The lists take breath after the earnings of early July. Milan boasts the best performance in Europe, despite Brussels forecasts for GDP 2020
by Eleonora Micheli and Andrea Fontana
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The lists take breath after the earnings of early July. Milan boasts the best performance in Europe, despite Brussels forecasts for GDP 2020
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5 ‘of reading
Weak European stock markets, affected by the profit taking after the run recorded in early July. Investors preferred to adopt a cautious attitude as coronavirus infections worldwide continue to rise. Business Squarehowever, it stopped the damage with a drop of 0.1%, boasting the best performance in Europe, despite the European Commission just today, 7 July, revised downwards the forecasts for the GDP of our country to -11, 2%, from the previous -9.5%. Even it spread improved to 163.2 points. London was instead the worst place (-1.53%) in Europe, followed by Madrid (-1.44%). Frankfurt (-0.92%) and Paris (-0.74%) lost slightly less than 1%.
Hazy prospects for euro area GDP encourage sales
The main European indices closed down, affected by the sales taken after yesterday’s Old Continent price lists had pushed their peaks for a month. Among other things, caution has returned to dominate the scene on Wall Street, where instead the eve, giants such as Amazon and Netflix, pushed themselves to new historical highs, giving support to the indices. Data on infections have once again encouraged orders for sale, which continue to spread throughout the world: in the United States the number of patients is now close to 3 million, while the health situation in Latin America, Australia and India. The outlook for the economy remains black. According to the European Commission, the eurozone GDP this year will experience an 8.7% contraction and not 7.7% as assumed last May. Furthermore, the recovery will be slower with a 2021 GDP growth forecast of 6.1% instead of 6.3%. The indications were worse than investors expected, who instead had widely predicted the performance of the Italian GDP. GDP which according to Brussels this year will record a decrease of 11.2% (-9.5% in May). The recovery will also be slow, stopping at 6.1%. On the macro front, the figure for German production in May was also disappointing, which despite having risen by 7.8% compared to the previous month, was below the consensus around 10%.
In Milan behind Ubi, Diasorin stands out
Diasorin and Moncler in evidence
In Piazza Affari the Diasorin (+ 2.18%), celebrating the news that the company has launched tests to detect influenza A and B strains. It will probably be a very useful tool in the coming autumn season. Furthermore, there is evidence in the scientific community on the effectiveness of vitamin D in the fight against coronavirus. Scenario, the latter, which would benefit Diasorin herself, who carries out tests to detect Vitamin D. The banks recorded a trend contrasted with uBI Banca(-1,97%) e Intesa Sanpaolo (-0.3%) still at the center of attention, while Intesa’s offer on the Bergamo institute continues. The Moncler, up 1.9%, also thanks to the positive opinion of Banca Akros (‘Buy’), on the wave of the announcement that the company renewed in advance the agreement with Marcolin Group for an exclusive worldwide design license , the production and distribution of sunglasses, optical frames and ski goggles for men and women under the Moncler Lunettes brand. The partnership, which started in 2015, was extended for a further 5 years, until 31 December 2025.
Weak Telecom, also down Atlantia
Telecom Italia it lost 3.19% on the day the prime minister, Giuseppe Conte, announced that the government is working on a major broadband project. Investors, however, fear that the company will be penalized. In addition, it emerged that Open Fber, the network company owned by Enel and Cdp, has signed a commercial agreement with Iliad to guarantee the French company access to the infrastructure. The times have not been indicated and according to Equita analysts they could be quite long, even up to two years, as happened for Sky. On the other hand, the analysts themselves argued, the prospect of Iliad’s entry into the fixed market poses a threat to Tim given the maturity of Iliad’s market and commercial aggressiveness.
Atlantia it lost 1.3% on the day when Conte clarified that the subsidiary of the Aspi group must let the executive know «whether it accepts them or not. Otherwise we are in the process of revocation ». The prime minister also reiterated that the group’s proposals are not “acceptable to the government”.
Well set up Eni and Enel
Inon the end, it gained 0.7%, despite the company having announced write-downs of its assets in the order of around 3.5 billion in order to reflect the new estimates on the value of crude oil, revised downwards compared to the past (the Brent in the medium term it is seen around 60 dollars and not 70 dollars a barrel). However, the company has communicated a possible acceleration towards the decarbonisation process, an issue that is appreciated by investors.
Enelrecorded an increase of 0.75%, after the announcement that it had increased its hold by 3% in the subsidiary Enel Chile to 64.9% of the share capital, following the settlement of two share swap transactions entered into in December 2019 The consideration paid amounted to approximately 174 million dollars, equal to approximately 154 million euros and was financed by the cash flows of current operations. They did well nexl(+ 0.59%), on the wave of the announcement on the eve of an agreement with Conio, an Italian fintech that first developed a portfolio of digital currencies accessible and manageable through the app. Mediobanca welcomed the agreement with enthusiasm, which will allow Conio to enter Nexi Open, the ecosystem of Nexi Open Banking services, thus allowing PayTech to make fintech services available to its partner banks. “Open banking represents an important opportunity for Nexi, which will launch a series of initiatives to enrich its solutions,” said the experts.
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