Corporate results and profit warnings weigh on the European Stock Exchanges. In a session without relevant macro indicators, sales took off on the price lists in the wake of corporate data.
Portugal Telecom collapses in Lisbon on the uncertainties relating to the merger operation with Oi, the German Sap tumbles on the announcement that it will not achieve the expected objectives. Profit warning also for Philips and Ibm. In the third quarter, the latter recorded a drop in profits of 99,6% to 18 million dollars compared to the four billion dollars of the same period of the previous year. The collapse in profits is due to the sale of the loss-making chip division, for which the group will have to pay 1,5 billion dollars. In contrast, Adidas which rises on the rumors, reported by The Wall Street Journal”, according to which a consortium of Hong Kong investors, formed by the Jynwel Capital fund of the family of the Chinese billionaire Low and the Abu Dhabi sovereign wealth fund, intends to offer around 1,7 billion euros ($2,2 billion) to buy the American Reebok from Adidas.
European stock markets are under pressure: Milan closes down by 0,86%, Paris -1%, London -0,68% and Frankfurt -1,5%. Piazza Affari managed to move into positive territory during the day, supported by data on industrial orders and bank purchases on the day the ECB started buying covered bonds. Abs purchases will start later. Istat has announced that in August industrial orders rose again after three consecutive monthly declines. The 1,5% increase compared to the month of July is due to the increases in orders both on the foreign market (+2,5%) and on the domestic market (+0,7%).
The Btp-bund spread closed on the rise at 172 basis points. The placement of the new Btp-Italia began today, which by mid-day had reached requests for 2,13 billion euros, below the previous editions. From the Bundesbank come indications of light and shade for the German economy: in the third quarter growth will be flat or slightly increasing thanks to consumer spending, which means that Berlin has lost strength as the engine of Europe but also that it could avoid to enter a recession.
On Wall Street, the indices move in mixed movements: the Dow Jones drops 0,21%. The S&P500 rose 0,38% and the Nasdaq 0,67%. The euro-dollar exchange rate rose to 1,2779 (+0,14%), gold by 0,4% to 1.244 dollars an ounce and WTI oil dropped by 0,69% to 82,18 dollars.
In Piazza Affari the double-speed banking sector: Bper +1,44%, Banco Popolare +0,98% and Mediobanca +0,87% lead the rises in the Ftse Mib, while Intesa -0,82% Unicredit -0,90 ends up in the red .0,09% Bpm -0,26%, Ubi -1%, down by more than 1,88% instead Mps -26%. The results of the stress tests are expected on 0,64 October. Autogrill +0,58% and Telecom Italia +4,29% were among the best stocks on the list. At the bottom of the Ftse Mib Mediaset -3,98%, Wdf -3,09%, Unipolsai -2,9%, Prysmian -2,88% and Saipem -2,26%. Eni -XNUMX. The drop in crude oil weighs on oil.
Luxottica closes prudently -0,7% after various sources confirmed that the second ad has been identified: it will be communicated first to the competent company committees and then to the market.
