The European stock exchanges are slowing down on the eve of the stress tests. The weak oil situation also weighs on the day of the Boards of Eni and other big names in the sector. The worst lists are Milano (Ftse Mib index -1,45%, around 16.619) e Madrid, down 1,2%. Better London (-0,2%), Paris e Frankfurt (-0,10%).
La Fed it reiterated that the risks of a slowdown in the American economy had diminished and it returned to hypothesizing a possible rate hike by the end of this year. But the message did not strengthen the dollar: the euro rose to 1,111, from 1,105 at last night's close.
The Exchange of Tokyo it closed down 1,1%. Investors remain cautious ahead of the two-day meeting Bank of Japan, which ends tomorrow. There is anticipation for a possible decision to expand the quantitative easing policy, after yesterday Prime Minister Shinzo Abe announced a 265 billion dollar fiscal stimulus package.
Il Darling placed this morning medium-long term securities for 8,500 billion euro with declining yields. Five-year BTPs were assigned for 2 billion at 0,26% down 7 basis points, in addition to 4,5 billion of the new 1,24-year BTP at 12% (-2 points) and another 2023 billion Cct maturing July 0,38 at 19% (down XNUMX basis points from the previous auction).
Il Petroleum trades at 43,4 dollars, stable after yesterday's sharp drop. In the last 11 days it has lost 10%. On the day of reckoning, Eni loses 0,9%. Tenaris -0,5%. On the Amsterdam Stock Exchange, Royal Dutch Shell loses 3,5% after closing the quarter with a profit that is less than half of what analysts expected. Enel was also penalized -0,7% on the day of the half-yearly report, strong expectations for the agreement with Metroweb.
Very violent correction of Saipem (-9,8%), which yesterday evening announced a revision of the revenue and profit estimates for the whole of 2016. However, Kepler raised the target price to 0,44 euro after an increase in the 2017 estimates.
Despite a steeply declining start, it has almost fully recovered Moncler (-0,75%). After the good results JP Morgan, Goldman Sachs and SocGen raised their target prices, but investors were negatively surprised by the reorganization of the corporate structure through which CEO Remo Ruffini controls the company: the controlling stake is transferred to a holding company 24% owned by Temasek, the holding company of the city state of Singapore, and by Juan Carlos Torres, president of Dufry. Tamburi leaves the financial Ruffini Partecipazioni, the holding company of CEO Remo Ruffini, and will have a direct stake of 5,1% in Moncler.
While awaiting the stress tests, the recovery of Mount Paschi (+2,6%): today the Sienese Bank's plan will be evaluated by the ECB's Supervisory Authority. The obstacle of the price at which the non-performing loans will be sold to the Atlante 2 fund, equal to 32% of the nominal value, now seems to have been overcome. Understanding down 1,3%, Unicredit -0,6%. Also declining Mediobanca (-1,2%), Bank Pop Milan (-1,5%) And Banco Popolare (-1%).
Volkswagen -1,8% after the publication of the second quarter accounts, which show a drop in net profit of 55,6% compared to last year, to 1,214 billion euros. In particular, the increase in extraordinary charges linked to the Dieselgate scandal (2,5 billion) weighs heavily. "Further and enormous efforts will be needed to contain the high costs of the diesel issue," warned the chief financial officer, Frank Witter. Quarterly revenues rose 1,7% to $56,97 billion and adjusted operating profit rose 19,8% to $4,38 billion.
The decline continues Fiat Chrysler (-2,17%). Still in the automotive industry, Brembo gains 0,4%, reaching 51,4 euros. The group specializing in braking systems archives another semester of strong growth with revenues rising by 10,4% to 1,146 billion euros and an EBITDA up by 29,5% to 226,5 million.
Recordatifinally, it recorded a new all-time high of 29,30 euros (+1,26%). The company closed the first half of 2016 with robust growth figures: consolidated net revenues of 587,9 million (+9,1%) and Ebitda of 188,1 million.
