Scarce volumes, a lot of uncertainty. The mixture results in Piazza Affari in a weak list, but less depressed than the opening, characterized by doubts about the course of economic policy (if it exists) of the Bel Paese. The denial of yesterday's advances arrived punctually in the morning: the Deputy Prime Minister and Minister of the Interior Matteo Salvini said today that the government does not intend to remove the 80 euro bonus or increase VAT.
After the negative start, Milan first canceled the losses, then slowed down again: -0,28 to 21.733 points at 11 from a minimum of 30. In pale red Paris -21.580%, Madrid -0,14%. Heavier the loss of London -0,55%.
Frankfurt +0,36%. On the German Stock Exchange it flies Adidas +7,8%, which celebrates the good results of the second quarter of 2018, which benefited from sales in the period of the 2018 World Cup in Russia.
After reaching the maximum of 255 points, the gap between the yields of Italian and German bonds has fallen below 250. The yield of the 2,89-year BTP is now equal to 2%, while the 1-year rate has risen over 0,98% and then deflated to XNUMX%. In addition to the Turkish crisis, the fall of the ruble weighs on the marketscaused by US sanctions. The Russian currency fell to 66,73, its weakest level since August 2, 2016, before partially recovering losses. The ruble is set to post its steepest weekly decline since early April, when it fell 6,7% in five sessions after Washington imposed sanctions on Russian companies for "harmful activity". The Moscow Stock Exchange loses 2,2%. Recordati -0,3% and Buzzi -0,5% are the two companies listed on Piazza Affari most exposed to Russia.
The risks to global growth are increasing in an environment where confidence is undermined by the threat of protectionism and US duties higher, according to what emerges from monthly bulletin of the European Central Bank. If all the threatened measures were implemented, adds the central institute, the average rate of US duties would rise to levels never seen in the last 50 years. "Nevertheless - argues the ECB - the risks for the growth prospects of the euro area can still be considered substantially balanced".
Oil rose slightly, mainly supported by entry US sanctions against Iran in effect. the futures on Brent deliveries stands at 72,45 dollars a barrel (+0,17 dollars). The benchmark contract on US light crude gained 0,18 dollars, to 67,12 dollars a barrel. Saipem +1,24% is the best in Piazza Affari. Well too Tenaris + 1,06%. Eni -0,4%.
Mid morning the euro/dollar trades again below 1,16. In the meantime, the negative momentum of the pound continues, on the ups and downs Brexit fears without an agreement on London's future relationship with the EU. The pound/dollar exchange rate fell today for the sixth consecutive session, hitting a low at 1,2842, the lowest level since August 25 last year. The euro/sterling, still above 0,90, trades just below the 10-month highs recorded in the last few hours. The title weighs heavily on the British index Tui, leader in the holiday sector. For the company, the heat wave could prevent it from beating its estimates due to the decline in vacation travel.
They are the non-performing balance sheets of Italian banks dropped significantly in June with the gross ones reaching a minimum since March 2013 and the net ones since December 2010. According to data from the Bank of Italy bulletin 'Banche e moneta', in June the total gross non-performing loans held by credit institutions resident in Italy amounted to 131,752 billion euro (from 162,707 in the previous month), the lowest since March 2013. On an annual basis, gross non-performing loans recorded a reduction rate of 26% from -10% in May. Good news also on the collection front; in June the growth of deposits strengthened, with an annual +6,8% from +5,7% in the previous month.
Bper -1,1% still down after yesterday's slide. Contrasted trend in Piazza Affari for UnipolSai and the parent company Unipol on the day in which the board of directors meet to approve the respective half-yearly reports, which will be announced tomorrow morning. UnipolSai shares rose by 0,30% to €1,8855, while those of Unipol lost 1,14% to €3,39. Among the banks it goes down believe - 0,6% which announced the results of the quarter. Revenue -7,8% to $274 million, due to -82% trading revenue. Operating profit -23% to 78 million.
Creval +1,4%. The French shareholder Dgfd, which holds a 5,78% stake in the capital, has asked for the convening of a meeting to revoke the Board of Directors. In a poor trading market they stand out Prysmian + 1,03% Finecobank +0,8% and Moncler + 0,7%. Ima sells 1% penalized by Kepler Cheuvreux who cut the target price to 82 euros from the previous 86 euros.
