FCA, Ferrari, oil companies and Ferragamo push Piazza Affari, which closes up by 0,52% at 20.963 points. Purchases also in the rest of Europe, encouraged in the afternoon by Wall Street and oil prices.
Frankfurt, +0,52%; Paris, +0,92%; Madrid, +0,24%; London, +0,55%; Zurich +0,48%. On the New York market, after a slow start, the price lists travel at different speeds. The tech sector is negative, after rumors that the Justice Department could launch an investigation into social media groups. Apple is also weak (+2,5% yesterday), awaiting the presentation of the new iPhone. On the other hand, energy is in cash, still supported by crude oil prices, driven by hurricane Florence and by the weekly data on US inventories, down more than expected. Brent +0,75%, 78,76 dollars a barrel; Wti +1,4% $68,58.
We also look at the Federal Reserve, which at 20 pm in Italy will publish the Beige Book, one of the eight annual reports on the economy, a compass to be used in the meeting on 25 and 26 September next, at the end of which a new monetary tightening seems obvious.
Tomorrow the BoE and the ECB will meet instead. No big news is expected from Frankfurt and confirmation of the lineup announced in July is probable: reduction of Qe to 15 billion a month after September and shutdown of purchases (but not re-investments) after December, with rates unchanged at least until 'next summer. From the macro front, the news is not encouraging as regards industrial production in July, which recorded a general decline. For Italy, this is the worst drop since 2015, with a mix of weakness on external and internal demand and consequent risks on GDP.
Not a good omen for the budget law under discussion. Today the spread rises by 2,37% to 237.3 basis points and the yield on the Italian 2,79-year bond rises to 0,436%. In the session, the Italian paper also suffered from rumors of a risk of "laying off" for Minister Giovanni Tria in the absence of ten billion to be allocated to basic income. In the morning, however, the Tesero assigned all the six billion euro of one-year BOTs scheduled for today with rates in sharp decline: 0,679% from 1,163% of the August placement. Employment also improved in Italy, returning to pre-crisis levels. The euro is in progress against the dollar, at XNUMX.
In Piazza Affari, the best stock is FCA, +4,4%, supported by the rumors of Bloomberg on the possible sale of Magneti Marelli to the Kkr fund, from which the automotive group would like to collect 6 billion. Brilliant Ferragamo, +4,07%, following rumors about a possible sale, denied by the family.
Oil companies are flying, Saipem +3,69% and Tenaris +2,37%; slightly behind Eni, +0,87%. Ferrari scalps +2,62%. The prancing horse is to be bought for various merchant banks. Buzzi +1,73%, also thanks to the fact that S&P upgraded the company's rating to 'BBB-' from 'BB+', with a stable outlook. Atlantia is appreciated, +1,7%.
Sales instead rained on Stm -4,06%. Prysmian fell, -3,45%, following the announcement that the commissioning and testing of the cable between Scotland and Wales were temporarily interrupted due to a problem in the terrestrial section of the link.
Telecom, -0,92, after JPMorgan cut the target price to 0,59 euro from 0,90. Banca Generali -1,27%, which yesterday released data on August funding, which Equita believes to be slightly lower than estimates. Post -1,56%. Banca Intermobiliare affirms itself outside the main basket, +13,10%, which last week approved the strategic plan to 2021.
