Home Business Milan stock exchange flounders: Ftse Mib closes at -1.27% with oil and auto stocks to the mat, Amplifon and Diasorin are saved

Milan stock exchange flounders: Ftse Mib closes at -1.27% with oil and auto stocks to the mat, Amplifon and Diasorin are saved

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A colorless Thursday for Piazza Affari which conforms to the bad mood of the markets dictated by the disappointing Chinese GDP (+ 7.9% yoy in the 2nd quarter, the consensus was + 8.1%) combined with prudence in the face of the increase in US inflation and the possible moves by the Fed even though Jerome Powell yesterday spoke of a “fleeting price increase” and a job market that still has a long way to go, staving off the scare of an imminent tapering. On the earning season front, Morgan Stanley also produced a quarterly report beyond expectations.

The Ftse Mib index closed trading with a fall of 1.27%, slipping below the threshold of 25 thousand points to 24,875 points. Among the stocks in the main basket, the stocks of the oil sector were bad (-1.77% Tenaris, -1.76% Saipem and -1.14% ENI) reflecting the drop in oil prices. OPEC + would have reached a compromise with the United Arab Emirates (UAE) that will allow the latter to increase its share of oil production.

Among the big drops of 1.15% for Enel. The automotive sector is also in trouble with -2.36% for Ferrari and -1.43% for Stellantis. Atlantia is also bad today, losing 1.67% under 15 euros. The ministry of traffic and traffic has denied the possibility of an increase in motorway tolls starting from 1 August, according to what Il Messaggero reports today.

Yet another difficult session for banks with drops of more than 1% for Intesa and Unicredit; the latter today announced the birth of Unicredit Italia, a new territorial division that is part of the broader reorganization underway with the first line of each business and geographical area that has been redesigned to reduce overlapping and complexity with the aim of further improving the overall efficiency. “Today’s announcement is another step towards achieving our goal of simplifying and reducing the complexity that has characterized our business for too long. This is the beginning of a process of greater accountability, which will allow us to unlock all the value inherent in our Group, in order to better serve our customers and our communities “, commented Andrea Orcel, CEO of UniCredit. .

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Among the few plus signs Amplifon stood out with a + 1.1% and Diasorin with a + 0.4%.

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