The long wave of US employment data reached Europe this morning. Frankfurt shines +0,67, closed on Friday, despite the negative data coming from the economic situation. Madrid does even better +0,97%. Milan +0,16%, Ftse Mib index at 20232, is less lively at the open than Paris +0,09. London +0,22%.
The dollar is down slightly to 1,254 against the euro, from 1,252 at the opening this morning. Oil moved little, with Brent at 92,4 dollars a barrel (+0,1%). The spread is just below 140 basis points. New alarm for the German economy. Factory orders in Germany fell 5,7% month on month in August, versus expectations of -2,5%. In comparison with August 2013, the drop is 1,3%, against a growth forecast of 2,6%. This is the worst result since 2009, but investors interpret it in the reverse sense, as a figure that will force the ECB to accelerate on the road to monetary stimulus to recovery.
Despite the alarm, the Stock Exchange rewards the automotive sector (+2% Eurostoxx) in particular the German one, also for the overtaking of Volkswagen on Toyota in the race for the first four-wheeled company in the world: Continental rises +3,5 %, Daimler +2,2%, BMW +2,1%, Volkswagen +1,8%.
In Milan, Fiat rose by just 0,8%, also due to the critical opinion of Exane (rating underperform). Pirelli +1,5%, among other car stocks Sogefi gains 5,4%, Brembo +1,1%. The good sales results in September push Piaggio up 2,5%.
The banks were prudently positive: Unicredit rose by 0,4%, Intesa +0,7%, MontePaschi +0,1%. Banca Popolare di Milano gains 2,2%. The buyback of Salini Impregilo +4,4% and Astaldi +4,9% is appreciated. Buzzi rises by 0,7%, Italcementi +1%.
