European stocks mixed after five consecutive rising sessions. TO Milanohowever, the FtseMib index touched its highs just below 22.300 points (+0,2%) thanks to the driving force of the banking sector. They oscillate around parity Paris, Frankfurt e Madrid with variations of less than 0,1% in both directions.
London it dropped 0,6% on the wave of purchases on the pound, which jumped to its highest level in the last two months after the record inflation figure in the UK in August, which raised expectations of a rate hike: the euro/sterling cross is 0,899. Signs of recovery in the cost of living also in Spain: consumer prices increased by 1,6% last August on a trend basis.
Il dollar falls again against the euro with the cross at 1,198, from 1,196 yesterday evening.
La industrial production in July it increased by 0,1% in the euro area, and fell by 0,3% in the EU-28. Eurostat communicates it. In June it had dropped by 0,6% in both areas. But on an annual basis, the increase becomes 3,2% in the euro area and 3,1% in the EU-28. Italy is in line with the EU average.
The effect of the advances from German Finance Minister Wolfgang Schaeuble who in an interview with the Suedkurier newspaper that will be published tomorrow said that at present, with a European economy in decisive recovery, the ECB's ultra-accommodative monetary policy is no longer sustainable in the long term. “I am confident – he added – Mario Draghi will know what to do”.
The Treasury has placed all the eight billion euro of Btp medium and long-term (three, seven and twenty year maturities) offered today at auction, with rates falling sharply. The average yield on the three-year bond fell to 0,05% from the 0,23% of the placement in July and that of the seven-year bond fell to 1,52% from 1,57%. The 20-year BTP rate was 2,74%.
The positive movement of the banks continues, protagonists of yesterday: Unicredit + 0,1% Understanding + 0,4%. Bpm bank +1%. Ubs has started hedging with Buy, target 4 euros.
In sharp decline Mediaset (-2,4%) after Macquarie cut the Underperform from Outperform recommendation, bringing the target price to 2,1 euros from 4,3 euros.
Among industrial stocks, it is down stm (-1,5%). Apple's chip suppliers are all in the red: ams loses 3,9%, Dialog Semiconductor almost 1%. Chipmaker stocks have been the best performers within the European tech sector this year. Ams gained 165% year-over-year.
The negative effect is transmitted to the big names in watchmaking for fear of competition from the new i Watch. Richemont it lost about 1,5% despite higher-than-expected five-month sales. Swatch leaves more than 2,8% in the field.
After the presentation at the Frankfurt Motor Show of the Ferrari Portofino, the Cavallino stock scores -0,16%, at 91,9 euros. Akros confirms the judgment accumulated and target at 105 euros. The broker points out that the price of this new car should be about 2-3% higher than that of the Ferrari California. Outperform and target at 109 euro unchanged for Mediobanca.
Petroleum unchanged with Brent trading at 54,2 dollars a barrel, Wti at 48,2 dollars. Data on US inventories are awaited. Eni is unchanged, Saipem +0,6%. Declining luxury. Luxottica -1,3%, it is feared the halt to the merger with Essilor after the findings of the EU antitrust. Ferragamo -0,8%.
