Luxury rebounds and the tourism sector remains in tune, while Great Britain evaluates an easing of travel restrictions, but the negative opening of Wall Street freezing the climate of the European markets, thanks to the "four witches", inflation in the euro area higher than expected and the uncertainty on the choices of the Fed, which meets on Tuesday and Wednesday of next week.
The closure is in red for the price lists of the Old Continent, with the exception of Madrid (+0,4%), supported by Grifols, in a rally after having acquired the majority of the German Biotest and having launched a tender offer on the remaining shares of the pharmaceutical company specializing in hematology and clinical immunology, particularly in the plasma sector.
They are negative Frankfurt (-1,05%), Amsterdam (-1,09%), London (-0,93%) And Paris (-0,79%).
It also loses altitude Business Square (-0,98%), which archives a swinging week, stopping at 25.709 basis points. Among the best of the list it is affirmed Moncler (+2,55%), in line with the good performance of big names on a continental level, close to Fashion Week of next week. The queen of duvets will be able to unleash hot news in an event on September 25th; however, the stock lost about 17% after the top reached on August 18th.
Among the positive titles they stand out Atlantia (+ 3,07%), Telecom (+ 1,41%), Campari (+ 1,35%), Inwit (+ 1,09%) and Diasorin (+1%). The biggest discounts start instead from stellantis (-3,45%), broken down with almost all the titles in the Agnelli galaxy, starting from Exor (-1,68%) And Ferrari (-1,71%). With closed markets, the rebalance of the Eurostoxx 50 index will take place, which provides for the entry of Stellantis shares in place of those of Amadeus It. After yesterday's exuberance, it is colorless Cnh.
Out of the main basket Juventus (+0,35%) manages to stay afloat despite the closing of the financial statements as at 30 June 2021 with a record loss of 209,9 million euros, more than doubled compared to a year earlier, and revenues down by 16,2 %. The 2020-21 financial year was significantly penalized by the persistence of the health emergency connected to the Covid-19 pandemic and by the consequent restrictive measures imposed by the authorities, explains a note, and the effects of the pandemic will also affect the financial year '21 -'22.
Profit-taking penalizes stm (-2,74%) and some oil-like stocks Tenaris (-3,21%).
Attention stays high on Generali (-1,03%), which communicated the go-ahead from Ivass for the acquisition of Cattolica, on which the Trieste-based group will launch a voluntary takeover bid. Il Leone has also received prior authorization from the Commissariat aux Assurances for the acquisition of indirect control of CATTRe SA and prior authorization from the Central Bank of Ireland for the acquisition of indirect control of Vera Financial Dac.
For the Del Vecchio-Caltagirone axis the insurance company reported that it had received a communication from Delfin supplementing the document on the shareholders' agreement with Caltagirone. In particular, there is talk of a greater number of syndicated shares, as a result of purchases made by some subjects belonging to the syndicate agreement. Consequently, the shareholders' agreement concerns approximately 175 million shares, ie 11,068% of the share capital with voting rights.
The session is negative for the banks, while the spread rises slightly to 100 basis points, with a rise in yields. The ten-year BTP rises to +0,72% and that of the Bund of the same duration to -0,28%.
I'm worried Eurostat numbers, which confirm the push of inflation in the single currency area, with prices up by 3% in August from the previous 2,2%. The news comes after a report by Financial Times according to which the ECB's 2% inflation target will be reached in 2025, so Frankfurt could raise interest rates in 2023, a year ahead of schedule. The ECB called the report "inaccurate", according to the Bloomberg agency: "The FT's conclusion that there could be a rate hike as early as 2023 is not in line with our guidance".
Luis de Guindos, vice president of the European Central Bank, in an interview with the Dutch newspaper The Financial Times he also says that "inflation this year could be even higher than we think now if supply problems persist". And he adds: “So far we have seen few wage increases on the back of price increases. That could change this autumn, when there will be several salary negotiations, and we will be attentive to these possible developments.
Tensions on bonds are also registered in the United States, where the prices of T Bond are down and yields on the rise, probably as a result of retail sales in August increased, as seen yesterday, by 0,7% (vs. estimates of -0,8%), despite concerns about the spread of the Delta variant and supply chain problems.
Furthermore, in September, Americans are proving to be more optimistic about the economy than in the previous month, although less than expected by experts. The preliminary confidence index compiled monthly by the University of Michigan was 71 points, higher than the 70,3 of the final reading and the 70,2 of the August preliminary reading, against expectations for a figure of 72.
Investors are trying to predict next week's Fed picks as it releases new economic projections and a fresh reading of board members' interest rate expectations. A Reuters poll reveals that more than 60% of economists expect an initial shift in bond purchases (tapering) in December.
The session is relatively quiet for FX markets ahead of a number of major central bank meetings, besides the Fed, next week the Bank of Japan and the Bank of England. In blackberries the dollar it remains at its highest level for about three weeks, while the euro is still falling slightly against the greenback and trades at around 1,172.
They are little moved raw material. Spot gold is moving on the levels of the day before around 1753,65 dollars an ounce. Future Brent loses 1% and trades just below 75 dollars a barrel.
The "day of the four witches" contributes to fueling the volatility on the US markets, so called because today index futures, stock futures, index options and stock options expire at the same time.
This happens every third Friday of the final month of each quarter.
