The brilliant results of Unicredit and Société Générale have strengthened the good mood of the European markets. In the rest of global finance, prudence prevails as we wait for tomorrow's data on US employment, relevant if not decisive in view of the Fed's decisions on interest rates in September.
The Japanese stock market is up +0,8%, Hong Kong is down -0,5%, Chinese stocks are down: Shanghai and Shenzhen both -0,3%.
The closure of Wall Street thwarted: S&P 500 +0,3% and Nasdaq +0,7% rise, supported by the rebound of Apple Lossless Audio CODEC (ALAC), +0,66% after 11 down sessions, despite the rejection by Bofa Merrill Lynch who lowered the buy rating to neutral. On the other hand, the Dow Jones fell -0,1%.
THUD OF WALT DISNEY, OIL STILL DOWN
Meanwhile, the debate on interest rates is growing. After the declarations of Dennis Lockhart, president of the Atlanta Fed, in favor of an increase as early as September, another governor, Jerome Powell, slowed down and suggested waiting for the next macro data before moving. Meanwhile, yesterday it emerged that 185 new jobs were created in the private sector in July, down on the 237 units in June.
On the corporate front, the drop in Tesla -3,1% after the Stock Exchange: the company will not be able to deliver 55 machines in the next quarter, as per the target.
The descent of Walt Disney (-9,17%), supported by the profits of The Avengers but betrayed by the results of cable TV. The data dragged down the other stocks of the sector: : Discovery -12% Time Warner -8,5% Twenty First e Viacom -7% cbs -4,5%.
Yet another decline in oil. Brent fell to 49 dollars a barrel and Wti to 45,1 dollars.
EUROPEAN EXCHANGES IN RALLY, THE SPREAD DOWN TO 112 BP
It was a day of strong increases for the European stock exchanges, supported by the good results of numerous companies. In Milan, the Ftse Mib closes with an increase of 1,8% Paris (+1,65%), Frankfurt (+1,57%) Madrid (+1,16%) and London (+0,98) are also doing well %).
The spread between the BTP and the Bund is reduced to 112 points, the lowest since the beginning of May. The BTP 10 trades at 1,80% (compared to the previous 1,78%). Yesterday Athens placed 813 million euros in 26-week bonds, at an unchanged rate of 2,97%. Berlin, on the other hand, placed 3,265 billion securities maturing in 2020, with the rate decreasing to 0,04% from the previous 0,17.
MORE SOLID ASSETS, UNICREDIT DISPLAYS THE HYPOTHESIS OF AN INCREASE
Two stocks colored the performance of the European banking sector pink. In Paris SocGen gained 7,9%: the accounts announced are the best since the 2008 financial crisis.
But no less significant is the performance of Unicredit which gains 6,4% after announcing the results for the second quarter of 2015, which closed with a profit of 522 million euros, against a consensus of 453 million.
All the data is better than expected, even those on capital strength: loan loss provisions fell to 913 million euro, with a drop of 6,9% compared to the previous quarter and 9,0% compared to the same period of a year ago. The net non-performing loans/total net loans ratio is 8,4% and the coverage ratio is 51,0%. The upcoming ECB tests are no longer scary.
The group also announced a major reorganization at the top. The general manager Roberto Nicastro leaves (liquidation of 5,39 million) whose powers have been distributed to the two deputies Paolo Fiorentino and Gianni Papa who are joined by Marina Natale.
GOOD FOR THE OTHER BANKS. SPOTLIGHT ON MPS TODAY
The rally of the Milanese bank is accompanied by other positive results. Mediobanca advanced by 1,8%, supported by good operating accounts and the purchase of the British Cairn Capital. In the ICBPI daily report we read of "numbers that appear overall in line with our expectations, while the dividend is slightly higher than our and consensus estimates".
Pop Emilia +2,8%. Contacts are underway to create a hard core (20-25% of the capital) which could take the form of a consultation pact. Salt too Ubi + 2,1%. Understanding +0,5%. Exploits of Carige +3,1%. According to Equita Sim (rating hold tp at 1,9 euro) the second quarter highlights the bank's progress in terms of commissions and asset quality.
Thus the anticipation for the results of grows Mount Paschi +2,8% which will be announced in the afternoon. Insurance companies are also advancing in Piazza Affari. Generali + 1,5% UnipolSai + 1,1%.
BRAZIL HOLDS BACK TELECOM. THE AGREEMENT WITH MEDIASET AT THE START
Day of accounts today also for Telecom Italy +0,81%. The company was yesterday penalized by the results of the subsidiary Tim Brasil below expectations. Banca Akros/Esn writes in the daily report of a “negative impact for Telecom equal to 1% of the group's EBITDA. The board should make provisions for risks associated with the damages claims of competing operators. The figure should be between 250 and 400 million euros.
Finally, the agreement was announced with Mediaset +1,97% for the distribution of content that includes Champions League matches. He runs among the industrialists Finmeccanica +2,5% to 13,55 euros, a new high since February 2009. The group has requested a loan of 4 billion against a probable increase in the Eurofighter order from Kuwait which could rise up to 11 billion.
Finmeccanica participates in the consortium with a 21% share. Good news also from the subsidiary Fata, operating in the field of design and construction of complete industrial plants, which has signed a contract for the construction of a combined-cycle power plant for the production of electricity, worth 500 million euro.
StM + 3%. Fiat Chrysler advances 0,5%, Cnh Industrial +2,5%. Well the oil: Eni s+2,3% awakens from torpor, reaching 16,17 euros. Tenaris + 0,3% Saipem + 0,7%.
In luxury they stand out Ferragamo +2,1% and Tod’s +2,2%. He misses out sapphire -2,87%. Equita Sim cut the target price on the stock from 12,5 to 11 euro, confirming the hold rating. Plus sign for Campari +2,1%. Barclays raised its target price to 6,1 from 6 euros on the stock, confirming the underweight recommendation.
