European stock markets are losing ground after their initial recovery from yesterday's crash. From the The UN Security Council has received a "strong condemnation" to the "shameful" action of North Korea. Decision taken unanimously among all 15 members, even if no new sanctions have arrived.
Meanwhile Moody's has revised upwards its growth estimates for Italy, Germany and France. As regards Italy, a growth of 2017% is estimated for the two-year period 2018-1,3, from the previous +0,8% and +1%. “The robust indicators”, reads the report, with reference to the Eurozone, “suggest that growth will accelerate for the rest of the year, while the consumer confidence index stands at a 16-year high and does hope for a sustained recovery in consumption”.
La consumer confidence in the euro area in August it improved by 0,2 points compared to the previous month, going to -1,5 from -1,7 in July. The European Commission confirms the flash estimate and releases the index data economic confidence than in the Europe of 19, which rose to 111,9 from 111,3 in July. It is the highest level for more than 10 years, according to data released today by the European Commission. The data exceeded economists' expectations. Italy is the country that has recorded the greatest increase in the index with a +3,6 points.
Little move Business Square: the Ftse Mib index rises by 0,05%. Better Paris e Madrid (+0,4%), but also Frankfurt (+ 0,5%).
Tension on safe-haven assets eased. Dates the dollar at 1,1950 against the euro, traded yesterday at the highest since January 2015 at 1,2070. L'gold yesterday it went up to 1.325 dollars an ounce, the highest since January 2016, on "safe haven" purchases, now trading at 1.310 an ounce.
Lo spread Btp/Bund, which yesterday widened almost to 180 basis points, the highest since mid-July, today drops to 172,2. The Italian 2,066-year rate restarts from XNUMX%.
Good demand and declining yields for i BTP e CcTeu awarded today at auction. In detail, the Treasury issued the third tranche of the 5-year BTP expiring on 01/08/2022 for 3 billion against a request of 4,714 billion. The yield fell 4 cents to 0,84%. The fifth tranche of the 10-year BTP expiring on 01/08/2027 was also placed: against requests for 4,004 billion, the amount issued amounted to 2,5 billion, while the yield, down by 6 cents on the auction last month, it stood at 2,09%. Finally, the ninth tranche of the CcTeu expiring on 15/10/2024, allocated for 1,75 billion against a total demand of 2,595 billion, achieved a gross yield of 0,81%, (+4 cents on the previous auction ).
The temporary shutdown of Texas-area refineries could boost crude inventories. Data expected in the afternoon. Meanwhile, the Petroleum is down: Brent -0,1% to 51,9 dollars, Wti -0,3% to 46,4 dollars. Stocks in the oil sector such as Tenaris recover (+0,90% to 11,17 euros), Saipem (+0,81% to 2,97 euros) ed Eni (+0,23% to 13,14 euros), on which Mozambique will impose a 350 million dollar tax on capital gains for the sale to ExxonMobil of a stake in the Coral South gas plant. The country's finance minister said so on a local TV station yesterday.
Saras advances by 1,25%. The stock of the refining company benefits from the forced closure of some plants in Texas which has led to a temporary decrease in global refining capacity.
The Milan listing is supported by the good performance of luxury stocks, driven by +4%. Brunello Cucinelli the day after the semester. The company promises strong growth also for the next two years. Analysts also appreciated the decline in debt, thanks to effective management of working capital. Mediobanca and Kepler Cheuvreux raise their respective target prices.
Highlights too Yoox (+ 2,57%) and Moncler (+1,85%). salt Campari (+1,17%). After the successful start, the banks are turned red instead: UniCredit loses 1,16%, Bper 0,9% and Ubi 0,26%. Among the best titles Buzzi (+2,75%) rebounds decisively from the lows of the year set yesterday. The cement producer has been penalized in recent weeks by the weakness of the dollar and by rumors about the halt to the White House's maxi investment plan dedicated to infrastructure. Conversely, today's purchases would be linked to the prospects of major reconstruction work on the entire logistics system in Texas after the extensive damage caused by Hurricane Harvey. The Casale Monferrato company generates about a quarter of Ebitda in the United States.
