricane Florence. At Piazza Affari Eni + 1,68% Saipem +2,7% and Tenaris + 1,4%.
Bloomberg anticipated that the ECB tomorrow should revise growth estimates downwards of the euro area for the period 2018-2020. All the rest unchanged, both the forecasts on inflation and the program to reduce bond purchases; starting in October it drops to 15 billion euros per month, from 30 billion in September, so as to reach zero at the end of the year.
Given these numbers, it can be assumed that Mario Draghi will use dove tones in tomorrow's press conference. European Commission President Jean-Claude Juncker, in his latest State of the Union address, announced that a proposal will be presented by the end of the year to strengthen the international role of the euro.
In Milan it falters Prysmian (-4%). The troubled high voltage link between Scotland and Wales has other problems; the company reports this morning that work has stopped.
Takes flight Salvatore Ferragamo (+4,5%). Merger Market writes that the company was approached by a private equity fund. A spokesman for the same, reiterated this morning that the Ferragamo family does not intend to sell. Moncler e Tod’s + 1%.
Shop on Fiat Chrysler (+2,8%), better than the European sector. Exane Bnp Paribas raise rating to Outperform from Neutral, target price at 19,5 euros. Ferrari +1,7% thanks to the Kepler Chevreux promotion with a target price rising from 110 to 115 euros.
Salt too Cnh Industrial (+0,7%). In July, there was a strong increase in sales of tractors and agricultural machinery in the United States. Well Buzzi +2,2%. Standard & Poor's has upgraded its rating.
Weak instead Tim (-2%) approximately after JPMorgan cut the target price to 0,59 euro from 0,90.
Overall, the banks are losing ground, with the Italian index down by 1,2% after the recent good performance (+7,9% for the sector since the beginning of the month), compared to -0,4% for the European Stoxx. The worst is Understanding -1,6%. Bper loses 1,1%. Lose 1,6% General Bank after the August collection data, considered by Equita to be slightly lower than the estimates.
Out of the main list Astaldi (+0,3%). Tomorrow the top management of the company will ask the representatives of the creditor banks for a debt restructuring.
