Milan – The market started again with a negative tone. The latest quarterly reports released by major US companies cooled investor sentiment. Tesla The results announced were lower than expected, and letterWhile respecting the initial targets, it is warned that patience is necessary before investing.AI Can bring concrete results.
Signs of uncertainty pushed Wall Street to a lower close. This weakness then had an impact on Asian markets, which all fell this morning, including Tokyo The closing price was -1.11%.
The eurozone economic recovery weakened further in July. The Hcob Flash Composite PMI for the eurozone compiled by S&P Global fell to 50.1 points in July from 50.9 points in June, indicating that private sector activity has almost stagnated.
Output has increased in each of the past five months, but the latest expansion was the weakest yet.
The growth recorded is usually associated with service sector activity, which grew for the sixth consecutive month in July. The services index fell to 51.9 points from 52.8 in June, while the manufacturing index fell to a seven-month low of 45.6 from 45.8 in June.
The commercial market fell (-1.3%), with other European stock exchanges dragged down by disappointing quarterly reports from companies. Iveco plunged in Milan, falling 12.5% after the publication of its accounts. According to Equita, despite achieving results in line with expectations and confirming guidance for 2024, in the short term Iveco has “negative considerations for free cash flow”, cash flows and a weak book value (the ratio between orders received and sales manufactured), having not yet benefited from the launch of new models
The German economy slipped back into contraction at the start of the third quarter, dragged down by a deteriorating performance in the manufacturing sector. According to the latest Hcob PMI “flash” survey prepared by S&P Global, the composite index fell below the 50 threshold in July for the first time in four months. The latest reading was 48.7, down from 50.4 in June, indicating a slight decline in private sector activity.
The return to contraction reflects the combined impact of a sharp drop in manufacturing output and slower growth in services sector activity.
Growth in service sector activity slowed to its lowest level since March and was just below its long-term average (index of 52)
Iveco Group’s adjusted net profit at the end of the second quarter was €182 million (€15 million more than in the second quarter of 2023).
Adjusted diluted earnings per share were €0.63 (€0.02 higher than in Q2 2023). Consolidated revenues were €3,919 million, down 5% compared to Q2 2023. Net income from industrial activities was €3,819 million, down 5.8%, mainly due to lower volumes in Europe, a negative mix and negative exchange rates compared to the prior-year period, partially offset by higher prices.
European stock markets, with the exception of Madrid, had a negative opening for the day. The Paris Cac fell 1.28% to 7,501.25 points, the Frankfurt Dax fell 0.78% to 18,405.22 points, and the London FTSE 100 fell 0.42% to 8,132.49 points. On the other hand, Madrid’s Ibex performed positively, rising 0.19% to 11,239.37 points.
The Milan Stock Exchange opened lower amid disappointing quarterly results, particularly in the technology and luxury goods sectors. The FTSE Mib index fell 0.62% to 34,430.13 points in early trading.
Bnl Banca Commerciale (BNP Paribas Group) posted a pre-tax profit of 186 million euros in the second quarter, up 8.9%. Taking into account the impact of Ifric accounting rules, this result falls to 133 million. The credit institution delivered this message, highlighting “its intrinsic performance capacity, which was supported in the quarter above all by an increase in deposit volumes and by a synchronized and continued improvement in profitability across all its divisions”.
Deposits grew 5.9%, with growth in the corporate and private banking client base.
Loans overall fell by 7.1%, with net impaired loans down 6.0%. “This decline is particularly related to the management of production margins, which remain tight in a competitive environment.”
Intermediary profit was 722 million. Operating costs increased by 13.6% (1.1% after excluding IFRIC).
The cost of risk was equivalent to €95 million, an increase of 18.4% compared to the comparison base in the second quarter of 2023 and an increase of 53 basis points compared to customer loans.
BNP Paribas Group net profit at the end of the second quarter was 3.39 billion, close to the level of the second quarter of 2023 (3.34 billion). Calculated in this way, earnings per share amounted to 2.81 euros, an increase of 8.1% compared to the same period last year. The group communicated it. In the second quarter, the Group’s intermediary gross profit amounted to 12.27 billion, an increase of 3.9% on a distributable basis compared to the second quarter of 2023.
UniCredit posted a net profit of 2.7 billion euros in the second quarter of this year, up 16% from the same period in 2023 and above analyst expectations, which remained at 2.35 billion euros. We read in a report that revenues grew by 6% to 6.3 billion euros, allowing the bank to raise its revenue guidance for fiscal 2024 to “more than 23 billion euros” and its guidance for organic capital generation to “more than 23 billion euros”, while net profit was confirmed to “more than 8.5 billion”.