Bye bye Summers. The renunciation of the Fed of Barack Obama's favorite candidate stimulated the rise on the equity markets, first in Asia and then in Europe, and the decline of the dollar, which slipped to 1,336 from 1,32. The Milan Stock Exchange is up, with the FtseMib index rising by 0,68%, in line with Paris (+0,77%) and Madrid (+0,73%).
The liveliest Stock Exchange though is Frankfurt, driven by the good electoral result of the CSU in Bavaria, one week before the general elections: the Dax index (+1,16%) reaches a new all-time high of over 8.600 points (8.6022).
The Summers effect is being felt in the money markets. Even in Italy the yield on BTPs falls to 4,55% (-2 basis points).
It shortens it spread with Spagma, also because auctions are scheduled in Madrid during the week. But German bonds are doing even better, in line with the lessened tension on US T bonds which slipped to 2,82% after Summers' renunciation: the spread with the Bund therefore widens because the yield on the German 4-year bond falls by 1,93 basis points to XNUMX%.
The decline in the Petroleum after the risk of a military attack on Damascus has receded: Brent is quoted at 110,3 dollars a barrel, down 2,1%, Wti at 107,5 dollars (-0,5%).
In Milan they go up the banks: Unicredit +1,28%, Intesa +0,68%, Monte Paschi +0,24%, Ubi Banca +1,67%. Mediobanca +1,49% on the eve of the accounts for the entire 2012-2013 financial year.
Among the financials, Generali (+0,6%) and Fondiaria Sai (+1,42%) also rose. Fiat, now resigned to the IPO on Chrysler, lost 0,33%. Sergio Marchionne also anticipated a possible revision of the 2013 targets at the end of October with the presentation of the third quarter results; pressure on prices in Brazil confirmed.
StM earns 2,49% net of today's dividend on rumors that Google would adopt its processor within the Google TV program. Finmeccanica + 0,64%. Ansaldo Sts 0,591%. Enel + 0,43% Eni advances by 0,29%.
Weighs on Telecom Italy (-1,73%) the cut of the Citigroup recommendation from "sell" to "neutral". Citigroup recommends buying Tim Brazil and selling the parent company. The analysts of the investment bank remain convinced that the only way for the Italian telecom giant to avoid a capital increase or rating downgrade is the sale of Tim Brasil.
Impact the luxury: Cucinelli +1,9%, Ferragamo +0,4%, Luxottica +1%, Yoox +2,1%.
