opposing trends in the securities of assets under management. While Bipop (+0.1%) appears to have the strength to resist the letter, Mediolanum is burdened by the downgrade came this morning from Morgan Stanley (underweight with a target price to 5.95 euros) but also from reversing course on Wall Street. The title of the company run by Ennio Doris is yielding more than 2.1% slip under 6 euros. In red even Fideuram -1.7% to 5.76 euros.
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Merrill Lynch reiterated its positive view of the luxury goods sector, arguing that the pessimism on the outlook for global economic growth has now reached an extreme point. The companies are American’s favorite broker Gucci, Hermes, Tod’s and LVMH. According to Merrill Lynch, the performance of individual companies in 2002 will be placed on the record growth that the Japanese market.
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The sentiment of market researchers remain stable and marked by caution. “We prefer to be cyclical because they are still on the headlines the first to recover when the economic recovery,” said Karim Bertoni, an analyst at Banque Syz & Co. in Geneva, “In general, better to maintain a defensive attitude. The news at the macro level are improving although it remains below the consensus of a few months ago. The only variable is still under pressure on the labor market, which still incorporates always with delayed signs of recovery. The scandals of American companies but increases the degree of stress markets and increase the risk for investors. In general for the coming months we expect an improvement in the average earnings of the company or at least slow down slower than we have seen in recent months. This will bring greater stability in world markets. “
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Analysts at Lehman Brothers raised its recommendation on Alstom, from Market Perform to Buy with a target price of 18 euros per share. The broker also cut its price target for Siemens 60 to 50 euros a share. At this time, the title changes hands Alstom in Paris at 10.72 euros (+1.13%) and Siemens switches to 61.25 euros in Frankfurt (-2%).
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Sanpaolo-Imi Asset Management has left the capital Acotel, listed on the Nuovo Mercato. The SGR had a 4.58% stake, sold on June 27. The title today scored an increase of 4.3% at 15.96 euros, the price increase between the best today’s technology. With the release of Sanpaolo, one of the financial partners of the company remains only Credit Suisse.
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Even the titles petroleum Europeans remain opposed in the early afternoon, in a highly uncertain market environment for the bad news coming from the United States. Upward highlight Saipem (+2.66%), TotalFinaElf (+0.66%) and Shell (+0.1%) and Repsol shares exchanged in the red (-1.45%), BP ( -0.90%), Statoil (-0.72%). Royal Dutch unchanged.
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Brilliant sitting in Paris by Castorama Dubois. The green light given by Rothschild and Op Kingfisher, acting as independent advisor transaction, is driving up the title trans: +2.81% to 65.9 euros. Remember that the distribution group has offered 3.3 billion British pounds: the offer is 67 euros per share for 45% of the French company that still does not have. Unchanged, Kingfisher: -0.1%.
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Milan Stock Exchange is poised to close slightly up at a session in a bit ‘abnormal saw the closing festivities of Wall Street. “Trade today is lower than the average. This is due to the fact that the New York Stock Exchange is closed for July 4th celebration,” confirms Mark Montanari of SocGen. “We underperformed other European stock exchanges because we have a heavy letter on the bank. At the market are not liked the data for the month of June of fundraising.