Obama's go-ahead for an air strike in Iraq adds to tensions in Ukraine. Geopolitical risks send the price lists into the red and only in Europe Milano e Madrid keep up with sales. The Ftse Mib is supported by the rebound of banks and in particular by cooperative banks even if in closing it slows down and closes with a fractional gain of +0,33%. The spread Btp-nund closed stable at 178 basis points.
Today the Senate gave the green light to the Boschi bill on constitutional reforms with 183 votes in favor and 4 abstentions. It is the first of the four steps envisaged by the legislative process. The text now passes to the House.
On the contrary, it is once again hunting for the Bund and Treasuries with the increase in risk aversion. Today, the yield on the 1-year bund hit new all-time lows just above 2,35% and the Treasury also saw its rate drop to 2013%, its lowest level since June XNUMX.
Purchases on the Russian Stock Exchange which gains 1,10%. Down instead Paris -0,05% London -0,45% and Frankfurt -0,33%. TO Wall Street the Dow Jones rose by 0,42%, the S&P500 by 0,48% and the Nasdaq by 0,35%.
In the second quarter, the productivity of American workers increased by 2,5% above analysts' expectations. Labor costs rose by 0,6%. The burger disappoints instead. Global sales of McDonald's they fell by 2,5% in July due to the persistent weakness of the American market and the security scandal in China. In detail, sales fell by 3,2% in the United States and by 7,3% in Asia, the Middle East and Africa. Wti oil travels at 97,4 dollars a barrel (+0,06%). The euro-dollar exchange rate rose by 0,39% to 1,3416 and gold stood at 1.311 dollars an ounce (-0,06%).
In China data was released this morning on the trade surplus which almost tripled in July to an all-time high of 47,3 billion dollars from 17,8 billion in the same one-year period and from 31,6 billion in the previous month thanks to a strong increase in exports. According to data released by the Customs Office, exports rose in July by 14,5% annually to 212,9 billion dollars (+7,2% in June), against expectations for +8%. On the contrary, imports fell by 1,6% annually to 165,6 billion after +5,5% in June and against forecasts for +3%. The previous record dates to November 2008 with 40,09 billion dollars. Exports went mainly to the USA, Europe and South-East Asia and Hong Kong.
In Piazza Affari it is a rally for Bper which flies over 11%. Yesterday the stock was hit by a shock sell-off (-13,5%) following the publication of the accounts. This morning Consob had ordered the temporary ban, for today's session, on short selling of Bper shares, specifying that the information context did not fully justify yesterday's price change and that therefore "speculative bearish phenomena cannot be excluded".
For traders, yesterday's reaction was too much. The market, despite the bank's return to profit and the increase in revenues) had focused on the loan portfolio and in particular on a sale of non-performing mortgage loans for 164 million (which resulted in losses of 27,4, XNUMX million) fearing other operations of this type. The other popular ones also run.
bpm, suspended due to excessive increases, closed up by 6,6% after the declarations of CEO Giuseppe Castagna on the return to the dividend after about four years. Today the "add-ons" and the additional requirements requested by Bank of Italy "are no longer there so in theory there is room to make a distribution, but it will depend on the year's performance and the ECB's comprehensive assessment," said Castagna. The institute, which is waiting to see the results of the stress tests and the ECB's Aqr, has however in calculating the Common equity tier 1 for the first half "set aside 50% of the profit for the period as a potential payout for the distribution of the dividend ”.
Upside jerk after the accounts also for Ubi ending the day at +3%. CEO Victor Messiah noted that after the ECB's asset quality review "there is the possibility of a consolidation" of the banking system which could lead to even cross-border mergers. Furthermore, he indicated in FinecoBank the model that Ubi Banca wants to replicate by integrating Iw Bank, the group's online bank, and the Ubi Private Investment network of financial advisors.
Instead in red Ps which with a drop of 8% conquers the bottom of the Ftse Mib despite the fact that Consob has banned short selling from today until 8,3 August including.
The ECB today released a note announcing that it will be able to use a "yellow card" in stress tests, with the possibility of sending back the results of banks that try to circumvent the stress tests designed to verify their resistance to shocks.
Generali unchanged after news that the People's Bank of China, China's central bank, holds 2,014% of the company.
Sales after accounts up Tod’s which dropped 7% after the disappointing results of the first half and dragged along the rest of the luxury sector: Yoox -1,69%, Ferragamo -0,61%. Here too Consob has decided for today and until 11 August to ban short selling.
The fall weakens the entire luxury sector: Ferragamo -2,5% Yoox -3,5% Moncler -0,2% (yesterday +6%). positive Luxottica + 0,7%.
Bene Fiat which rises by 3,36%. It was signed today the agreement between Alitalia and Etihad, subject to the approval of the European authorities. Etihad's investment in Alitalia is 1,758 billion euros to restructure the Italian company while the Montezemolo hypothesis emerges for the presidency.
