EUROPEAN EXCHANGES WITH SUSPENDED BREATH
ALL THE SPOTLIGHT ON JACKSON HOLE
The Milan Stock Exchange sails around parity, confirming itself as the best among the financial centers of the Old Continent. The balance will already be broken in the early afternoon by the US data that will be published: the final GDP data for the second quarter, seen at +1,1% after the +1,3% of the first reading. And consumer confidence for August, calculated by the University of Michigan, which should instead show progress to 55,8 points compared to 54,9 in the previous survey. But the spotlight is obviously on Jackson Hole when Ben Bernanke speaks at the Federal Reserve's annual symposium tonight. The optimism of recent days is in fact linked to the hope that Bernanke will announce today a new quantitative easing plan, with massive purchases of government bonds. While waiting in Piazza Affari, the Ftse Mib index gains 0,01% to 14.941 points, while the Ftse All Share advances by 0,03% to 15.790.
CAUTION PREVAILS IN PREDICTIONS
BERNANKE WILL NOT RE-OPEN THE STIMULUS
Expectations for the announcement from Jackson Hole of an important new stimulus plan for the US economy have risen with growing emotion in recent days. All observers have underlined that last year Bernanke chose this appointment to launch the 600 billion dollar repurchase plan for US government bonds, the so-called Quantitative Easing 2. Since that announcement, the American stock market has risen in the six months subsequent by 28%. In the last few hours, however, the cooling of the expectations of economists has become palpable, as they compete to explain how and why it is difficult for the Fed to launch a Quantitative Easing 3. In Europe, financial stocks are down, especially the German ones. The Stoxx of the banking sector falls by 0,9%, insurance companies -1,2%. Deutsche Bank loses 3%, Commerzbank 2,9%, Allianz -2,4%.
BANKS OK AT PIAZZA AFFARI
BARCLAYS REJECTS THE FIAT CAR
In Milan, on the other hand, the banks are doing well, in particular Unicredit +2% and Intesa +1%., Popolare Milano has reduced the initial momentum and now marks a slight progress of 0,3%. Meanwhile, Fiat shares are traveling at two speeds in Piazza Affari after the rebound in the last few sessions, which followed the collapses of the first weeks of August. Fiat Spa slips to the bottom of the main basket with a drop of 1,55% to 4,208 euros in the wake of the downgrade by Barclays. The analysts of the British investment bank have in fact cut the recommendation on the Turin car manufacturer to equal weight from the previous overweight. On the other hand, Fiat Industrial occupies the top positions of the Ftse Mib with an increase of around 2 percentage points to 6,085 euros. Prysmian backtracks -1,3% after yesterday's sharp rise. Eni fell -1% with Wti crude oil slightly down to 84,8 dollars a barrel (-0,5%). Telecom Italia is up 1,4%. Among the mid caps, Igd +3% and Landi Renzo +3,1% are positive. The decline in Esprinet (-4%) is significant.
