Final eighth with a prevalence of sales for Piazza Affari which follows the mood of the Wall Street dancer, which started well and then succumbed despite the positive surprise from the retail sales figure. The Ftse Mib thus closed at 24,792 points, down by 0.33%. Today, the US retail sales figure initially gave breath to the Wall Street rally. In June, the indicator rebounded by 0.6% after the decline in May equal to -1.7% (a figure revised downwards from the -1.3% previously disclosed). The trend was much better than analysts’ expectations, who had forecast a drop of 0.4%.
There are lights and shadows, however, as Antonio Cesarano, Chief Global Strategist of Intermonte, points out. “The decline in the Auto and Furniture sectors remains (as in May) (decline in real estate activity, also evidenced by the sharp drop in the price of wood) – asserts the expert -. There is also a further very important element to consider: there was a strong downward revision of the May data, so the comparison effect of June / May significantly contributed to obtaining a better than expected June data.
On the Piazza Affari parterre, some big oils performed negatively, with Tenaris slipping by 2.83%. ENI was also bad with -0.79%. The auto sector also suffered with Stellantis slipping back by about 2%. This morning the data on registrations in Europe showed for the group born from the merger between FCA and PSA a + 11.5% in June compared to the same period in 2020 (the market recorded an increase of more than 13% in the same period. month).
A difficult day also for banks with -1.35% for Unicredit and -1.06% for Intesa Sanpaolo. Worse did Bper with -3.22% and Banco BPM with -2.17%. The decline in bond yields is confirmed (10-year BTPs below 0.7%) which represents a negative element for banks’ profitability.
Among the strongest signs is Azimut (+ 0.84% to 20.84 euros) on which Equita today raised the target price of 22.8 euros in view of the quarterly accounts coming in two weeks (29 July). “We expect a quarter supported by the good trend of net inflows (2.5 billion in 2Q21, net inflows YTD 11.9 billion) and market performance, with an upward trend in management fees (expected + 27% YoY)” they affirm the analysts of the Milanese sim.