The European stock exchanges are struggling to absorb the partial disappointment for the postponement of the expansionary measures of the ECB, already expected at yesterday's meeting. Business Square retreats around 21.800 after that Matteo Salvini replied to the Minister of Economy Giovanni Tria who says that in the next maneuver there is no room for cutting taxes: "The problem - said the Minister of the Interior - is either me or him". The deputy prime minister declared that the League will not vote for a timid 2020 maneuver: it wants an "important, ambitious and courageous" one. In light of these statements, the spread goes back to 210.
Il Tesoro has placed Ctz and Btp indexed, recording growing demand and falling rates compared to previous auctions in the wake of the prospects of a very accommodating monetary policy by the ECB. In particular, Via XX Settembre placed 2 billion euros, against offers for 3,344 billion euros, of Ctz 2021 at a rate of 0,041% from the previous 0,431%.
In the rest of the Eurozone, down too Madrid (+0,6%). Positive Frankfurt (+ 0,36%) and Paris (+0,45%) also thanks to the exploit of Vivendi (+5,4%), supported by the prospect of the sale of a stake in the subsidiary Universal. The company controlled by Vincent Bolloré took sides yesterday in support of the business plan presented by the CEO Tim (+0,4%), Luigi Gubitosi who today will also deal with the restructuring of Inwit (+ 2%).
The news about towers of Vodafone they push the City (+0,47%). The telecommunications leader has announced that he will merge his activities on transmission towers in ten European countries into a new company that could land on the stock exchange. The new company will be the largest in the industry in Europe, with approximately 61.700 towers, three-quarters of which are located in its core markets (Germany, Italy, Spain and Great Britain).
In July the climate improves in Italy confidence of consumers and businesses. The index elaborated by Istat for consumers increased from 109,8 to 113,4, while that of companies rose from 99,3 to 101,2.
The prices of crude they are heading to end the week higher as geopolitical tensions over Iran remain unresolved, though prospects of weaker global growth as the trade war caps gains.
Futures on Brent they advanced 16 cents to $63,55 a barrel around 12,00, equal to a weekly increase of about 1,7%, after -6% last week.
Back off later the Eni accounts (-0,6%). The second quarter closed with 2,28 billion euros of adjusted operating profit, -11% year on year. less than the consensus (2,35 billion). The E&P division (exploration and production) stops at 2,14 billion euros, 300 million euros less than expected. The company adjusts its production growth targets to +2%/+2,5% from +2,5%.
Saipem +1%. Berenberg raises the target price to 6,20 euros. Tenaris -1,8%.
Also declining Enel (-0,3%) ed Atlantia (-0,7%).
Avanza St Microelectronics (+2%), after the quarterly higher than Intel's expectations. Barclays raises the target price to 20 euros.
Instead, back off Moncler (-0,2%) under the pressure of Kering, -7% after the publication of the quarter's data: like-for-like sales in Gucci brand stores rose by 12,7%, against +14,5% estimated by analysts.
The automotive sector is also slowing down. Pirelli -1,3%: rival Michelin presented quarterly data and forecasts for 2019 yesterday evening. The French tire manufacturer sees a deterioration in its reference market.
Fiat Chrysler -0,3%. This morning Renault cuts its estimates for 2019.
Banks down: Ubi -2% Unicredit -1,4%.
Continue the Drums Up effect Propeller (+5%), rebounds Maire Tecnimont (+ 3%).
Bio-On is suspended due to an excess of upside. The president and CEO Marco Astorri and the vice president Guy Cicognani, both significant shareholders of the company, bought 14 thousand shares as a sign of confidence in the group after the accusations of a US fund for accounting irregularities.
