Nervous session for the European stock exchanges, which close mixed, while Wall Street travels compact uphill. Milano -0,03% Frankfurt -0,51% Paris -0,26% Madrid + 0,64% London -0,62%.
La Fed revolution, announced yesterday by Jerome Powell and which, to a certain extent, frees rates from the 2% inflation target, misleads continental lists and adds new fuel to the fire of the American stock market. The New York indices have now eliminated the losses due to the explosion of the pandemic and are traveling at maximum levels. The S&P 500 is on track to close its best August since 1986. The tech sector advanced 0,7%, supporting the benchmark. The energy sector gained 0,6% after Hurricane Laura passed through Louisiana and Texas without causing serious damage to refineries. Slightly decreasing Petroleum: Brent -0,33%, $44,94 a barrel.
The Fed's moves weigh on the currency market: the dollar weakens against a panel of currencies on the prospect of US interest rates remaining low for longer. L'euro changes to 1,19. Lorenzo Bini Smaghi, former Italian representative on the board of the ECB, observes that Powell's turnaround could cause the single currency to rise significantly against the dollar, putting our exports at risk.
It also strengthens it yen, after Japanese Prime Minister Shinzo Abe resigns, while the bag of Tokyo records -1,41%. In the meantime, the fever ofgold, with spot gold still in progress today. Currently +1,7%, 1962,2 dollars an ounce. The December 2020 future is traveling even stronger: +2,35%, 1978 dollars.
In this panorama, Piazza Affari closed practically flat at 19.841 points, with the main list balanced between purchases on banks and sales in other sectors. In particular it is in black jersey Diasorin, -4,83%, subscription already sold yesterday. The slip is likely related to news that rival Abbott Laboratories has found a cheap and rapid test for the coronavirus and obtained emergency authorization for use of its product in the United States. The stock of the American multinational, on the eve of the shields, is in progress again.
On the Ftse Mib they are down Pirelli -1,83% Banca Mediolanum -2,22% Campari -1,56% Inwit -1,55%. The best title is Unicredit +3,45%. They shine Bper +2,1%; Understanding +1,18%; Bpm bank +0,49%. Profit takings weigh on the other hand Mediobanca -0,99%. Ps it appreciates by 2,72%, with the first and conditional go-ahead from the ECB for the spin-off and sale plan for a package of impaired loans worth around 8 billion euros.
Telecom drops by 0,22% after the gains of the last few sessions on the possible construction of a single network company. It remains effervescent Tiscali, +11,86%, after the commercial agreement on FiberCop.
The spotlights also remain on Prysmian, 2,1%, supplier of fiber optic cables, raw material for broadband.
It's not very moving Enel, +0,3%, which, according to Il Sole 24 Ore, could soon receive a binding offer from the Macquarie fund for 50% of Open Fiber.
Weak session for the Italian secondary school: lo spread between ten-year BTPs and Bunds with the same duration, it rises to 144 basis points (+1,34%), with a BTP rate of 1,03%.
The Treasury has placed on the primary BTP at auction with rising yields: 5-year bonds for 4,5 billion at 0,58% and 2,5-year bonds for 1,11 billion with a yield of XNUMX%.
The macroeconomic cues are in chiaroscuro. There is a recovery in consumer confidence in Italy and in the Eurozone, but not in Germany which fears the rekindling of the epidemic. In France, the Insee confirmed that GDP fell by 13,8% in the second quarter of 2020. However, Germany would be ready to revise upwards this year's German GDP estimates to a drop of less than 6% compared to an earlier forecast of -6,3%, a coalition source told Reuters.
