The red start of Wall Street keeps European stock markets under pressure in negative territory and cools the race in Milan. In any case, the Ftse Mib is the only one among the major European stock exchanges with a marked increase. The US stock exchanges have ringed the third opening in decline after the new records marked last week. The Dow Jones drops 0,4% approximately, the Nasdaq 0,3% and the S&P 0,4%, after yesterday it had returned below the threshold of 1.700 points. Wall Street is pricing in fears and conflicting signals about the Fed's start of tapering. While Bernanke has stalled by implying that the start of tapering is yet to be decided, various statements have implied otherwise. Yesterday Charles Evans, president of the Chicago Fed and voting member of the central bank's monetary policy arm, and Dennis Lockhart, president of the Atlanta Fed and also a non-voting member of the FOMC, today on Sandra Pianalto, head of the Cleveland Fed. And the front of those who believe that tapering will start in September is strengthening. Quarterly data doesn't help. For example, Walt Disney falls on the results, losing almost 3%.
In Milan, the Ftse Mib rose by 0,9%, slightly reducing gains after the acceleration of the morning to +1% in the wake of the banking sector and Telecom Italia, the best stock with +3,35%. Paris is weak below around parity, Frankfurt -0,54% despite the data on industrial production well above expectations in June (+2,4% over May), and London down 1%. Today the Bank of England, following the Fed model, announced that rates will remain unchanged at 0,5% until the unemployment rate falls below 7%.
The banks gain the top positions of the Ftse Mib: Banco Popolare +3,12%, Bper +2,98%, Unicredit +2,49%, Ubi Banca +1,86%. Also highlighted on the list is Banca Carige which rises by 3,5%, after yesterday's rise of 3,52%, in the wake of the insistence on rumors of a plan prepared by the chairman, Giovanni Berneschi, to bring Unipol into the bank's capital with a 27% stake and solve the problem of capital strengthening requested by Bank of Italy.
Negative at the bottom of the Ftse Mib Mediaset -2,93% on profit taking after the rally, Saipem -2,61%, Campari -1,54%, Buzzi Unicem -1,47%.
