THE DRAGONS EFFECT CONTINUES IN THE BUSINESS SQUARE
JOBS DATA DISAPPOINTS WALL STREET
The Dragons effect continues. European stock markets continue to rise, while the euro benefits from the negative macro data from the USA on employment. the Ftse Mib closed at +2,09% at 16.110 points. On the other hand, the rises of the other European Stock Exchanges were more contained, with London, Paris and Madrid barely positive and Frankfurt up by more than half a point. –
After the publication of the US Department of Labor indicator accelerated its upward run settling at 1,2766 against the dollar (+1,1%). Fourth consecutive day of gains against the Swiss franc to 1,2088 from 1,2045 at yesterday's close.
The Draghi effect on government bonds is increasingly being transmitted to long maturities as well. The Bund Btp spread reaches 356 basis points, 13 basis points lower than last night. On 2-year bonds, the spread is stable at 212 basis points, from 500 basis points at the end of July.
In the meantime, the ballet of Eurozone diplomacy continues. The most significant statements, as usual, come from Germany. Finance Minister Wolfgang Schaueble reaffirmed "confidence in the ECB" and believes that the anti-spread plan, announced on the eve, "is not the start of monetary financing of the public debt". During a press conference, the minister also described the German press as "very nervous" and rather critical of Mario Draghi.
Indeed, the German press rails against the European Central Bank, found guilty of having signed a "blank cheque" to indebted countries. "Blank check for debt-ridden states" was the title of the influential popular 'Bild', strongly opposed to bailing out Greece and other countries in financial difficulty, according to which the ECB's move could lead to the 'kaputt' of the euro 'Draghi has sounded the alarm for Germany', is the headline of the conservative newspaper 'Die Welt'
Wall Street is slightly up with S&P500 and Dow Jones gaining 0,1% while the Nasdaq is stuck on parity.
American lists are held back by incoming data on the employment front: new jobs in July net of the agricultural sector amounted to 96.000, down from 141.000 in June and less than economists' expectations (130.000). The unemployment rate instead fell to 8,1%, better than expected but due to the fact that many have given up looking for work.
Good news from China, tonight the government approved a five-year plan to equip the country with new infrastructure, among the works to be carried out there are 2.018 kilometers of new railway and road sections and five seaports.
In Piazza Affari the banks are still strong. Ubi +3,6%, Intesa +2,2% and Unicredit +4,4%. Monte Paschi is rallying, +10,84% . Banco Popolare +1,5%.
Popular Negative of Milan -1%, after yesterday's strong increases (+11%).
Generali is up 0,6%. The Executive Committee of the company has given the free rein to the first novelty of the Greco management in terms of organization: Raffaele Agrusti, current Chief Financial Officer, will assume the role of Country Manager for Italy. Alberto Minali joins the Group as Chief Financial Officer The management of financial and real estate investments, the Legal and Corporate Affairs area and Corporate Social Responsibility, previously headed by the CFO, will instead report directly to the Group CEO Mario Greco.
Purchases also on Azimut +2% and on Mediolanum +2%. Banca Generali [BGNI.MI] rises by 0,7%.
Those companies with a high debt that benefit from the drop in rates also did well: Telecom Italia closed at +6,6%.
In Milan, non-financial companies such as Stm + 1,2% Prysmian + 1,8% Fiat + 2,1% Fiat Industrial + 2,8%.
Finmeccanica it is up by 1′,8%. Atlantic +2,6%. Strong increases for Mediaset +6,3%, one of the stocks driven by Mediobanca's recommendations.
Eni gains 2% following the closure of the Antitrust investigation which requires the company to auction 5 billion cubic meters of gas transportation capacity. The price of oil showed little change, Brent-type crude futures rose by 0,4% to 113,9 dollars a barrel.
Also highlighted are some utilities. Enel rises by 3,2%, Iren by 4,3% and A2A by 1,7%. Atlantia gains 3%.
Ansaldo Sts is up 1,7%.
Out of the main basket, Rcs Mediagroup is suspended due to excessive reduction (-20,8%). A complaint alleging the crime of insider trading was presented today to the public prosecutor's office in Milan on the performance of the stock on the stock exchange. This was reported by the lawyer Luigi Giuliano Martino, adding that he had presented the complaint on behalf of an unspecified professional, who wishes to remain anonymous. The document points out that from 5 January to 2012 September 2,5, against a stock market index that lost about 272%, the Rcs share recorded a +297% and in particular in recent months a +XNUMX %.
