At the end of the morning Business Square loses momentum since the start but remains in slight positive territory: + 0,22 %. To revitalize the market is the announcement of Ferrari: the documents for the listing filed, 10% on the New York Stock Exchange. The mood of the price lists today was affected by the go-ahead that arrived during the night of the second package of measures requested by the creditors from the Greek Parliament. Now the negotiations for the funds of the third aid program can begin.
After last night's weak closing on Wall Street, Tokyo also closed up 0,44% this morning. In Europe, London is slightly above parity +0,10%, Frankfurt +0,20% and Paris +0,19%. The Btp-bund spread is at 118,5 basis points.
On the macroeconomic front, we note the data on the Spanish unemployment rate in the second quarter, which fell to the lowest level since 2011. The rate is 22,37% and the unemployed are 5,15 million. In Europe, the extra-EU trade balance recorded a trade surplus of 2,3 billion in June. Now in the afternoon we are looking at the weekly applications for US unemployment benefits, the American leading index for June, the consumer confidence index for July in the Eurozone.
Meanwhile oil and gold raise their heads slightly. Brent crude rose by 0,14% to 56 dollars a barrel and gold by 0,92% to 1.101,5 dollars an ounce. Gold had come to archive declines for ten consecutive sessions, a circumstance that had not occurred for twenty years.
But the eyes are also on quarterly with investors who, after the disappointments on various high tech stocks in recent days, were favorably surprised by the numbers of Credit Suisse, Unilever and Daimler. In Italy Stm reacts which after yesterday's declines convinces the market with quarterly accounts and rebounds 5,94%.
The Ftse Mib is then dragged up by Buzzi Unicem +3,31% after the promotion of Equita, by Bmps +1,61%, Luxottica +1,38% and Intesa Sanpaolo +0,91%.
Instead, they weigh on the index Azimuth -1,75% pending the publication of the quarterly accounts, Enel -1,7% after Citi's verdict: according to analysts, the energy group is overvalued by the market as room for cash flow growth is limited and the confirmation of the current dividend policy will have to go through an increase in the pay-out with effects on debt. The broker therefore prefers A2A, Terna and Snam. Tod's -0,89%, Mediolanum -0,79% and Atlantia -0,55% are also at the bottom of the index.
Portfolio management experienced a sharp slowdown in June: according to Assogestioni data, the month ended with net inflows up by 7,8 billion euro after +16,5 billion in May and +15,8 billion in April. Since the beginning of the year, the net balance has totaled 95,5 billion.
