The economic situation continues to reserve bad news for the Stock Exchanges. Germany's leading economic institutes have today cut growth forecasts for Europe's largest economy for this year and 2020, listing among the reasons weak global demand for manufactured products and increased uncertainty for businesses in the context of trade disputes.
Loses shots, by reflex, Business Square, down 1,1%, below 19.700 points. But the other lists are worse: Frankfurt -1,1% Paris -1,5%. Down too Madrid -1,4%. Tail light London (-1,9%) on d-Day: Boris Johnson will present the proposal to the Tory Congress to avoid a Hard Brexit.
Today, however, the bad economic situation is conditioning the price lists, which is starting to reflect on the corporate accounts: according to Refinitiv (formerly Thomson Reuters) European companies are about to record the worst quarterly results of the last three years, with earnings per share down 2,2% in the third quarter.
Weak the Petroleum: Brent at $58,83 a barrel. They weigh on the market the divestments of Norway's sovereign wealth fund, which received authorization from Oslo to sell the stakes held in the oil world (95 companies), including Saras (-1%).
Eni -1,6%. The company has announced that it has received confirmation that the US Department of Justice (DOJ) has concluded its investigations under US anti-corruption legislation in relation to the Algeria and Nigeria proceedings, arranging their dismissal.
Saipem -0,5%. This morning Goldman Sachs adjusted its target price upwards to 6,60 euros from the previous 6,50 euros. Neutral judgment confirmed.
Massive losses for Tenaris (-2,5%) after Goldman Sachs confirmed the Sell recommendation, however cutting the target price to 13 euros from the previous 13,40 euros.
Piazza Affari continues very weakly in a decidedly negative context at European level.
Among the banks, the Big suffer: Unicredit -1,2% Understanding -0,53%. Instead, the advance of Bpm bank (+2,8%) and of Ubi (+1,3%) supported by rumors about a possible merger between the two institutes evidently appreciated by the market.
Fiat Chrysler -1%. In September, the group recorded a 10,9% increase in registrations in Italy in a market that grew by 13,39% in the same month, according to data from the Ministry of Transport.
Still down Atlantia (-0,8%).
Rip instead sapphire with a jump of 9,5% on rumors of an interest by the French luxury giant Kering. Equita notes that the "potential interest from Kering could be linked to the production capacity in view of the expiry of the supply agreement in 2020 with Safilo for the production of the Gucci collections". However, the broker adds that “a simple renewal of the agreement would be more reasonable than the acquisition of all of Safilo”. The news impacts Essilor Luxottica down 12,85%.
Conversely, the other luxury stocks suffer: Moncler -1,9% Ferragamo -2,2%, to a seven-year low.
Thump of editorial headlines: Class -5,7% after yesterday's leap on the half-yearly. Down too Mondadori (-5,7%) And Rcs (-4,4%).
There is no peace for the title Bi-Hon, which fails to make a price and is indicated at 8,4 euros, down by more than 16% compared to yesterday's closing, following the results of the first half which saw a collapse in revenues.
