Banks again in the storm throughout Europe with the price lists in deep red and Milan closes at -2.76%. still weigh the stress tests but above the Commerzbank effect: the German bank collapses in Frankfurt (-9.19% to historical) lows after revised downwards its estimates for the entire 2016, which will close with a profit down compared to ‘Last year. In Milan the black jersey is Banca MPS (-16%), repeatedly suspended for excessive volatility; strong sales even on the entire sector of the popular and Unicredit, on the insistent rumors of a capital increase, yields 7%.
Intesa Sp, first half down but beats estimates. Confirmed dividends 3bn
Better Intesa Sanpaolo (-3.8%) after the accounts exceeding expectations while thanks to quarterly advance Campari (+ 4.6%), which confirmed the year-end target and Ferrari (+ 2.5%) leading to a reversal of its course after the dissemination of the report to 30 June. On the exchange rate front, the single currency is changing hands at $ 1.122, updating the maximum of five weeks, 113.82 yen (113.32 yesterday) while the greenback is still weakens to 100.95 yen. After an initial sprint oil WTI September delivery in New York and salt slows by 0.2% to $ 40.15 a barrel.
On the banks weighs profit warning effect of Commerzbank New
day of passion, then for Italian banks in a European framework, however, no longer appears rosy. Sales, in fact, have affected both the titles of Italian institutions and those of the major continental institutions, starting with the German Commerzbank after the publication of half-year results but especially after cutting estimates for the entire year: the group expects net income and a lower operating profit than in 2015. Commerzbank closed the second quarter with a net profit declined by 32% to 209 million euro. The title has already lost 44% since the beginning of the year and now has a market capitalization of around 6.7 billion euro. The German bank was one of those outputs worse by stress tests published last Friday by the European Banking. Yesterday investors sold liberally banking in general, in the first session after the publication of the stress test results and even today are distancing themselves from the sector.
Milan Stock Exchange is thus the worst of the Old Continent along with Madrid, which fell by 2.77%. Paris instead of leaves on the ground 1.84%, Frankfurt 1.8% and London 0.73%. Piazza Affari is depressed by all the securities of the banking sector, from MPS (-16.1%) who yesterday instead performed well after the results of stress tests, Bper (-12.3%), BPM (-10, 2%), Banco Popolare (-10.1%) and Unipol (-9%). Unicredit sells 7.1% as the market feared a capital increase of up to 8 billion euro (but not even rule out further sales of investments). Despite the growth in registrations on the Italian market, Fca yields 4.3% and Intesa Sanpaolo (-3.8%) limited losses after the quarterly earnings that showed declining (but above the consensus) and the statements of ‘ to Carlo Messina, according to which the bank is ahead of plan. Among the few positive headlines there are Ferrari (+ 2.5%) and Campari (+ 4.6%) with the latter which also touched a record high share over 10 euro. Both companies confirmed the target in 2016 and thanks to this they have performed well on the stock market. Above parity also A2A (+ 0.1%). Outside the main index Saras weak (-9.5%) after disappointing quarterly.
(source: Thomson Reuters)
(source: Thomson Reuters)
Meanwhile, in Frankfurt the sales were also concentrated Deutsche bank, the first bank in Germany, while in Paris went down BNP Paribas, Credit Agricole and Societe Generale. On the macro front the day did not offer particularly relevant ideas. In Europe it was released in mid-morning the figure for the euro zone producer prices while Overseas arrive indications of income and consumption in the month of June and the ISM manufacturing index for the month of July.
Ferrari reverses course after accounts
Ferrari has reversed course after the accounts after they closed the second quarter of 2016 with a net profit of 97 million euro, an increase of 21 million (or 29%) compared to the same period last year. The Maranello team explains that the figure “is due to the combined effect of a strong EBIT and a tax rate lower than the previous year, partially offset by charges for calls related to inflators for airbags supplied” by the Japanese Takata . In the first half year profits reached 175 million Euros, an increase of 24% on 141 million for the first six months of 2015.
(Il Sole 24 Ore Thomson Plus)
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