BULL DAY FOR PRICE LISTS. MILAN STOCK EXCHANGE +2,3%
TRICHET DOES NOT TURN OFF THE EUPHORIA OF BANK SECURITIES
Finally a day without shadows on the sky of the markets. The rise of the European Stock Exchanges, already robust in the morning, gained momentum after the opening of Wall Street: the macroeconomic data released at 14.30 pm in fact contribute to the return of investor confidence. Personal incomes rose 0,3% in July from +0,2% in July, economists were expecting +0,3%. Personal spending rose by 0,8% from -0,1% in June against expectations for a rise of 0,5%.
Almost at the same time, the president of the ECB Jean_Claude Trichet, speaking to the European Parliament, warned the Old Continent of the risk of inflation: but the prospect of an "assessment" of the price trend in the first days of September did not detract from the momentum of the price lists. On the markets, therefore, the positive sensation of Ben Bernanke's words in Jackson Hole prevails: the decision to defer the decision to possible measures to relaunch the economy in September means that the US economy is not so weak as to make immediate measures support. A feeling that hasn't changed since the new IMF estimates which revise downwards (from 4,4 to 4,3%) the estimates of global growth to which, in practice, only the emerging economies have contributed.
The mood of the financial markets was raised by the merger between the two Greek banks Efs Eurobank and Alpha with the intervention of the sovereign wealth fund of Qatar, a move that removes the risk of a collapse of the Greek banking system, forced to obtain liquidity only at the branch of the ECB.
CYCLIC STOCKS ALSO HIGHLIGHTED
THE ENERGY RISES. NEAR THE ACCORD FOR EDISON
In Milan, the Ftse Mib index rose by 2,3% to 15.140, Frankfurt and Paris +1,9%, Madrid +2,6%. London is closed for public holidays.
The euro is slightly up against the dollar, the exchange rate is fixed at 1,4520.
In Piazza Affari only the final slide of Banca Monte Paschi (-0,125) prevents a record: the other 39 blue chips, in fact, are on the rise. The banks were positive: Intesa leads the race +3,03%, followed by Unicredit +2,31%. Banco Popolare gains 2,41%.
The insurance companies increased: Generali +1,26%, Fondiaria Sai +2,3%, Mediolanum 5,32%. and Milano Assicurazioni rose by 1,6% after the accounts for the first six months which showed a loss of 58,7 million (an improvement from -195,3 million last year).
Positive Enel +2,87% and Eni +2,52%. In the spotlight A2A + 3,83%: according to rumors, the reorganization of Edison + 2,7% is now near. The decrease of Impregilo +4,91% is still significant. The company released quarterly data on Friday as earnings beat consensus expectations. Equita confirmed the buy recommendation and increased the weight in the recommended portfolio. .
Fiat Industrial +2,58% and Fiat +1,44% up. Exor does better +4,35% after having released the results. The holding that controls the two car companies closed the half year with net profit growing to 447,2 million from the 25,1 million of the previous year.
Shares of luxury companies are rising throughout Europe: in Paris Lvmh is up by 2,7%. Tod's makes +1,5%.
Among the small caps a negative note for Landi Renzo -5,2%: Citigroup cut its assessment to sell after the disappointing results. Banca Leonardo lowered the target price to 1,6 euro from 2,2 euro.
