POSITIVE BAGS (WAITING FOR STATE INTERVENTIONS)
BTPs DO NOT SUFFER FROM MOODY'S REJECTION
Positive stock markets at the end of the morning with Piazza Affari digesting Moody's heavy downgrade on Italy well. The FtseMib index rose by 1,2%: lower growth than other markets, but still growth. In the other Stock Exchanges, the recovery after the last three sessions of decline is stronger: London rises by 1,3%, Paris +2%, Frankfurt +1,6%. Even on the government bond front, the Moody's cut has a modest impact: the BTP is down with the yield rising by 7 basis points to 5,53%. Spread with the Bund growing to 383 points. Euro little changed at 1,331 against the dollar, from 1,334 at yesterday's close.
The news, already at the origin of the sudden leap of 4,1% of the S&P's 500 in the last hour of trading on Wall Street, has favored the rebound of the Stock Exchanges, that the EU finance ministers are finally discussing ways to coordinate recapitalization measures to strengthen the banks. In Europe, all the big credit companies are recovering: Bnp Paribas +5,4%, Deutsche Bank recovers by 3,9% after the 5,5% fall of the previous closure, Barclays +3%. In the insurance sector Axa recovers 3,7%, Allianz +2,6%. In Milano Intesa rises by 0,2%, Unicredit advances by 1,2%, Bpm has gone negative and falls by 1,8%, while Monte Paschi is down by 0,3%. Oppose the insurance companies: Generali increases by 0,5%, Fondiaria Sai loses 0,9%.
THE PRICE OF CRUDE RISES, TENARIS BOUNCES
THE LUXURY PARTY CONTINUES: FERRAGAMO +5,6%
WTI oil is up 3% to 77,9 dollars a barrel. Eni rises by 2,5%, Tenaris rebounds and advances by 4,3%, after having lost about 10% in the last five sessions, all marked by declines. The movement was supported by the rise in oil, with Brent returning above 100 dollars a barrel this morning and Wti up 3,1% to 78 dollars. The stock of the world's leading producer of pipes for the oil industry suffered from the drop in the price of crude oil and forecasts of an economic slowdown, which are pushing oil companies to cut investment plans.
Its decline, however, was much more marked than that of oil: from 27 July to yesterday, WTI crude oil lost 24%, Tenaris fell on the Stock Exchange by 44%. A heavy drop that prompted Mediobanca to reconsider its position on the share upwards. Among industrialists, Fiat rose by 1%, Fiat Industrial +2,6%, Stm +2,1%. Among the mid caps, the rise of Rcs stands out +11% due to the purchases of Giuseppe Rotelli. Yoox +3,8% benefits from Mediobanca's promotion to outperform on a par with Ferragamo +5,6% at 9,26 euros after analysts in Piazzetta Cuccia raised their opinion on the Italian luxury stock to outperform from neutral.
