The price of a barrel of oil rolls down, influencing the trend of the economy and price lists. The fall in commodities signals the hardships of China but also the problems that are affecting, by extension, the USA: Apple Lossless Audio CODEC (ALAC),, eg, lost 2,5% yesterday precisely because of fears of a sharp drop in sales on the Chinese market, the most important of Apple.
But the drop in crude oil (Brent below 50 dollars to its lowest since January) is driving consumption and the purchase of new cars, as confirmed by the sales data for July, particularly brilliant for those who, like FiatChrysler, produce SUVs, the real protagonists of the weak oil season.
WEAK CRUDE BRAKES WALL STREET
The slowdown in China thus weighs on the Asian markets. Tokyo loses 0,1%, Hong Kong -0,5%. Shanghai -0,1% and Shenzhen also moved little. The most sensitive data, however, concerns the crude. Yesterday Brent lost 5,2% in one sitting, plummeting below the psychological threshold of 50 dollars. Even this morning, despite a technical rebound, the price is 49,89 dollars a barrel, while the Wti treats you just above $45.
Yesterday, in Piazza Affari, Eni -0,1%, Tenaris -0,7%, Saipem -1,3%.
Even Wal Street was affected by the trend of black gold. The Energy sector closed down by 2%, influencing the rest of the list; the S&P 500 fell 0,3%, Dow Jones -0,5%, Nasdaq -0,3%. The landslide of Twitter does not stop, slipping by 5% below the threshold of 30 dollars. In December, the quotation had reached a record of 74,73 dollars.
EUROPE SNOBES THE COLLAPSE OF ATHENS. MILAN +0,7%
The Stock Exchanges of the Old Continent are much more tonic, not at all impressed by the landslide of the Athens Stock Exchange which reopened after five weeks.
Greek stock market index finished down 16% with the major banks, National Bank of Greece, Pireaus Bank and Alpha Bank all plummeting by 30%. A figure expected by the operators: the ETF which tracks the index of the Athens Stock Exchange, and which has never ceased to be traded in New York, had lost 19% during the trading halt.
In Milan, the FtseMib index closed with an increase of 0,7%, the Frankfurt Stock Exchange rose by 1,1%, Paris +0,7%, Madrid +0,6%. ?
The Greek drama was overshadowed by the comforting data arriving from many quarterly reports: Commerzbank will distribute the first dividend since 2007, Heineken's accounts +5%, demonstrating the recovery of consumption on the European markets. The positive performance of Piazza Affari was also supported by some encouraging data on the Italian economy: the PMI index of the manufacturing sector it rose to 55,3 in July for the sixth month in a row, from 54,1 in June, remaining well above the 50 threshold that divides growth from contraction. Meanwhile, the BTP continues to strengthen, with the 1,77-year yield down to 113%. The spread with the Bund is at XNUMX.
FCA SUPERSTAR, EXOR ON THE SADDLE OF PARTNER RE
The signs of economic recovery were confirmed yesterday evening with the publication of car sales data in Italy. The market grew by 14,5% in July, slightly exceeding the one million mark since the beginning of the year. Fiat Chrysler rose 19,3%, for the fifth month in a row above average. The figure, released after closed markets, promises to add new fuel to the rise of FCA +3,7% yesterday on the wave of US results: thanks also to the Jeep boom (+23%) group sales rose for the 64th consecutive month.
Test today on the market for Exor +1,18% yesterday after the announcement of the now imminent victory for control of PartnerRe +2% on Wall Street. The Agnelli family holding has reached an agreement to buy all the shares for a total of 6,9 billion dollars after the decision of the same Partner re to abandon the merger agreement with Axis Capital.
AIR OF AGREEMENTS BETWEEN TELECOM AND MEDIASET
Day of hikes also for Telecom Italia +2,4% in the wake of the forthcoming merger between Wind and 3 Italia which should reduce competition on the Italian market. Yesterday the company also signed an agreement with Enel under which the Tlc operator will make its mobile network available to transmit data relating to energy consumption from electronic meters. The agreement with Mediaset for the transmission of Alfa content should be announced today.
Mediaset +3,2% in the meantime is advancing under the pressure of a report by Kepler Chevreux which raised the target price to 5,4 from 5 euros, confirming the buy recommendation. Analysts attribute a potential value of 1,5 billion to Premium in the event of a future sale. Enel gains 1,2% A2A rises by 1,2%, Atlantia +1,4%.
MEDIOLANUM AND FINECO FLYWHEEL. SALT UNDERSTANDING
In Piazza Affari the best blue chip of the day is Mediolanum, which gains 5,1% after the promotion of Citigroup to buy from Neutral. Even more robust the increase of Fineco +7,5%. The banking sector is volatile: Intesa closed with an increase of 0,8% after the good results announced on Friday. Citigroup raised the target share price from 3,55 to 4 euros, confirming the buy recommendation, while Kepler Cheuvreux raised the Tp from 3,6 to 3,8 euros, with a buy recommendation also confirmed in this case. On the other hand, MontePaschi -1,2% and Mediobanca -0,2% fell. Unicredit +0,08%: according to the Financial Times, a plan to restructure the assets is in the process of being defined to avoid a capital increase.
FINMECCANICA REVIEWS 2009 PRICES. BENE RECORDATI AND DE LONGHI
In the rest of the list, among the industrials, the leap forward of Finmeccanica + 2,3% on the maximum since February 2009 at 13,42 euros. SocGen analysts raised the target price to 14 euros from 12 euros, confirming the Hold judgment.
StM [STM.MI] falls back -0,4% on rumors of conflicts between the CEO Carlo Bozotti and the French government, a shareholder of the group on a par with the Italian government. ??Among the mid caps, Registered +4,2%, DeLonghi [DLG.MI] +8,8% after Kepler Cheuvreux raised the target to 25 euros, confirming the buy judgment. Still heavily negative instead Treviso -8,7%.
