After a timid upward start, the European stock exchanges reverse course. Weighs the modest growth of the manufacturing sector of the Old Continent. The worst figure is that of Italy: for the first time in over a year, the index falls below 50, the boundary between expansion and recession. The worsening crisis in Ukraine also weighs on the markets.
In Milan the index Ftse Eb it slipped by 0,57% at the end of the morning, to 20,273. The other price lists are also down: Paris -0,46% Frankfurt -0,25% Madrid -0,30%. London loses 0,16%. Today the US stock exchanges are closed for the Labor Day holiday. The change euro-dollar it is unchanged from Friday's close at 1,313, an 11-month low.
Il BTP 2,4-year deal at a yield of 151%. The spread fell to XNUMX points.
Featured in Zurich Novartis (+3%) on the momentum of a new drug that will replace the drugs for heart problems used for 25 years.
In Piazza Affari the descent of the banks accelerates: Unicredit -1,1% Understanding -1,5% Mount Paschi -2,1% (Credit Suisse has restarted its coverage on the stock with a neutral recommendation).
Wave of achievements also for managed savings: Azimuth -2,37% Mediolanum -2,15% General Bank -0,96%.
Insurance is also down: UnipolSai -1,09% Generali -0,84% (the company is starting to launch a buyback on its subordinated bonds for 1,5 billion euro; repayment will be ensured by new issues at lower rates).
Mediaset it is up by 0,3% after rumors about possible agreements with Telecom Italia, down by 0,9%.
Fiat -0,9% awaiting the data on registrations for August: the CEO Sergio Marchionne has indicated the 13 October as the date for listing on Wall Street. At the end of the same month, the board will meet to examine the group's financial structure and decide on a possible capital increase.
Eni -0,1%: Goldman Sachs raised its rating and added the stock to the Conviction Buy List, up from its previous Neutral recommendation.
Saipem -1,4%: Deutsche Bank cut rating to Sell from Hold.
Italcementi +3,3%: Exane raised the rating to Outperform from Neutral.
Mediobanca recommends buying Azimuth (-2,4%), Luxottica (+ 0,2%) and Unipol (-2,5%). Sell advice for Erg (-1%), Moncler (-0,2%) And Prysmian (-0,2%).
