European stock exchanges in progress awaiting the decisions that the Fed will communicate in the late afternoon (Italian time).
Piazza Affari +0,56% advances despite the confirmation by Istat that the economy of the Bel Paese entered the tunnel of zero growth in the second quarter: the Italian GDP has in fact remained unchanged both compared to the previous three months and on an annual basis. Istat thus certifies the "phase of substantial stagnation", given that for the fifth consecutive quarter the cyclical change is around zero.
Employment, on the other hand, improved, marking the fourth consecutive decline in June, falling to 9,7%, down 0,1 percentage points from May at its lowest since January 2012, or for seven and a half years even if the data is drugged by layoffs (considered employed). Inflation harmonized to European parameters slows down: +0,4% in July from +0,8% in June.
The BTP strengthened slightly to 1,56% (-2 basis points). The yield on the Bund is near its historical lows at -0,41%. Brent oil up by 0,7% to 65,1 dollars a barrel. WTI at 58,4 dollars a barrel, +0,5%. Among the oil companies, favored by the Brent mini rally, Eni +0,7%, Saipem +2,7%, Tenaris +2,6%.
The other European markets supported by the quarterly accounts also rose. Paris +0,10%, favored by the leap of Bnp Paribas +4% on the back of the performance of the corporate and investment banking division. But Leonardo Del Vecchio's latest exploit dominates the scene: Essilor /Luxottica climbs 5,3% after announcing that it will buy the Dutch chain of optical stores Grandvision (among other things Safilo's controlling shareholder) with acash transaction which could be worth up to 7,2 billion euros.
Featured in Zurich the Credit Suisse +5,11% which announced the highest quarterly revenues for 4 years. Frankfurt is also up +0,23% after increase in retail sales Puma jumps 4% after it revised its annual outlook on sales and operating earnings upwards. Rival Adidas advanced by 1,9%. Down London - -0,48%: Lloyds, the largest mortgage lender in the United Kingdom, lost 2,17% after posting lower-than-expected pre-tax profits.
At Piazza Affari Salini Impregilo is highlighted (+6%) on the eve of crucial hours for the launch of Progetto Italia. After all, Leonardo advances +1,6%: new orders have beaten expectations, while the rest is in line with forecasts. Société Générale lowers the judgment to Hold from buy Sale also Poste +2,14%. Tim also did well +1% after the publication of the accounts of the Brazilian subsidiary. Sale Fca +3,4% after i second quarter accounts, which saw profit climb 14%.
In reverse Salvatore Ferragamo sinks -7,6%. The company ended the quarter with a 4,6% increase in sales at constant exchange rates, slightly better than expected. During the data conference, the company spoke about the damage to business caused by the protests in Hong Kong. Moncler -1,2%.
