European stock markets close in positive territory, but in the final stages the rally deflates with the Ftse Mib ending at the lows of the session. The purchases of a day lived entirely on the rise were favored by the positive closure of the Asian stock markets and by the good intonation of Wall Street which, however, ran out of steam in the late afternoon. Tokyo in particular jumped by 7,7% recording the best performance since 2008. Shanghai is up 2%.
Piazza Affari closed at +0,84%, with the Btp/bund spread down to 114 basis points. Tomorrow the Treasury auction for 7,5 billion euro of 12-month Treasury bonds is on the agenda and the market is expecting a yield at historic lows, around 0,04%. Frankfurt also posted a marginal gain of +0,31% while London and Paris finished sharply higher at +1,35% and +1,44% respectively.
The good mood in the markets was boosted by the promise of expansionary measures in China and Japan to counteract the economic slowdown. The Chinese government is able "to maintain "strong growth" of the economy in the country, Premier Li Keqiang said in front of an audience of 200 entrepreneurs at the World Economic Forum in Dalian, explaining that "we will maintain our fundamental measures and continue to promote reforms and opening up as well as favoring structural changes”. The Finance Ministry has announced that China intends to increase public spending and tax cuts to support its growth. Among the measures envisaged, Beijing intends to speed up the most important construction processes, increase tax relief for the benefit of small and medium-sized enterprises and encourage private capital investment in key sectors.
After a good start, However, Wall Street has slowed down. At the close of Europe the Dow Jones was up 0,12% and the S&P was up 0,27%. The hitech stocks e eyes on Apple on the day of the annual convention in San Francisco that puts the spotlight on the new iPhone. No particular insights from the macroeconomic data have arrived today. Operators recorded the data on the decline in mortgage applications which fell by 6,2% in the last week to 430,8 points and the record, since 2000, of job offers in the United States which grew to 5,75 in July, 5,32 million units from 4,98 million in June. The figure, released by the Labor Department, represents a new all-time high. Despite the increase in job searches, hiring for the month actually dropped to 5,18 million from XNUMX the previous month.
Il Wti oil it dropped 1,22% to 45,38 dollars a barrel. The euro-dollar exchange rate slipped by 0,43% to 1,1155.
In Piazza Affari the best stock of the Ftse mib is Buzzi Unicem +3,41%, followed by Campari +3,03% which benefits from the buyout by Deutsche Bank. The banks also did well with Ubi +1,65%, the next 10 October the assembly of the bank for the transformation into a joint stock company, and Unicredit +1,58% which benefits from the positive assessments of some investment banks. At the bottom of the main basket Stm fell 4,39% on indications given by the company's CFO on the possible decline in revenue linked to the impact of inventories in Asia during a presentation at Citi's Global Tech Conference in New York. At the bottom of the Ftse Mib but with marginal declines also Yoox -0,39%, Wdf -0,2%, Cnh -0,07% and Pirelli -0,07%. The takeover bid by ChemChina started today and will close on 13 October.
Telecom Italia +2,8%. Vivendi rose to 15,486% from 14,9% previously. Eni +1,36%, reduces the day's gains favored by the declarations of CEO Claudio Descalzi on the gas field discovered in Egypt which could be larger than estimated. Pininfarina closes at +1,42% after a leap of 5% on the bet that the agreement for the sale to the Indian Mahindra is approaching.
