Fed effect wears off and the European Stock Exchanges closed in sharp declines, favored by the weak performance of Wall Street. The Ftse Mib dropped 1,1%, Frankfurt -0,44%, Paris -0,47% and London -0,03%.
Macroeconomic data in Europe today showed signs of a slowdown: Markit's preliminary composite index slowed to 52,6 (52,9 in August) to a 20-month low. The services sector PMI fell to 52,1 in September from 52,8 in August and to a 21-month low. On the other hand, the PMI manufacturing index for the Eurozone rose according to the preliminary estimate and stands at 52,6 in September, above the consensus estimate (51,5) and at a three-month high. According to Markit, manufacturing companies stand out because they are benefiting from faster growth in both new orders and exports. The latter show the best momentum for more than two and a half years. In France, GDP in the second quarter fell by 0,1% compared to the previous quarter. The figure for the second quarter brings growth on an annual basis to 1,3%.
In Italy Prometeia has revised its GDP estimates downwards to +0,7% for 2016, from +0,8% in June. The Btp-Bund spread widens by 3 basis points and closed at 129 points and a yield of 1,22%. Today the treasury announced that on 28 September it will offer six-monthly BoTs for 6 billion in auction.
On Wall Street, where the indices all continue to decline slightly, eyes are on twitter after the rumors of acquisition proposals coming from various entities, including Alphabet. The world's first hotel chain is born: today Marriott has completed its merger with Starwood. Oil falls in view of next week's summit in Algiers among the producing countries. Brent fell by 1,48% to 48 dollars a barrel and Wti by 3% to 44,89 dollars. The euro-dollar exchange rate is stable at 1,1218.
In Piazza Affari, the bankers are especially affected: Ubi Banca -3,4%, Intesa -3,20%, Bper -2,93%, Banca Mediolanum -2,7%, Banco Popolare -2,28%. Upstream Unicredit +1,32%, second best title of the Ftse Mib. The bank received a double promotion: from Jefferies which initiated the hedging with a Buy opinion and a target price of 2,75 euros and from Goldman Sachs which included the stock in its Conviction Buy List, raising the target price to 3,8 euros from 3,5 ,XNUMX €.
The best title of the Ftse Mib is Ferragamo +2,59% thanks to the promotion to "buy" by Kepler Cheuvreux analysts, who bet on the moves of the new management. Mediaset stands out +1,31% in view of the board meeting on 27 September from which new guidelines on the management of the Premium case could emerge. Ferrari +0,62% reaching the intraday highs of its debut in Piazza Affari. Poste Italiane +0,25%.
Moleskine +15,89% higher in the takeover bid price (2,4 euros) which will be launched by the Belgian group D'Ieteren which acquired 41% from the three funds that controlled the company. Sales hit Moncler -2,18% after the placement of 6% by Eurazeo.
