The stabilization of the situation of Athens, which on Monday is preparing to reopen the Stock Exchange, together with the sprint of the Asian stock exchanges allowed the European markets to end a calm day by consolidating yesterday's increases triggered by the unblocking of the Greek situation and by the intervention of Mario Draghi.
The Ftse Mib closed on parity slightly down at -0,07% with lo Btp-bund spread down to 119 basis points. Bank of Italy has revised upwards its estimates for Italian growth, also forecasting a recovery in consumer prices: GDP is expected to rise by 0,7% in 2015 and 1,5% in 2016. Employment would rise in parallel with the 11,9% in 2016 from 12,6% in 2014.
Slight decreases also on the others main European lists: London -0,4%, Frankfurt -0,47%, Paris -0,03%. Today, after the go-ahead from national parliaments (including the Bundestag), eurozone finance ministers gave their formal go-ahead for the third bailout plan for Greece.
Now, while the 7 billion bridging loan will allow Greece to meet the most urgent deadlines, the negotiation phase has begun for a memorandum of understanding with the details of the macroeconomic reforms and the "conditionality" on the choices of economic policy and budget.
The vice-president of the European Commission said that the sustainability of the public debt, on which both the IMF and Draghi intervened yesterday (with a view to its necessary reduction) "will be part of the negotiations on the three-year loan to Greece". A further sign of encouragement has arrived from Asia: after the collapse of the price lists and the fears of a price bubble, the interventions decided by the Chinese authorities have for now had the desired effects.
Shanghai closed up 3,5%, Shenzhen +5%. Tokyo +0,25% on the back of the strong dollar. The greenback began to strengthen which took it to a three-week high against the yen and up against the euro (the euro-dollar exchange rate fell below 1,08 and closed at 1,0855 -0,18%) on the words of Janet Yellen on Wednesday bolstered by developments in inflation data released today.
In United States the consumer price index rose by 0,3% on a monthly basis in June, confirming analysts' expectations and therefore the prospect that the Fed will decide to raise rates by the end of the year. On the macroeconomic front, however, the University of Michigan index disappointed expectations, falling to 93,3 points. WTI oil continues to lose ground and today dropped by 1,10% to 50,35 dollars a barrel.
Wall Street opened the session mixed. The Dow Jones is down 0,4% and the S&P500 slips 0,05%. However, the Nasdaq flies, setting a new intraday record and currently gaining 0,66%. Supporting the technological stock, already pushed upwards yesterday by Netflix (-0,09%) and eBay (-0,17%), today is Google (+14,14%) driven by the results for the quarter clearly better than expected. You can also shop on Facebook.
A Business Square the declines are driven by securities linked to oil: Tenaris -2,08%, Saipem -1,85%. Sales also up Cnh -1,58% after Volvo cut sales targets in China and South America. Autogrill -1,13% and Mediaset -1,11%. It moves against the trend among the best of the Ftse Mib Stm +1,22% and the banks take off: Banco Popolare +1,19%, Bmps +0,86%, Bper +0,84%, Bpm +0,65%. For Bankitalia, the profitability of the top five Italian banks is improving.
In Bank of Italy economic bulletin notes that Roe has grown by around three percentage points, to 6,6% annually compared to the same quarter of 2014. The slight contraction in the interest margin (-1,3%), wrote the economists on via Nazionale, attributable to the decrease volumes, was more than offset by the increase in commission revenues (+9,7%) and in income from trading activities.
A2A closed unchanged at 1,165 euro after a day that began with profits and continued with the return of purchases which brought it back to the year's highs at 1,17 euro The market looks at mergers, in particular the integration with Lgh, the multi-utility of the Municipalities of Cremona, Lodi, Pavia, Rovato and Crema. Outside the Ftse Mib brilliant session for Saras +9,71 after the promotion of Barclays analysts who raised the target price to 2,2 euros from the previous 2 euros (and confirmed the overweight opinion). The decision is linked to the expectation of an increase in refining margins in the coming quarters. Brunello Cucinelli also did well +3,95% after the half-year results. Yesterday Cucinelli announced that he closed the period with net revenues of 200,3 million, up 13,9% on the same period of 2014.
