In the beginning of the session, European equities negotiated slightly higher, after the US stock market have reversed their downward trend and Asian stocks have also ended in positive range. The European markets consolidate after strong selling pressure after a devaluation of the Yuan of 1.90%. Today, the Chinese Central Bank have fixed a Yuan only marginally lower, thus giving a signal that wants a devaluation of its currency but in a thoughtful way. In business terms, Nestlé reported, relative to the 1st half, sales below expectations due to the collection of one of its products in India, while the second largest German utility company, RWE, also showed a lower semi-annual result than expected. Also German, ThyssenKrupp reported a significant increase in quarterly profit, aided by units of elevators and steel in Europe, beating analysts’ forecasts. On the other hand, the technological sector should capture the attention, after last night Cisco Systems have submitted their results, reporting a growth of 3.20% in net profit for the 4th quarter, while revenues increased 3.90%. In addition, the company expects an increase in their income between 2% and 4% and earnings per share between 0.55 USD and 0.57 USD. Cisco shares rose 3.87% in the aftermarket. Today’s publication of the minutes of the last meeting of the ECB should not raise great interest, since in this last event, July 16, there were no changes to the current monetary policy.
