Europe with multiple speeds on the stock market, with Milan (-0,44%), Madrid (-1%) and Paris (-4%) in the red, London positive (+0,4%), Frankfurt around parity (-0,1 .XNUMX%), on a day also spent waiting for Mario Draghi's speech from Eurotower, soon, with the markets closed. Flat opening that is oriented in a negative area for Wall Street, which records a series of quarterly reports of different colors and which thrills to know the results of Apple, tonight, with tight price lists.
Piazza Affari is dragged down by Banca Monte dei Paschi, sunk by 14,99% after the euphoria of recent days. Rocca Salimbeni is joined by the entire credit sector of the Ftse Mib: Unicredit -3,04%, Ubi Banca -3,66%, Bper -4,18%, Banco Popolare -3,09%, Banca Popolare di Milano -2,75, 0,09%, Intesa Sanpaolo -4,41%. To balance the negative trend of the main price list, Luxottica +XNUMX%, driven by the quarterly presented yesterday. Good Fca (+0,93%), thanks to accounts better than expected. Fiat Chrysler Automobiles closes the third quarter with revenues of 26,8 billion, less than the 27,5 billion expected by analysts; but adjusted Ebit recorded an improvement of approximately 30% and profit rose to 606 million, compared to a loss of 387 million in the same period of 2015. From the balance sheet point of view, net industrial debt increased to 6,5 billion, with a cash generation from operating activities of 0,8 billion. Closing forecasts better than expected, given the operating performance of the first nine months.
Going back to the hot topic these days, that is the future of Monte dei Paschi: the bank, says the CEO Marco Morelli, is open to any expression of interest and “we feel confident that this operation will be successful. We want to get closer to our customer base and make sure that MPS becomes a solid and efficient Italian commercial bank again. Despite what happened in the past, the bank remains very solid”.
The industrial plan, discussed yesterday by the board of directors, estimates a net profit of over 1,1 billion in 2019, a deconsolidation of 27,6 billion npl for a consideration of 9,1 billion, a capital increase of 5 billion with exclusion or limitation of the option right to be carried out within the year, 2600 redundancies and the closure of 500 branches. The first nine months of 2016 recorded a loss of €849 million, impacted by extraordinary adjustments to loans of €750 million booked in the third quarter. Revenues fell by 16,6% to 3,4 billion due to the decrease in the interest margin and trading activity. However, the market is not celebrating and today it rebounded heavily, pushing the stock back below the threshold of 30 cents per share, on a fluctuating day in which the shares went from the top of 43 cents at the opening, to 26 cents at mid-day . After various suspensions the hemorrhage of sales slows down in the finale.
A series of good news instead give oxygen to the other European lists. In particular, the Ifo index, which measures business confidence in Germany, grew: 110,5 in October from 109,5 in September, above expectations for a figure between 109,3 and 109,5. This is the highest level since April 2014.
The British government announces that it will support the construction of a third runway at Heathrow Airport to extend London's capacity and kickstart the economy. The operation will bring 61 billion pounds (69 billion euros) of added value and 77 jobs over the next 14 years.
Rain of quarterly in the States. Among others: 3M (-2,1%), declining sales and lower profit forecasts; General Motors (-1,1%), better than estimates for sales and profits; MERCK & CO. (-0,5%), revenues and profits growing and better than expectations; PROCTER & GAMBLE (+3,7%): constant revenues and slight increase in net profit; WHIRLPOOL (-8,2%), growing profits but below expectations and lowered outlook for the full year due to the weakness of the pound and of the US and UK markets.
Twitter still suffers which, due to declining profits and the lack of a credible commitment, will have to cut up to 8% of the total workforce. House prices continue to rise in the USA: the FHFA index, which measures house prices, grew by 0,7% in August (+0,5% in July) and by 6,4% on an annual basis.
The same trend in the main metropolitan areas: +0,4% in August according to the S&P Case Shiller index, +51% in one year. Real estate raises its gaze a little even in Italy: in fact, the confidence of buyers is back. This is confirmed by Immobiliare.it, after more than 1500 interviews with people who, in the last three months, have engaged in the search for a property for sale or for rent. For 70,4% of them this is a great time to buy a house. Euro slightly moved against the dollar; Brent down 1,41%.
