Ahead of next week's Fed meeting, market volatility is rising. The European stock exchanges closed in contrast: Milan closed around parity (-0,05%), Paris -0,39%, London rose by 0,12%, Frankfurt -0,08% on the day of the announcement of theBayer's purchase of Monsanto for 66 billion dollars. The Btp-Bund spread closed slightly up to 127 basis points from 125 yesterday with the yield falling slightly to 1,30% from 1,31%.
In Italy, Istat confirmed August inflation up by 0,2% and down by -0,1% on an annual basis. The result of two tendencies that compensate each other. On the one hand, the downward trend in unregulated energy prices is attenuating and the growth of unprocessed food prices accelerates, on the other the prices of services relating to communications show a trend reversal and the growth of related services is zeroed to transport.
On the macroeconomic front, the data on European industrial production did not help. In July, industrial production in the euro area fell by 1,1% compared to June and in the EU by 1%. Eurostat notes it. In Italy it increased by 0,4% after -0,3% in June; in Germany it fell by 1,9% after +1,3% in June, in France it fell by 0,6% after -0,7% in June.
Wall Street opened just above parity. Oil, which yesterday left more than 3% in the field, today closes down again, despite the pending reduction in US inventories: Brent -1,61% to 46,34 dollars a barrel, Wti -1,71% to 44,13 $.9 a barrel. In the week ended Sept. 559.000, US oil inventories fell by a surprise 510,798 units to 5,4 million, as analysts expected an increase of 14,513 million barrels, after a drop of XNUMX million units earlier.
On the macroeconomic front, August import prices were below estimates, down 0,2% while the mortgage index released by the Mortgage Bankers Association and relating to the week rose by 4,2% to 572,9 points to 9 September. The index on new loans for house purchase increased by 8,6% to 237,3 points. The euro-dollar exchange rate rose by 0,48% to 1,1270.
Buzzi Unicem +3,29%, Finecobank +3,24%, Recordati +2,14% run in Piazza Affari. At the bottom of the Ftse Mib, Mps gives ground -1,97% on the day of the board meeting for the appointment of Marco Morelli to replace Fabrizio Viola. Ubi Banca -1,7%, Generali -1,68%, FCA -1,55% also down.
Banca Popolare di Milano sells 1,25%. The bank's CEO, Giuseppe Castagna, declared that the limits to the right of withdrawal from the merger with Banco Popolare, the price of which was set yesterday at 0,4918 euros, will be established in February or March, during a board meeting of the post-fusion subject.
Another rally for Anima +3,37% thanks to speculation on the potential of the possible asset management hub made up of Poste, Pioneer and Anima itself.
Telecom loses 1,12% on fears of an aggressive entry by Iliad into the Italian market and despite the reassurances of CEO Flavio Cattaneo and analysts. According to documents consulted by Radiocor Plus, the French telecommunications group controlled by Xavier Niel, which is preparing to take over the Italian assets sold by Wind and Tre as part of their merger, has prepared the ground for the start of operations by creating two ad hoc vehicles during the summer. Iliad Holding Spa was established on 26 July, while on 2 August it was the turn of Iliad Italia Spa, 100% controlled by the former. The statute provides for "the installation, development and management of fixed and mobile equipment and systems, including radio stations, antennas, communications links ... to provide, manage and commercialize without territorial restrictions, communication services".
