Piazza Affari gathers courage in anticipation of stimuli from central banks. The Italian index rises by a good 1,4% above 20.500 points. The other price lists were also positive: Frankfurt +1,2%, Paris and Madrid up one point. London +0,7%. Supporting the upside, in addition to the expectation of the announcements that will come from the next meeting of central bankers in Jackson Hole, the rally of Chinese stock markets, up by an abundant 2% on the wave of a key interest rate reform aimed at reducing financing costs for companies. Hong Kong also rose by 2% in the wake of the massive weekend marches in defense of autonomy from Beijing.
The route of assets changes: shares rise, safe-haven assets slow down, starting fromgold (-0,9% to 1,499 dollars an ounce) and from the bond market core: the yield on the 0,65-year bund rises to -4% (+50 basis points). The recession is forcing the government to take action. German Finance Minister Olaf Scholz said yesterday that there are 1,45 billion euros to invest, in support of an economy in recession. On Friday, the weekly Der Spiegel wrote that the taboo of a balanced budget could be violated to counteract the slowdown in the economy. Yields on BTPs also rose to 7% (+XNUMX basis points) pending tomorrow's communications from Prime Minister Giuseppe Conte.
Game of Rome (Part 2) destination unknown. Thus the Barclays economist, Fabio Fois, entitles a note today, arguing that the probability of early elections in Italy has decreased in recent days. “We now think the likelihood of such an outcome is on par with alternative secondary scenarios that could unfold if the legislature continues. Such scenarios include the formation of a grand coalition, the appointment of an interim government or a reshuffle within the current M5SM-Lega coalition,” the analyst points out.
THEeuro it moved above 1,11 dollars with inflation slowing down in the Eurozone in July. But according to Bank of America, the upward trend is likely to continue because falling yields and the increase in the number of bonds offering a negative yield will increasingly push investors to bet on gold. Even this morning Confinvest, dealer of coined gold, is suspended due to excessive increases.
Il Petroleum WTI climbs 1% to $55,4 a barrel. This morning the Gibraltar authorities released the Iraqi super tanker Grace 1, already suspected of wanting to bring its cargo to Syria, in violation of the embargo. Well Eni + 0,6% Tenaris +3,5% and Saipem + 1,5%.
Banking in light with the Italian index up 2% in a positive context for the entire European sector. Highlight the big ones: Intesa Sanpaolo + 2,66% Unicredit +2,58%. Worth noting is the leap of Ps up 4%. The stock of the Sienese institute managed to gain around 19,5% in five sessions.
The ECB has said yes to the recapitalization of Carige, an operation worth a total of 900 million euros: 700 in a capital increase and 200 with a subordinated loan. The operation will be carried out with the contribution of the
Voluntary scheme of the Interbank Fund (313,2 million), of the Cassa Centrale Banca (63 million) and the Interbank Deposit Guarantee Fund (238,8 million).
Among the industrialists it stands out Cnh Industrial +3,2%. Morgan Stanley ups the ante on Overweight. In the consensus published by Bloomberg there is a clear prevalence of buying advice, with the basic average target having dropped to 10,87 euros. Fiat Chrysler + 1,5% Pirelli +1,9%..
Mediaset -2,4% slow down after running. The Court of Milan rejected for the second time the appeal presented by Rai against Sky regarding the Champions League, ordering the state TV to pay the legal costs.
With the appeal, Rai argued that Sky had the obligation to sub-license the right to broadcast one game a week in the clear.
For the next two years Mediaset will broadcast a free-to-air Champions League match on Wednesday evenings on Canale 5.
Among the minor titles Technogym it loses about 3% after Berenberg cut its judgment to "hold" from "buy" with a target price reduced to 10,5 from 12 euros.
