Il Tsipras government passed the second hurdle. During the night, the Greek Parliament approved the second package of measures requested by the creditors: a 1000-page document which includes the new code of civil procedure and the transposition of the directive on the rescue of banks. Now the negotiations for the funds, 83 billion, of the third aid program can begin.
The news will help to calm the markets after the downward correction of technology stocks dragged down by the disappointing forecasts provided by Apple on the business trend in the coming months: Apple has reduced its Capex (capital expenditures) by one billion dollars next months.
APPLE CUTS INVESTMENTS. DOWN WALL STREET, ASIA HOLDS UP
The Dow Jones index lost 0,38% yesterday, S&P500 -0,24%, Nasdaq -0,7%. The results of Apple Lossless Audio CODEC (ALAC),, which has suffered a loss of about 50 billion dollars in capitalization, have hit suppliers, starting with semiconductor producers: Texas Instruments falls by 4%. Even heavier fall in Milan of Stm -6,6%affected by Citigroup's downgrade pending third-quarter data. German Infineon also down -5,2%. The results of Microsoft -2,5% and Yahoo -1,4% were also disappointing. The decline of IBM -1,2% also continues. The slowdown in US stock prices did not affect the Asian stock exchanges, favored by the rebound of the dollar: Tokyo +0,4%, Hong Kong advanced by 0,5%.
OIL BELOW 50 DOLLARS. STRONG DECLINE OF SAIPEM AND TENARIS
Note the new descent of the raw material, from Petroleum: WTI dropped to $49 a barrel (-2,5%), Brent under $55. Substantial losses for Italian stocks in the sector: Eni -1,1%, Saipem -3,3%, after the downgrade of Goldman Sachs (rating from neutral to sell, target price to 9,2 euros from 15,4). Tenaris -3,3%, victim of the target price cut (12,6 from 15,6, neutral rating confirmed) by the US investment bank. Meanwhile, the landslide of gold resumes, once again below 1.100 dollars. The dollar strengthened against the euro, falling to 1,087 from 1,095 at yesterday's close.
MILAN HOLDS THANKS TO THE BANKS
The Milan Stock Exchange closed with the FtseMib index down by 0,1%, the Paris Stock Exchange fell by 0,4%, Frankfurt -0,7%.
The banks supported the Ftse Mib index, mostly in positive territory: Ubi Banca +1,4%, Unicredit -0,2%, Intesa -0,1%. Banca Popolare di Milano rebound +0,5%. MontePaschi +0,3%. Bene Carige +2,2% after the appointment of a financial advisor by the board in view of strategic operations. Mediobanca +1,6% to 9,51, one step away from the highs (9,6 euro) reached in May.
Bank of Italy yesterday authorized the merger by incorporation of Mediolanum into Banca Mediolanum.
INDUSTRY, HOLD THE BLUE CHIPS
The other blue chips are cautiously positive. Finmeccanica +0,2% ,Fiat Chrysler +0,3%. Prysmian +1,7% expanded its optical fiber production plant in Sorocaba, Brazil. Lively Buzzi +2,7%. ?Enel rose by 0,1%. Telecom Italia marks an increase of 0,7%.
SHIPS, TRANSPORT AND MAJOR WORKS OK
In the rest of the list to report: Shipyards +2,6%. According to Morgan, the orders registered by the group are "exceptionally" strong and translate into a record portfolio of 12 billion euros.
In the maritime sector, D'Amico stands out +4,6%. In great evidence Premuda +18,9% in the wake of the standstill agreements signed with the creditor banks. Great works are also good. Salini Impregilo rose +1,26%, which was awarded a contract worth 170 million euro for the design and construction of a section of the A1 motorway south of Warsaw. Astaldi also did well +2,8%. Banca Imi confirmed the add recommendation on the stock and the target price at 9,4 euro.
