The Milan Stock Exchange closed a very volatile session with a slight recovery. Also thanks to the good news on US unemployment which partially balanced the tensions on Italian bonds, with the Btp-Bund spread rising to 335 basis points, not far from the record of 347 basis points. Differential which narrowed in the afternoon up to 318 basis points. The Ftse Mib gained 0,34% to 18.558 points, while the Ftse All Share advanced by 0,32% to 19.268. For once Milan is not the "black jersey" of Europe: Frankfurt -0,87, Cac -0,57%. The euro depreciated to 1,428 against the dollar from 1,437 at yesterday evening's close. Oil contrasted: Brent rose to 117,6 dollars a barrel and Wti-type crude fell to 96,9 dollars. Prices are affected by fears of a storm arriving in the mining areas of the Gulf of Mexico. The auction of Italian government bonds ended satisfactorily as regards the quantities allocated, much less as regards the yields required, which are once again growing. A total of 7,966 billion euros have been allocated, against the declared target of 8,5 billion euros. As for yields, the 2000-year BTP hit its highest levels since February 2008 while the three-year bond reached its highest since July 5,82. In the morning, the sovereign bonds of Italy and Spain had come under pressure on the secondary market. The Italian 321-year bond rose to 19% with a spread over the German bund of 337 points, the highest since XNUMX July. Not far off, the XNUMX-year Spanish rose XNUMX basis points above the bund. The tension then partially subsided, according to rumors, following purchase interventions carried out by the European Central Bank, an unconfirmed rumor.
FINMECCANICA THE SHARE SINKS TO ( -17,6%)
UNICREDIT: PROFIT OF 470 MLO FOR THE CONSENSUS
Finmeccanica collapsed with a plunge of 17,3% to 5,76 euros and updated the historic lows to 5,71 euros. The defense giant published its first-half accounts yesterday evening: net profit jumped by 135% to 456 million euros, saved only by the capital gain of 443 million due to the sale of 45% of Ansaldo Energia. Revenues showed a 3% drop to 8,43 billion and the company cut its 2011 revenue estimates to 17,5-18 billion from the previous 18,3-19 billion euros. A performance to forget also for Tenaris which left 5,14% on the field at 15,51 euros. After yesterday's crashes, a bit of calm has returned to the banking sector. Intesa SanPaolo gained 3,18% to 1,62 euro, Monte dei Paschi 1,84% to 0,526 euro, Mediobanca 2,15% to 6,40 euro, Ubi Banca 2,09% to 3,32. 2,18 euros, Popolare di Milano 1,499% at 2,86 euros. Unicredit performed well (+1,259% to 4 euros) after having communicated the consensus estimates on the quarterly data to be released on August 6,48th. These forecast revenues of 470 billion euros, a net profit of 1,45 million and provisions of 7 billion. Mediolanum queen of the day on the Ftse Mib where it shows a leap of 2,88 percentage points to 2011 euros. Yesterday, the group led by Ennio Doris announced that it had closed the first half of 97,2 with a net profit of 14 million, up 14% on the same period last year and excluding writedowns of 9 million euro on Greek bonds. The assets under management of the group increased by 46,72% to 1,48 billion euro while net inflows were positive for 50 billion euro. Ennio Doris, on Banca Esperia, 20% controlled by Mediolanum and Mediobanca, repeated that "it is no longer as strategic as it was at the beginning". The company also decided to devalue its Greek bonds by 1,38% in the just approved half-year report. Mediaset did well (+3,076% at 0,39 euros) which will release the accounts for the first half of the year after markets are closed. However, the market is mainly awaiting the announcement of the agreement with DMT for the integration of the respective broadcasting towers, given that today is the deadline for exclusive negotiations. Eni (-15,38% to XNUMX euros) weak despite the announcement of the discovery of two hydrocarbon fields: one offshore Indonesian and one offshore Ghana. Tomorrow morning, the oil giant will announce the results for the first six months of the year.
THE US BUDGET DOESN'T SCARE WALL STREET
EMPLOYMENT IS BETTER THAN EXPECTED
Uncertainty over the budget ceiling worries European markets more than down Manhattan operators. On Wall Street, the Dow Jones moves to parity +0,2% while the Nasdaq accelerates up by 0,2%, the S&P500 is positive, gaining 0,2%. Good macro indications: new jobless claims fell to 398 in July, more than expected. Sales of new homes in the United States grew by 2,4% in June, better than the estimates which called for a drop of 2%. The annualized figure indicates growth in new home sales of 17,3% better than the +14,7% expected. The quarterly season has now entered the most congested phase, today they present the quarterly data of 62 companies of the S&P500 index. Meanwhile, today, the Senate votes on the plan drawn up by the speaker of this branch of Parliament, the Republican John Bohner, the Democrats, who have the majority in the Senate, have declared that they will oppose the measure. The real unknown concerns Exxon's accounts, below expectations, with earnings per share of $2,18 against expectations set at $2,34 and overall profits of $10,7 billion. Immediately after the release of the first launches by the agencies, the stock suffered a sharp fall in the pre-market, where it is now reported down by 1,3 percent. The chances of a reaction on the stock markets are also held back by the uncertainty that still surrounds the agreement on a new public debt ceiling, on which the signs of a compromise still appear to be sluggish. Today the House will express itself on the plan proposed by the Republicans. Even if the measure were to pass, however, it would have very slim chances of overcoming the obstacle of the Senate, with a Democratic majority. Metlife and Starbucks will report their financial results after the close.
