Volatility on European stock exchanges is rising. The Ftse Mib index closed down -0,4%, bringing up the rear in Europe. For Bruno Rovelli, head of investment advisory at Blackrock in Italy, the European and Asian markets are now more attractive than the USA. Especially in countries like Italy where "evaluations are lower and therefore more interesting".
The Btp/Bund spread widens to 143. The best stock exchange is Madrid +0,59%, followed by London +0,42%. The rest of the Eurozone is more uncertain, held back by Brussels' possible rejection of the French budget. Paris +0,11%, Frankfurt +0,19%. This morning came bad news from the German economy: factory orders in Germany fell in August by 5,7% on the previous month, compared to expectations of -2,5%. This is the worst result since 2009.
Midway through the session, the American stock market lost its initial momentum and the S&P500 index, which started with a rise of 0,5%, settled down to parity. The Dow Jones rose 0,1%, the Nasdaq down -0,1%. The dollar lost ground and slid to 1,257 against the euro, from 1,251 at Friday night's close. Oil is back down with WTI at 89,1 dollars a barrel (-0,7%) and Brent at 91,3 dollars (-1%).
The most positive news comes from emerging markets. Tension drops in the streets of Hong Kong with a positive effect on the price list, Bovespa flies to San Paulo +8%, the real rebounds: the City of Carioca toasts the recovery of the liberal candidate Aeto Neves against Dilma Roussef. In Piazza Affari Moncler shines +3,2% after the promotion of Bank of America to Buy. The Hong Kong effect favors the recovery of other luxury stocks: Ferragamo up 2,6%, Tod's +1,6%, Yoox +1,4%.
Cnh Industrial shines, up 3,9%. Fiat records a decrease of 0,6%, Pirelli -0,47%. Prysmian also falls -1,17%. The construction sector is positive: Salini Impregilo +4,5%, on the day the buyback starts, Astaldi +4,9%. Sale Buzzi +1,7%, Italcementi +1,2%.
Ansaldo Sts +1,5%, Finmeccanica -0,2% are also on positive ground.
Weak Enel -0,2%, Eni -0,95%, affected by Mediobanca's judgment (from buy to neutral). Telecom Italy -1,15%. Lastly, the plus sign also prevails in the credit sector: the banks are positive, Unicredit +0,1%, Intesa +0,8%, MontePaschi +1%. Banca Popolare di Milano gains 1,8%%. A note on football clubs: Rome -2%, Juventus -0,09%.
