European stock markets closed the first session of September in a mixed bag, without the guidance of Wall Street closed for Labor Day celebrations. However, defense stocks contributed to the tone of the exchanges, on the day news broke that the jet carrying EU Commission President Ursula von der Leyen yesterday suffered GPS interference, forcing the pilot to land with paper maps. The Financial Times categorized it as a Russian attack, while Moscow denies the accusations. Be that as it may, the sector's already buoyant stocks literally soared today.
Piazza Affari closed up 0,51%, at 42.409 basis points Led by Leonardo (+4,54%). The result is similar in Frankfurt, +0,49%, led by Rheinmetall (+3,51%), also in the wake of the FT's news that Europe is working on detailed plans for potential post-conflict deployments in Ukraine.
London, +0,09%, with BAE Systems positive (+1,85%), after Norway chose the United Kingdom to purchase new frigates, in a deal worth around 10 billion pounds ($13,51 billion). Paris, +0,05%, stands at the window while the Prime Minister Francois Bayrou He is working to prevent the collapse of his government in next week's confidence vote. Amsterdam (-0,04%) and Madrid (-0,07%) are also virtually flat.
Some positive ideas for investors came this morning from the macro data of the day: in particular in August the manufacturing PMI index The eurozone's GDP returned to expansionary territory at 50,7 points (above the 50 point watershed), something it hadn't done since June 2022. Italy also made this step, rising to 50,4 points from 49,8 points in July.
Gold attempts to catch April's record
In a context that still presents many unknowns, not only geopolitical ones, gold is appreciated, which today has attempted to approaching the record of $3.500 reached in April. Spot gold is currently trading at $3476,75 an ounce (after having peaked at $3489,78), up 0,83% from Friday's close.
The weakening of the dollar on the other hand contributes to the purchases Expectations are that the Fed will cut rates by 25 points. This month, the greenback is also weighed down by uncertainties related to the ongoing institutional clashes in the United States. These include the one between the White House and the Fed, with US President Donald Trump constantly pressuring the central bank to cut rates, following the "firing" of Governor Lisa Cook. The future of tariffs is also shrouded in mist, as the federal appeals court declared many of the tycoon's customs duties illegal, although it postponed their cancellation until mid-October. This situation is keeping markets on edge. For ECB President Christine Lagarde, the ruling once again casts uncertainty over tariffs, while Trump's long-standing influence over the Fed "represents a very serious risk."
In this context, on the foreign exchange market, the dollar is currently retreating against the major currencies and the euro is strengthening above 1,171. The energy front is moving in the green in these hours: Brent and WTI are rising by 1% and prices are at 68,18 dollars a barrel and 64,71 dollars a barrel respectively.
Piazza Affari, Tim and banks doing well
Piazza Affari did not experience defense alone today, with some of the best blue chips of the day Telecom Italia, +3,34%, rebounding after five losing sessions. The stock's recovery was helped by news that the BlackRock fund surpassed the 5% stake in the group on August 26. This move "represents a sign of confidence in the stock's prospects, supported by the greater stability of the shareholder structure, with Poste holding 24,8%," Intermonte noted in the daily.
Buzzi +1,43% and Ferrari +1,16% did well. Banks are in evidence especially with Popolare di Sondrio +1,86% and Unicredit +1%. MPS limited its gains to 0,34%, on the day the board of directors may have decided to add a cash component to the takeover bid for Mediobanca (colorless).
Finally, in the top ten of the main list appears Registered +1,04%, in a healthcare sector well-tuned at European level and pushed by the Norwegian giant Novo Nordisk (+1,76% in Copenhagen) according to which its obesity drug Wegory reduces the risk of heart attack, stroke or death by 57% compared to rival drugs.
The path of decline is marked by Campari -1,4%Terna -1,19%, Diasorin -0,93%, Cucinelli -0,83%. Outside the main league, among football stocks, Lazio stands out, up 2,4% after their 4-0,41 victory over Verona, while Juventus' share price is below par (-XNUMX%), despite the Old Lady remaining top of the table after two matchdays of the championship.
Stable spreads
The spread between ten-year BTPs and Bunds of equal duration is unchanged at around 89 basis points, although yields are rising, to 3,64% and 2,75% respectively. The spread also appears stable. spread with French Oat 10 years, which shows a rate of 3,54%.
For Lagarde, the Paris accounts aren't too worrying, even though the central bank is keeping a close eye on spreads. In an interview with Radio Classique, noting the narrowing of the spread between Italy's 10-year bonds and those of its French cousins, the ECB president observed that "Italy is currently making very serious efforts in terms of its budget, and probably will soon reach the 3% deficit target. So we would do well to take inspiration from this.”
