Piazza Affari accelerates downwards to -1,88% around 13pm, marking the worst performance among other European stock exchanges all in red in the wake of the negative German GDP data in the second quarter: a drop of 0,1% compared to the first quarter, slowing down from the +0,1% in the January-March 2019 period. With this macroeconomic scenario, a contraction of industry in the third quarter is likely.
Instead the GDP of the Eurozone, according to what emerged this morning from the second reading, it grew by 0,2% on a quarterly level and 1,1% year over year in the second quarter. But industrial production in the euro zone fell by 2,6% in June, far more than expectations which indicated a drop of 1,2%.
The alarm on the Chinese situation completes the picture: Chinese industrial production grew by only 4,8% in July, the weakest increase in the last seventeen years. In June it was 6,3%. Consumption also slowed down more than expected: +7,6%, from +9,8% in June.
Furthermore, reports Bloomberg, the Chinese leaders have no intention of conceding anything to Donald Trump, close to October XNUMXst, XNUMXth anniversary date of the founding of the People's Republic.
Frankfurt falls by 0,87%. In the German list, Commerzbank marks a new all-time low at 4,92 euros, in the space of a year, the share has almost halved. Deutsche Bank loses 3%.
Better than Madrid under 1% abundant. Outside the Eurozone Zurich -0,4%. Schindler of Switzerland fell 4,2% after reporting a 22% drop in second-quarter earnings, due to wage inflation, higher material prices and unfavorable currency exchange.
The yield of the BTP, after a ten-year start at 1,58, rises to 1,63%. The spread stands at 226 basis points (from 220). The Bund is at record levels at -0,62%. The euro is up slightly to 1,118 against the dollar.
Gold has moved away from six-year highs, but it remains around 1.500 dollars an ounce, the price this morning is $1.499, -0,1%.
WTI oil is down 1,2%, at 60,7 dollars, +4,7% yesterday. The energy drivers in Piazza Affari are braking: Eni -0,6%. Saipem -0,6%. HSBC takes the recommendation to Buy, from Hold, target price €5,1. Tenaris -1%, involved in the Argentina crisis.
They correct the banks after yesterday's leap: Unicredit -2,8%. Ubi Banca -2%, Intesa Sanpaolo -2%. Monte Paschi -0,3%, from +3% this morning. Ferrari +0,2%. Goldman Sachs raises to Buy, from Neutral. Fiat Chrysler -2%, Pirelli -2,5%.
Out of the main basket:
- The gold freshman race continues: Confinvest is suspended due to an excessive rise.
- Positive ePrice +6%, Friulchem +4%.
- Tod's +0,2%. Jefferies cuts the target to 27 euros.
