The new plunge in crude oil sinks the lists in a session already weighed down by Chinese fears. Wall Street widened the declines and Europe closed in decided red: the Ftse Mib -1,77% with the BTP/Bund spread rising to 117 basis points, Paris -1,75%, London -1,88% , Frankfurt -2,14%. In the meantime, Berlin has given the go-ahead from the Bundestag for the third bailout plan for Greece, even if the Cdu front against Merkel has strengthened.
Selling accelerated after the release of weekly oil inventories which showed an unexpected increase. WTI oil closed at $40,94 a barrel, down nearly 4%. Overseas, the Dow Jones lost 1,14% and the S&P500 1,21%. The euro-dollar exchange rate rose by 0,37% to 1,1065. Now the market's eyes are on the Fed Minutes which will be released tonight.
In a tweet Bill Gross, a famous bond manager, invited the Federal Reserve to raise interest rates in the next meeting scheduled for September 16 and 17 next. “Rate hike in September. Financial conditions, not economic conditions, are the priority. This means that they (Fed governors, ed.) start to normalize (monetary policy) despite the data,” he wrote. However, signs of caution are coming from one of those directly involved: currently a rise in interest rates in the United States would be a mistake because "it would create profound economic risks for the US economy", said Narayana Kocherlakota, governor of the Minneapolis Federal Reserve in a editorial in the Wall Street Journal which, while not voting, nevertheless participates in the meetings of the monetary policy arm of the US central bank. The governor is known for his "dovish" positions.
On the macroeconomic front, data on consumer prices in the United States were released today, which increased in July by 0,1% against analysts' expectations for a rise of 0,2%. On an annual basis, core consumer prices grew by 1,8%, close to the 2% target pursued by the Fed.
In Piazza Affari Prysmian leads the declines -3,83% which pays for the crisis of the emerging markets. Luxury is also down with Ferragamo and Tod's both down by 3,09%. Eni pays for the oil crash and ranks among the worst blue chips with a drop of 2,99%. In contrast, the securities of cooperative banks are at the top of the Ftse Mib on expectations, fueled by new indiscretions, of the start of consolidation linked to the reform of the sector in joint stock companies. Banco Popolare rises by 0,56%, Ubi Banca +0,48%, Bper +0,43%, Bpm +0,10%.
