European stock markets down slightly conditioned by the closure of Wall Street and uncertainty about tariffs: tomorrow tariffs on Chinese goods for 34 billion dollars will come into force and new announcements from Trump are feared. In the meantime, the Milan Stock Exchange -0,08% is almost flat at around 21.750 points. Similar trend for Frankfurt and London, Paris slightly progressing, Madrid and Zurich both better +0,4%.
News that a US court has banned Micron Technology from selling microprocessors in China has scuttled shares in the sector. In Europe, tech drops by 0,5%. Stm it loses 2,7%, the worst stock on Piazza Affari. Infineon loses 0,7%, Siltronic -5,8%.
The Swiss Comet, whose business is focused on x-ray and radio frequency technology, issued a profit warning for 2018 and the stock fell 18%.
The euro/dollar ratio at 1,1675 +0,15% and the spread, which rose to 237 points (from 236) in early trading, did not move much. Well there'gold at 1259 dollars an ounce, +0,4%, after yesterday's good performance.
Brent oil travels on parity at 77,9 dollars, +0,1%, while WTI loses 0,4% to 73,8 dollars after reaching its highest level since 2014 on expectations of declining US inventories. Eni + 0,7% Saipem + 0,5% Tenaris + 1,1%.
In June, the PMI survey on purchasing managers recorded progress to 54,3 points, more than one point compared to the May figure (53,1) and above market expectations (53,3). According to Chris Williamson, Markit's chief economist responsible for the survey, “Eurozone growth has picked up steam. In addition, corporate costs and the average selling prices of goods and services have increased at rates not seen for almost seven years, and this is likely to have repercussions on the consumer price index in the coming months.
After Greece, Spain and Turkey, Italy is the fourth OECD country where the labor market has the highest level of insecurity, ie the likelihood of losing one's job and remaining without income. This is what emerges from the annual report 'Employment Outlook' according to which "the labor market situation in Italy has improved in recent years but more slowly than in other countries". In 2016, in fact, less than one in 10 unemployed people received unemployment benefits, one of the lowest percentages in the EU, the report underlines.
Italians underestimate the share of the population over the age of 65 and overestimate the number of immigrants, one situation that reflects "real disinformation" according to the president of INPS, Tito Boeri. According to Boeri, "when strong restrictions are placed on regular immigration, illegal immigration increases: in general, with a 10% reduction in regular immigration, illegal immigration increases from 3 to 5%".
Telecom Italy + 1,6 % it is the best in the Piazza Affari price list. The recovery movement has continued since yesterday. Among the utilities Enel +0,3% continues shopping in South America. The group has concluded the acquisition of 21% of the capital of a NewCo which owns Ufinet International, the leading fiber optic network operator in Latin America.
Automotive is in red. Cnh -1,3% Brembo -0,1%. Fiat Chrysler -0,4%, despite US sales in June growing by 8% to 202.264 vehicles thanks to the towing of Jeeps. Fight the banks: Mediobanca + 0,8%. Banco Bpm + 0,3%. Finecobank + 0,1%. Bper Bank -0,7%. Carige + 1,1%.
In the heavy luxury fall of Brunello cucinelli down 6,4% to 35 euros. This morning Berenberg cut the Hold da Buy recommendation, reducing the target price to 34 euros from 35 euros. The title shines the stars Juventus +5,60% to 0,73 euro on the wave of possible deal of the century: the signing of Cristiano Ronaldo.
