Europe two-speed Piazza Affari holds with Ferragamo and Cnh

increasing precisely because of rights. However, meanwhile, China and Germany have signed various trade agreements. On the macroeconomic front, the German Zew index, which measures the expectations of the German economy, fell to -24.7 in July, against -16.1 in June. It's worse than the expectations of badysts. In addition, it was announced that Britain's trade deficit in May rose to 12.36 billion pounds, making it worse than the experts had. In addition, industrial production of the Channel area on an annual basis in May improved by 0.8%. Returning to the clues, Milan changed the direction of the trip several times and then embarked on the path of the climbs (follow here the Ftse Mib). The other lists of the Old Continent have also improved, with the exception of Madrid. London is also stable, after the good performance of the day encouraged by the weakness of the pound sterling caused by the earthquake in the government, with the resignation of two ministers in the space of 24 hours. The gap between German construction and the German Bund at ten years is down from the order of 234 points

Banks under the lens, Telecom down sharply

At Piazza Affari, the eyes remain focused on bank stocks. The governor of Bankitalia, Ignazio Visco, present at the meeting of the AG, said that the reform of the People's Banks should be completed, to allow the rest popular large-scale to obtain the necessary improvements in terms transparency of governance badets, ability to appeal to the market, ability to participate in aggregation processes. The shares of Telecom Italia are down, while the market continues to question the future of the company and any deal with Open Fiber. A particularly negative report from UBS weighs on the company's quotations, in which it is advisable to sell the shares, given that the management of the company and the board do not have the necessary stability to deal with to the challenges of 5G, to compete with Iliadm to a negotiation with Open Fiber to wire the country with fiber.

Agnelli galaxy highlights, Ferragamo rebounds

The Ftse Eb punctuated by the good performance of stable titles Agnelli, with Fiat Chrysler Automobiles and Ferrari to drive the climbs. The return car led by Sergio Marchionne resumed yesterday, on the wave of positive data on Brazilian registrations. The Brembo are also popular in the car segment. Saipem continues to rise, after the excellent performance of the day before caused by waiting for the maximum commission of one billion dollars from Azerbaijan.Salvatore Ferragamo, after the slip to the eve, so stands up the head to boast of one of the best performance of the main basket. Beyond the technical rebound, Jefferies' positive ratings, that the title is no longer sold. Analysts, who confirmed the target price at 19 euros per share, have raised the recommendation of underperformance to hold, while anticipating a 2018 not completely down. It will be another year of testing, they wrote in a note. Analysts, however, remain critical, taking into account the fact that the revival of the Florentine group requires a long temple. No later than yesterday, Vice President James Ferragamo said that we still needed patience for the choice of the announcement.

Banca Carige still in the eye of the storm Fincantieri steals

Outside the main market, attention is catalyzed on Bca Carige on the day of the holding of the Board of the Bank, after the recent three outings of council members. Meanwhile, the shareholder Raffaele Mincione, who holds a share of more than 5% of the capital, requested the convening of the meeting for the month of September with the discussion on the dismissal of the board. Inventories, after a decline, are fairly stable. Fincantieri instead of flying, on an article by Sole 24 Ore according to which the company is already working on the next challenge: the maxi-commission of 20 billion US dollars for twenty frigates. Bids for US Navy frigates will have to be submitted by June 2019 as part of a call for bids involving a large number of companies. But Il Sole explains that Fincantieri has a double chance: in fact, it's a consortium with Lockeed Martin, as a reference for the customized version of LCS, or by his American subsidiary, Marinette Marine, with a project based on the Fremm . Meanwhile, still Il Sole, reports that the project of collaboration in the military sector between the company and Naval Group would be close to the presentation to the Italian and French Governments. Analysts of Equita, for, remember that we will see if the recent tensions between Italy and France could constitute an obstacle to the realization of the project strongly supported by the CEO. Equita recommends caution (Hold), estimating a target price of 1.3 euros. Mediobanca also advises caution with a target of 1.09 euro

In the Fnm rallies for the purpose of the split of the company Trenord

The shares of Ferrovie Nord Milano (Fnm) are flying to Milan, in view to restructure the company Trenord, as announced by the governor of Lombardy, Attilio Fontana. The shares, after jumping 9.3% to € 0.62, entered the volatility auction. Fontana has announced that by the end of the year the division of the Fnm subsidiary, Trenord, will be completed in two different railway companies, one controlled by Trenitalia, of the Ferrovie dello Stato group, the By the Lombardy region, through the Fnm. To date, however, the region (through the 57.57% Fnm subsidiary) is Trenord's partner at 50%, while the Fs, through the subsidiary Trenitalia, have the remaining 50% of the company. The governor of Lombardy met yesterday with the CEO of Fs, Renato Mazzoncini. For us – he said – the road to go to different allocation of Trenord so that after the operation, to encourage investment and create healthy competition, in the railway service Lombard will operate two different railway companies : a subsidiary of Fnm and a Trenitalia. Fontana also added that the region manages about 45% of the total lines, while Trenitalia manages the remaining 55%. The same Fnm, through a press release, is defined open to dialogue with Ferrovie dello Stato for a split of Trenord

The euro loses the share on the dollar, lighthouses on the pound sterling

On the currency front, the euro-dollar met day suddenly lost altitude on the greenback, so as to violate for a few moments even the threshold of $ 1.17 (follow here the main cross). After the slide of yesterday, the pound sterling stabilized against the note, while the euro-sterling cross was weakened. Finally, increase the price of oil (follow here Brent and Wti)

(Il Sole 24 Ore Radiocor)

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