MARKETS IN DOWN BEFORE THE STRESS TESTS – Dwindling Confidence in the USA weighs heavily
Closing with bated breath for the European stock exchanges. In fact, before the weekend, there will be the awaited and feared appendix of the outcome of the stress tests, communicated at 18 o'clock. In the meantime, the markets have suffered the daily wave of negative news. The most relevant, which triggered a wave of sales in the last hour of trading, comes from the United States: the consumer confidence index elaborated by the University of Michigan revealed an unexpected drop in household sentiment: from 71 at 63,5 against a forecast of 72,5. The news favored the downward correction of the Old Continent's price lists. The Milan Stock Exchange, previously almost balanced, started to close with a fall of 0% (Ftse/Mib at 0,95), worse than the Cac (-19.177) and the Frankfurt Dax (+0,55 %).
THE PRESSURE ON BTPs AGAIN
THE GOLD RISES, THE BULL IS REVIEWED ON THE SILVER
At the same time, uncertainty on the government bond front is making itself felt again. Yesterday the Btp 19 rose to a yield of 5,74 percent, 13 points more than the day before, while the Spanish Bonos crossed the threshold of 6 percent, settling at 6,05. Final eighth, however, for the classic safe-haven assets: gold stands at 1.590 dollars an ounce, silver is seen again, back at 39 dollars an ounce with an increase of 10% in three sessions.
In the banking list, a two-speed trend was recorded: prevalence of sales for the system banks, Unicredit and Intesa, with losses exceeding two points. The securities of the two institutes are now conceived by operators as a way to bet on new problems for Btp and Bot. On the other hand, a very positive session for Banco Popolare, on the eve of the transformation according to the single bank model, i.e. incorporating the subsidiaries Novara, Lodi, Verona and Lucca. An increase of more than 2 percent also for Banca Popolare di Milano after the visit to Bank of Italy by top management to illustrate our business plan.
CONTINUOUS TARGET SHOOTING ON MEDIOLANUM
FEVER RETURNS ON GOOGLE IN THE USA +13%
Heavy red day for Mediolanum (-4,5%) indirectly involved, despite the fact that there are no criminal findings for the company's top management, in the investigation into the "tips" relating to the investigations by the Gdf. And the negative series of STM continues, affected by the sales on the purchase of semiconductors. Speaking of technology, Google's leap deserves attention, after the positive results of the second quarter under the direct leadership of Larry Page.
In the USA, while awaiting a fiery weekend for President Obama, barricaded with advisers at Camp David looking for a way out of the tug-of-war with the Republicans over the cut of the deficit, the M&A season is picking up again. Yesterday Carl Icahn launched a 12,6 billion offer on Clorox (+16%).
