The engine roars again Volkswagen and the Stock Exchanges of the Old Continent are moving again. The Wolfsburg-based company announced that the first half of 2016 closed with an operating result of 7,5 billion euros, significantly higher than analysts' forecasts, despite the impact on the accounts of the Diseselgate scandal.
The company, which will provide the complete results for the first half on July 28, increased by 6,5% in Frankfurt, to 124,5 euros. At group level, a note specifies, 2016 will close with a 5% drop in sales due to the difficulties on the Russian market and in South America.
The Volkswagen boom has also dragged upwards too Fiat Chrysler (+3%). The FtseMib index of Business Square, which before the accounts of the German house fluctuated around parity, is now gaining 0,6%. The other European stock exchanges recorded increases of around one percentage point: Paris + 1,2% Frankfurt + 1,3%. London falls by 0,2%.
On the macro front, the dollar pushes to its highest level since the end of June: cross euro dollar 1,100 from 1,102 yesterday evening (+0,1%). Greenback strength dampens momentumgold, down 0,3% to $1.327 an ounce.
Il Petroleum Brent moved little at 46,60 dollars pending data on US weekly inventories, expected to drop by 2,3 million barrels. The yield of Waist ten-year period is set at -0,04%.
also the banks try to react: the global index rebounds by 1,5%. The analyst Carlo Tomaselli (ex Soc Gen) made his debut in Crédit Suisse with an important report on four Italian banks (Intesa, Mps, Ubi and Unicredit).
Among the big four analyzed only Understanding e Ubi (outperform, tp 3,50 euro) are able to count on excess capital even in the worst case scenario, while Unicredit (neutral recommendation, target price 2,28) has a shortage of between 4 and 9 billion e Ps between 600 million and 3,5 billion. To drastically reduce NPLs Atlante should acquire at least 30 billion.
Meanwhile Unicredit turns up by 2%, to 2,256 euros, driven by the good trend of the sector in Europe. Subsidiary Yapi Kredi canceled a $550 million seven-year bond issue after the failed coup rattled the market.
Ubi it is little moved, at 2,79 euros. A spokesman for the institute told Reuters that Ubi never considered buying the Antonveneta branches from Montepaschi, denying the rumors reported this morning from Corriere della Sera. MontePaschi it is down by 1,9%, at 0,3175 euros. Intesa Sanpaolo it strengthens with a gain of 1,8% to 1,9580 euros.
Among the European sectors, the Techs stand out, the Eurostoxx index of the sector gains 2,2% and reaches its maximum since the beginning of the year thanks to the decisive contribution of Temple Size (+4,7%), whose results beat expectations as well as those of the Dutchman Asml (+ 3,5%).
At Piazza Affari StM it advances by 1,7%. The worst blue chip is Tenaris (-3,6%): Goldman Sachs downgraded its Buy recommendation to Neutral. In reverse Saipem earns 2,6% and is the best blue chip. Enel + 0,5% Eni -0,5%.
