Le European stock exchanges They closed the day sharply lower, awaiting possible US developments on tariffs and the French government's showdown. Meanwhile, Eurostat published its flash estimate for inflation, which rose to 2,1% in the Eurozone in August. The focus now shifts to Friday, the day on which US employment data will be released.
In this context, in Milan the eyes of the markets are focused on the banks after the 750 million relaunch announced this morning da MPS on Mediobanca. Both stocks are trading in the red, as are the shares of Popular of Sondrio. Bad too Leonardo after the increases of the previous sessions. It goes down Telecom Italy pending the Antitrust's opinion on the transaction with Poste Italiane. The sales also hit asset management, with Banca Mediolanum, Finecobank and Azimut in decline.
In the end, the effect of luxury stocks fades, also driven by the leap of LVMH in Paris and at Piazza Affari only the stocks are saved. Ferrari, which benefits from Deutsche Bank's promotion to “Buy” with a target price of 520 euros, and Buzzi.
Wall Street reopens in the red after yesterday's Labor Day closure. Sales are also dominating in the rest of Europe: Frankfurt it is the worst square, followed closely by Amsterdam, Milan and Madrid. Down too Paris after the declines of the last few days, while outside the EU it is falling London.
But if the stock market remains in the shadows it is their to take center stage. Driven by the weakening dollar and growing expectations of a Federal Reserve rate cut in September, the quintessential safe-haven asset soared to a new record, breaking the $3.500 an ounce mark for the first time. The spot contract hit $3.508,50 and then slowed to the current $3.492; the futures contract hit $3.563,40 and is now worth $3.520. "Investors are increasing their asset allocation to gold, especially in anticipation of the Fed's rate cuts, and are pushing prices higher," explain analysts at UBS, whose baseline scenario "is that gold will continue to reach new highs in the coming quarters." Some experts believe it could even rise above $3.600.
Moving our gaze to the currency, the exchange euro Dollar drops to 1,1634, while among raw materials the Petroleum is rising sharply, driven by the weak dollar and fears that intensifying Russian strikes in Ukraine could lead to supply disruptions.
Finally it spreads, rising from 89 to 92 basis points. The yield on the benchmark 3,71-year BTP rose to 3,64%, up from 10% the day before. In view of the French confidence vote, all eyes are also on the spread between Italy and France versus the 3,57-year German Bund, which is pegged at XNUMX basis points. The OAT yield is at XNUMX%, up from the day before's closing.
