Volatility wins on the markets. At the end of the morning, the Ftse Mib, once the enthusiasm for the bank-saving shield had ended, had returned to red before however closing up by 0,6%, thanks also to confidence in the new moves by central banks. The lists of the Old Continent all close positively: Paris +0,79%, Frankfurt +0,97% and London +1,18%. Even better Madrid +1,29%.
However, the sales hit the banks that control the bottom of the index: Unicredit yields 4,92%, already exhausted the effect of the new ad Mustier, Bper -4,82%, Ubi Banca -1,94%, Bpm -1,33% and Intesa Sanpaolo -1,29%. In the space of one morning the effect of the announcement of the 150 billion apology for the banks approved by the EU has already worn itself out. Also because, underline several operators, Italian banks do not have a liquidity problem but a problem with impaired loans. And so sales on the sector resumed strongly in Piazza Affari with immediate effect on the Ftse Mib in the morning
Wall Street opens with little movement to then consolidate the plus sign in the afternoon with the S&P500 which has regained the threshold of 2.100 points. US manufacturing activity (ISM manufacturing) which in June grew more than expected, at 53,2 points. Instead, the PMI manufacturing index stopped at 51,3 points, slightly below estimates. The US stock exchange will be closed on Monday to celebrate Thanksgiving.
E even the price lists of the Old Continent all closed positively: Paris +0,86%, Frankfurt +0,99% and London +1,13%. Even better Madrid +1,29%.
Meanwhile, the central banks are mobilizing and monitoring the effects of Brexit while the EU is asking London to clarify its intentions. Benoit Coeur, a member of the ECB, reports that the Eurotower is ready to act if Brexit jeopardizes financial stability (but Frankfurt has denied its intention to expand the possibility of buying bonds). At the same time, the Bank of England, according to Bloomberg, will announce a cut in the minimum amount of capital required of British banks (with the aim of increasing their flexibility to deal with Brexit).
SPREAD CLEARLY DECREASE
In response to the action of the central banks, the Btp Bund spread cools again, posting a drastic drop of 8 percentage points to 135 basis points and a yield of 1,23%, on pre-Brexit levels There are no clouds , this time all related to Italian political issues. According to the Centro Studi di Confindustria, a possible victory of the "no" in the constitutional referendum next autumn would bring with it a new recession for the Italian economy. Meanwhile, the estimates for 2016 have been lowered from +1,4% to +0,8%.
Data on the PMI manufacturing index rose in the Eurozone, rising to 52,8 points from 51,5 and rising in both Germany and Italy.
The euro-dollar exchange rate rose by 0,30% to 1,1136, the pound dropped to its two-year low against the euro. Oil is stable with Brent +0,16% to 49,79 dollars a barrel and Wti +0,17% to 48,41 dollars a barrel. However, uncertainty also supports gold which gains 1% reaching 1336 dollars an ounce.
Going against the trend on the Ftse Mib, the luxury segment of Yoox +4,23% and Moncler +3,53% stand out, not followed by the Unipolsai and Unipol segment, respectively +4,08% and +3,8%. Buzzi Unicem also performed well +3,89%. FCA +2,09% after the data on US sales increased by 7% in June. Outside the Ftse Mib Italmobiliare shines (+10,83%) after the reorganization which provides for an extraordinary dividend for savings and the proposed conversion into ordinary shares.
