CELEBRATE LUXURY BUT EUROS AND BANKS HOLD BACK
WELL TELECOM, "TEGOLA CONSULTA" ON MEDIASET
We just have luxury. The Lvmh/Loro Piana effect Made in Italy drives upwards: Ferragamo +0,6%, Tod's +0,6%, Brunello Cucinelli +1,6%, Safilo +2,2%, Yoox +1,6%.
Ma Business Square zero earnings. The FtseMib index -0,06% closed at 15.790.
Reduced earnings for London +1,07%, Frankfurt +1,15%, Paris +0,58%, Zurich 1%. Down only Madrid -0,56%.
Wall Street, on the other hand, started with momentum, euphoric after the favorable start of the earnings season: Dow Jones , Nasdaq and S&P are aligned on a gain of around 0,4-0,5%. In the evening, the minutes of the latest FOMC meeting will be released, in which the timing and ways of slowing down QE were discussed.
The real estate sector shines. DH Horton +6%, is the best stock in the S&P500. The New York Times reports that the number of homes for sale in New York's Manhattan area has been at its lowest for at least 13 years.
On the market for government bonds the BTP suffers from currency uncertainty and the yield has risen to 4,38%, the spread with the German Bund has risen to 273 (+5 basis points). The Greek spread drops by 20 basis points to 861, the 10-year yield is just over XNUMX%.
Fly the dollar. The euro/dollar exchange rate moved to 1,278 from 1,287 this morning, the Dollar Index against a basket of six main world currencies reached its highest level since July 2010 at 84,7.
Il German member of the ECB Jorg Asmussen he said that “if needed we have a set of standard and non-standard measures that we can use”. The central banker went on to add that "markets aren't putting much faith in the central bank's verbal guidance."
The worst blue chip is Mediaset -3,4%, which bears the decision of the Cassation which has fixed July 30 for the examination of the appeal on the trial for the black funds against the former prime minister.
The trend reversal started from banking sector: Unicredit -0,43%, Banco Popolare-2,11%, Pop. Milan-2,76%, Pop. Emilia -3,15%, Monte Paschi -0,230,3%, Risale Intesa +0,85%.
On positive ground Fiat +0,99% and Fiat Industrial +1,40%. The 6-year bond launched this morning by Lingotto has received reservations for 2,5 billion: the yield should be around 6,875%.
In the automotive sector, Brembo's sprint +4,88% should be noted, which marks new all-time highs at 14,60 euros.
In reverse Pirelli -2,57%, falls heavily from the highs reached in the morning.
Quite clearly, on the contrary, Telecom Italy +3,46%, the best blue chip. Barclays has set a target price of 0,70, from the previous 0,73.
Buzzi -0,25%, announced the issue of a convertible bond maturing on July 17, 2019 for a maximum of 200 million euros.
