Wall Street swerves awaiting the data on new jobs which will be announced at 14 pm (Italian time). But the cause of the worst session in US stock exchanges in the last two weeks is not the fear of a change in the Fed's monetary policy but rather a shower of bad news arriving from the quarterly reports.
At the end of the session, the Nasdaq lost 1,62%. The losses of the Dow Jones -0,69% and the S&P 500 index -0,78% were less heavy.
The decline has infected Tokyo -0,3%: the Bank of Japan has confirmed Qe, while inflation slows down to 0,1%, the lowest since June 2013.
Strong decline in Sydney -1,7%, under the weight of banks called to robust capital increases by the central bank.
The Chinese Stock Exchanges performed better: Hong Kong +0,8%, Shanghai +1,9%, Shenzhen +2,1%. To avoid the collapse of the markets, China has invested 44 billion dollars in the last two months.
Weak day also for the European stock exchanges, made cautious by the drop in oil prices (the WTI is at its lowest since March) and by the prospect that the Fed will increase interest rates in America in September. In Milan, the Ftse Mib index fell by 0,4%, the Paris Stock Exchange closed unchanged, Frankfurt -0,4%.
BTPs yield 1,86%, while the spread is stable in the 115 basis point area.
An exception is the Athens Stock Exchange +3,6% for the first time in positive ground after five weeks of closure and, starting from Monday, three consecutive sessions of decline in which it had lost about 19%. The overall capitalization of the Athens stock market is only 10,3 billion euros.
TESLA, VIACOM AND PURE COFFEE: BITTER PILLS FOR US STOCK EXCHANGES
Media, technology and even coffee machines. There were many outbreaks of US share losses yesterday.
The most sensational collapse concerns the plunge in media stocks, triggered by disappointing data from Walt Disney which lost about 10% in two days. 21st Century Fox was affected -6,4%, even more Viacom which left 14,2% on the ground after the drop in subscribers and advertising revenues.
The negative wave also hit Mediaset which in Piazza Affari closed the session down by 4,2%.
No less heavy the fall of Tesla -10%. The company that makes luxury electric cars has announced that it will fail to meet its 2015 sales targets.
The main problem of Elon Musk's company is the delay in marketing the new Model X, an SUV that should have gone on the market last December, and which instead will not be ready before the end of September. The problem, Musk himself explained, is that some suppliers are unable to ramp up component production.
After closing the quarter with a loss, Tesla will probably have to resort to a capital increase to finance the investments. Tesla ended the second quarter of 2015 with a loss of 48 cents per share, significantly better than the 60 cent loss expected by analysts on average.
A negative surprise was also reserved by Keurig Green Mountain Coffee Roaster, the world's second largest producer of coffee and single-serve dispensing machines. The stock tumbled 30% after the company sharply revised its revenue and earnings-per-share forecasts lower and announced it would layoff 5% of employees.
TELECOM TESTING ULTRA-BROADBAND AND WIND-3
Under the spotlights of Piazza Affari this morning Telecom Italy -1,8% who will announce the quarterly results approved yesterday by the board. Analysts will focus their attention on the performance of the domestic business, which is expected to decline in terms of revenues and margins.
But in addition to the first accounts after the entry into the shareholding structure of Vivendi (yesterday Vincent Bolloré visited Matteo Renzi at Palazzo Chigi, Andrea Guerra present) will also be the news on the market front and the broadband plan .
The merger between Wind and 3 Italia has finally matured, from which a company with over 31 million mobile telephone customers and 2,8 million fixed network customers will be born (of which 2,2 million broadband ). “The combined business – reads a note – should generate significant Capex and Opex benefits with a net present value, net of integration costs, of over €5 billion. The combined revenue of both companies in 2014 was $6,4 billion."
Meanwhile, yesterday the Cipe approved the first 2,2 billion of allocation for the ultra-broadband plan which, in the words of Prime Minister Renzi "is worth 12 billion, of which 5 private and 7 public. Of the latter, 4,9 come from government initiatives and 2,1 from regional structural funds”.
MPS BACK IN PROFIT. MEDIOBANCA BOWL CHEVREUX
Another hot topic, the accounts of Mount Paschi +1% from which Alessandro Profumo took his leave yesterday.
The second quarter of 2015 also closed with a positive sign. Between April and June, the Sienese bank recorded a net profit of 121 million, compared to a loss of 178,9 million in the corresponding period of 2014. At half-yearly level, profit thus rose to 193,6 million. the managing director Fabrizio Viola spoke of "several positive news" in the quarterly numbers, including the dynamics of new loans, which in the six months allowed the interest margin to grow by 20,6% over the previous year. The manager also spoke of "strong signals" on the bank's assets and liquidity.
The other stocks in the sector contrasted. Understanding rose by 0,6% and Unicredit +0,1%. Sharp reduction instead of Mediobanca -1,2%, penalized by the downgrade of Kepler Cheuvreux to Hold from Buy. Moderate declines for cooperative banks: Ubi -0,4% Banco Popular -0,7%.
Also bpm, slightly down yesterday, communicated the results for the first half of 2015. The net profit for the period, normalized, was 164,7 million euros with a growth of 69% compared to the same period of 2014.
Banca Popolare dell'Emilia Romagna +0,6 closed the first half of the year with a net profit of 81 million, substantially doubled compared to the first half of 2014 (+90,4%) and well above the income targets set in the beginning of the year.
EBITDA HALVED FOR TENARIS. THUD OF INTERPUMP
Oil stocks fell sharply yesterday (the Stoxx index -1,6%). In Milan Eni it limited losses to 0,8%. Tenaris, the world leader in pipes for the oil industry, fell by 1,5% after announcing second quarter results characterized by a 30% decline in turnover and halved EBITDA.
In decline Enel -0,5%. Industrial stocks are also weak: Finmeccanica -1% fca -0,7% StM -2,1%. Also declining Enel [ENEI.MI] -0,5%. Among the featured titles Astaldi + 2,2% Banzai +2,3%. Sharp decline of Interpump -6,4%.
