Italian industrial production loses momentum. Business Square takes note of the new signs of slowdown in the economy and begins trading in August with a drop: the index falls by 0,60% but remains above the 22 mark. Frankfurt -0,3%, flat Paris.
The PMI index on the expectations of purchasing managers of Italian industrial companies dropped in July to its lowest level since October 2016 at 51,5 points, from 53,3 in June. The consensus was 53. In line with expectations, but certainly not encouraging, the trend of the PMI index on the manufacturing industry in the Eurozone, in July the June figure was confirmed: we are at the lowest level in the last 16 months. But the German manufacturing sector is instead accelerating and French manufacturing.
Widespread weakness on the debt market, weighed down by the German primary, while the mounting of US-China trade tensions is not currently enough to give a sufficient boost to government bonds. Germany placed its 2,373-year Bund for 0,47 billion euros, with a marginally declining yield, 0,48% from 2,764%. The Italian XNUMX-year bond sells at XNUMX%, spread stable at 230 points.
The exchange rate hasn't changed much euro dollar, at 1,168. Down the Petroleum Brent, at 73,8 dollars a barrel. Eni -0,4%.
Some quarterly reports published in the morning disappoint. The worst blue chip is Enel -3,8%. Quarterly results in line with consensus expectations. The company confirmed the achievement of the targets for the year, this means that in the second half of the year there should be an acceleration of profits, in an unfavorable macroeconomic scenario, especially in Latin America. Goldman Sachs cuts rating to Neutral.
Generali -1%. In the second quarter, theoperating profit stands at 1,27 billion euros, the consensus was expecting 1,34 billion. Life business generated €789m of operating income, €30m less than estimated. Net result at 748 million euros, better than expected thanks to the sale of the stake in Italo. Solvency margin slightly below estimates at 221%.
Mediobanca -1,7% from +1% at the start of the session, presented the data for the semester. Net profit at 182 million euros, better than expected. THEThe dividend is increased to 0,48 euro per share. Alberto Nagel reiterated that within a year the bank will sell the 3% stake in Generali and that it is interested in making other acquisitions, particularly in wealth management where it is repositioning itself.
More generally, banks have gradually deteriorated. Understanding -0,8% just a few hours after the board of directors on the accounts. Unicredit – 0,37%. The basket of Italian banks fell by around 0,9%.
Advance instead Snam + 0,5% raised its 2018 profit estimates to 1 billion euros. The results for the quarter exceeded expectations.
The rally continues Leonardo, also today is among the best blue chips of the session with a leap of 2,05% which extends the excellent +11% of yesterday. The quotation is at its highest since the end of January. This morning Exane announced that it had raised its recommendation to Outperform from Neutral, bringing the target price to 13 euros from the previous 9,8 euros.
In luxury it loses momentum Salvatore Ferragamo +1,39%. The company promoted to managing director Micaela Le Divelec, arrived a few months from Gucci with the position of general manager. Few surprises from the quarterly data, weak as expected: no recovery in sight, at least not in 2018. Moncler +0,7%, announced the launch of a treasury share purchase plan. Brunello Cucinelli + 2,1 %
Campari +0,4% fluctuated after the announcement of the accounts.
