(Il Sole 24 Ore Radiocor) – European stock markets down, after the good performance of the eve. Sales are encouraged by the numbers published overnight by Amazon, which are also penalizing futures on Wall Street (the one on the Nasdaq loses more than 1%). The giant founded by Jeff Bezos reported lower-than-expected quarterly results for the first time in three years. It also announced disappointing forecasts for the third quarter of the year. In particular, in the period April-June the profit was 7.78 billion dollars, on a turnover equal to 113.08 billion dollars. While this is an improvement over 2020 profits of $ 5.24 billion, on sales of $ 88.91 billion in the same period of the previous year, expectations were for earnings per share of $ 12.30 on a turnover of 115.2 billion dollars. In the meantime, the quarterly season continues at full speed, while investors continue to keep their guard high also on the trend of Covid-19 infections and their impact on restrictions to limit their spread. Restrictions that could again impact the economy. Frankfurt is the worst, Milan loses less than half a percentage point, benefiting from the leap forward of Unicredit and Banca Mps, in view of their wedding. Hypothesis which, moreover, ignites speculation on banking risk.
In Milan, eyes on Unicredit-Mps wedding
In Piazza Affari, eyes focused on Unicredit, after the bank announced that it had opened the channel for talks to take over Banca Mps commercial activities. “UniCredit and the Ministry of Economy and Finance, in its capacity as majority shareholder of Banca Monte dei Paschi di Siena, have approved the conditions for a potential transaction involving the commercial activities of Mps, through the definition of a selected and adequate risk mitigation measures. To this end, they will initiate exclusive discussions to verify the feasibility of the operation ”, was announced yesterday, July 29, late in the evening. The institute led by Andrea Orcel also released the accounts for the second quarter, archived with net profit doubled to 1.03 billion, a level higher than expected. The securities of the two institutions, despite having slowed down compared to the opening, boast one of the best performances on the market.
Eni, Nexi and Saipem are also under the lens
They are also under the lens of Eni and Saipem, after the publication of the six-monthly report. The former announced that it had re-hooked in the second quarter the pre-Covid adjusted net profit levels, for a value of 0.93 billion, for the full semester the result was 1.20 billion. , have slowed down their pace, while remaining positive. On the other hand, Saipems are doing badly, recording one of the worst performances of the Ftse Mib. The company announced worse than expected half-year accounts, closed with a net loss of 779 million. Nexi also fell sharply, reflecting the announcement that the forecast to complete the acquisition of Sia will be postponed by a quarter, with the closing expected in the fourth quarter. The group reported revenues of 539.5 million euros in the first half, with an annual increase of 12.9%, and an EBITDA of 298.2 million euros (+ 13.9%). Leonardo – Finmeccanica, on the other hand, were rewarded with a lively increase, after yesterday, 29 July, with the stock market closed, the company announced that it had closed the first half with a net result of 177 million euros, a clear improvement compared to 60 million euros achieved in the same period of 2020. It is worth noting that Essilorluxottica are running in Paris (+ 3.6%), celebrating the growth accounts of the second quarter and also the announcement that the production of eyewear for the future of Facebook: the first model will be Rey-Ban. The group closed the first half with an adjusted net profit of 1.1 billion (+ 16.2%), equal to 12.7% of turnover. Cash generation amounted to 1.2 billion, while net financial debt at the end of June was 1.9 billion. Essilux’s top management has revised upwards the forecasts for the end of the year.
On the macro front, second quarter European GDP rebounds by 13.7%
The GDP of the Euro Zone rebounded in the second quarter of 2021. In particular, it recorded a progress of 2% compared to three months earlier, resuming growth after two consecutive quarterly drops, and of 13.7% on an annual basis. This is what Eurostat announced, which also indicated that for the European Union as a whole, the increase reached 1.9% in the economy. Among the large countries, France recorded the worst performance (+ 0.9%), behind Spain (+ 2.8%), Italy (+ 2.7%) and Germany (+ 1.5%). In the first quarter, GDP in the euro area fell by 0.3%, after falling by 0.6% in the last three months of 2020.
Euro pegs 1.19 dollars, holds back crude oil
Finally, on the foreign exchange front, the euro has re-hooked the threshold of 1.19 dollars, towards which it went on the eve, the day in which the estimates on the American GDP of the past months were released (from 1.1884 yesterday) . After yesterday’s rally, the value of crude retraces: the price of the wti, contracted in September, is equal to 73.4 dollars a barrel, down 0.25%.