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Interlocutory seats and low trading volumes for European stock exchanges, which missed the Wall Street benchmark, today closed for Independence Day National Day.Milan ended on the lows of the day, but with decreases still contained (-0.36%), as well as Paris + 0.07%, Frankfurt -0.26% and London, down about 0.2%. Madrid was the exception (+ 1.04%), supported by banks. The spread closed slightly to 235 points, after the opening up to 238. Investors remained at the window, waiting for news from the trading front: on July 6, US-Chinese cross-border tariffs came into effect. $ 34 billion and the potential after-effects remain to be understood. In Europe, the technological problems were bad, affected by the Nasdaq slide yesterday, triggered by the 5.5% decline of Micron Technology: sales of certain products of the US group in China were temporarily halted because of the alleged violation patent. A movement, that of the Chinese court, that badysts consider as an indirect policy response to the introduction of tariffs by the United States.
Race to the list on Wall Street: 120 new IPOs in six months
Gi St with technology, Mediaset recovers
The question of rights, then continues to hold the bench even if indirectly. On the Milanese list, Stmicroelectronics cumbersome after the news on the stop sales in China for Micron, also Infineon Technologies in Frankfurt. In Piazza Affari, Mediaset has recovered after three days of correction, thanks to the good performance of the audience of the World Cup. Analysts at Mediobanca Securities point out that the World Cup is performing above expectations, which positively affects advertising. At the bottom of the main list of Piazza Affari, the Galaxy Agnelli and the luxury titles, with Salvatore Ferragamo down -1.64% and Moncler -3.62%, which retraces after the highs of recent days (the title won 50% in the first half). Conversely, Recordati performed well (+ 1.43%), recovering after the slide following the sale to the Cvc fund, and A2a (+ 1.21%), after the managing director Valerio Camerano mentioned a possible interest in the photovoltaic badets of British Glennmont in Italy.
Banks in a Random Order, Low FCA
In Milan, banks, in the absence of news that acted as a catalyst, have not evolved in an unambiguous direction. Benefits Mediobanca (+ 1.35%), Banca Generali (+ 0.55%), Intesa Sanpaolo (+ 0.5%) and Finecobank (+ 1.28%), Ubi Banca also up (+ 0.39%) )) and around the Bper parity (+ 0.11%), while Unicredit (-0.22%) and Banca Mediolanum (-0.34%) fell. Banca Carige (+ 2.35%) is distinguished from the main basket after, according to news reports, a meeting between the company and the ECB would have pushed to evaluate a merger within a reasonable time and restore a governance stable, after the sacking of the president and a councilor. Fiat Chrysler Automobiles was down (-0.76%), penalized by disappointing business figures in June, down 19.3%. The fall in FCA also holds back other shares in the Agnelli galaxy, with Exor and Cnh Industrial down 2.05% and 1.97% respectively.
Rally debut for Longino & Cardenal, flop Brunello Cucinelli
Off the main list to report the excellent performance of Imvest (+ 18.33%), Longino & Cardenal (+ 47, 22%), which debuted today on the "Aim, and Trevi Finanziaria Industriale (+ 14.63%), which took advantage of press rumors announcing that at the end of the A month's Bain Capital Fund's offer will mature for a supersenior loan, accompanied by a large group bank loan. Juventus Fc (+ 7.27%) well, at the highest for four months on rumors of a possible arrival of Real Madrid's Ronaldo Criminal, for which the club is considering an offer of 30 million euros per year for four years, also thanks to the support of the FCA, which could have a role of sponsor for the player. The worst were Brunello Cucinelli (-13.9%), after the negative opinion of Beremberg, which lowered the valuation of hold to buy and Energica Motor Company (-15.19%).
Bene Telecom, continuation of the agreement with the network of suppliers
New positive session for Telecom Italia, which continued to benefit from the strategic agreement signed with the major network providers. The stock had already risen the day before, gaining more than 3%. The agreement with the six main infrastructure providers (Sirti, Sielte, Ceit, Sittel, Valtellina and Site), which represents 75% of the total in this sector, is the driving force behind it. The agreement, with a duration of three to five years starting in 2019, is part of the supply optimization project provided by the DigiTim strategic plan presented in March, which is expected to generate revenue for the first time. efficiency for the planning and implementation of fiber network development orders in Italy. Mediobanca badysts confirmed the outperformance, with a target price of 1.2 euro per share, about twice the current level, recalling that thanks to the agreement, Tim confirmed the targets on the savings of 2018 The positive effect weighs more than the fact that Agcom has established that by December 31 Tim, Vodafone, WindTre and Fastweb will have to return to customers on eroded days due to the billing issue 28 days.
In Madrid banks well, in Europe take cars in the air
In Europe the price lists have closed on par, with the exception of Madrid, supported in particular by the banks. Bankia posted a + 1.71% at the Iberian exchange, Banco Bilbao + 1.93%, Banco de Sabadell + 1.44%, Caixabank + 2.27% and Banco Santander more + 0.68% . The technology sector was particularly bad (-1.35% sectoral index Euro Stoxx 600 Technology), crushed by the case Micron Technologies. The most penalized were the semiconductors, with a drop of 2.8% in Paris (-2.98% in Milan) and Infineon Technologies of 1.87% in Frankfurt. Positive signs for telecommunications (+ 1.89% relative sector index), with Cellnex Telecom (+ 1.41%) in the light of Madrid, Deutsche Telekom (+ 1.48%) in Frankfurt and Orange ( +2, 22%) in Paris. The headlines of the automotive sector have recovered, in recent days strongly put under pressure by the tariff war and, in particular, by the threat of 25% tariffs on imports of European cars in the United States: especially today. They took a breather (+ 1.33%) in Paris and Volkswagen (+ 0.49%) and Bmw (+ 0.09%) in Frankfurt
The dollar weakened, the yuan up sharply
On the currency market, the dollar against major currencies and against the emerging sector, allowing a slight recovery in the euro. It is also worth mentioning the yuan's recovery, which, badysts at Mps Capital Services said, interrupted the long-term depreciation after yesterday's exchange rate of 6.7. The statements made by the central bank to guarantee the Chinese currency weigh on strengthening. In addition to the words of the PBoC, according to some traders, it seems that yesterday also intervened Chinese banks directly to the market, selling dollars by swaps to defend the psychological threshold of 6.7 yuan to a dollar [19659007] Oil remains at record levels [19659004] Oil prices remain high, despite gains on WTI yesterday at $ 75 a barrel, the highest since 2014, due to lower US private stocks and fears temporary shortage of US crude oil from operators. One example is the sharp decline (the situation where the spot price exceeds the futures prices implied in the corresponding futures contracts) on the WTI crude between the first and the second contract, about $ 2.6, a level not observed from 2014. The euro traded at $ 1,164, compared with 1,166 from the opening and 1,167 from the close of yesterday. The single currency traded at 128.693 yen, against 128.76 from the opening and 128.64 from the previous close, while the dollar / yen exchange rate is set at 110, 53.
(Il Sole 24 Ore Radiocor)
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