Profits were taken this morning on Asian price lists after the emotions of a "hot" start to the week, especially in Europe. The Nikkei index in Tokyo falls by half a point, steadier than Hong Kong -0,11%.
The slowdown reduces, but only partially, the enthusiasm aroused by Mario Draghi's speech in Jackson Hole, capable of "stealing the show" from Fed President Janet Yellen at the Jackson Hole meeting, with an all-round message, from politics monetary policy to the necessary action of fiscal policy. “Even if expectations were for Yellen – commented Marshall Gitten, one of those present at the session behind closed doors – it was Draghi who attracted the attention: it does not often happen that you hear a central banker who admits that all inflation forecasts are are revealed to be stoned and promises to do more.”
The result? European stock exchanges skyrocketing, new records on Wall Street, yields at low levels on the German bund.
In particular:
The dollar/euro cross fell to as low as 1,3178. In Asia it is now worth 1,3199.
BURGER KING INFLAMES WALL STREET, AMAZON ENTERS THE GAMES
On Wall Street, the S&P index +0,5% finally broke the 2000-point wall during the session and then closed at 1997,96. Dow Jones +0,44%. The Nasdaq advanced 0,41%.
M&A fever is making itself felt again: Burger King gains 20% after the announcement of the negotiations with the Canadian Tim Horton from which the third group in the world of fast food will be born (with a Canadian passport). Warren Biuffet is behind the operation and will finance 25% of the operation.
InterMune does even better +35% climbed by the Swiss Roche.
Finally, Amazon enters the gaming sector with the purchase of the Twitch platform (970 million dollars).
The slowdown in sales of new housing units in the USA did not weigh too much on the prices, which fell by 2,4% on a monthly basis to 412 thousand units, on the lows of the last four months
THE IFO IN DECLINE DOESN'T SCARE EUROPE
The European stock markets are up sharply, despite the fourth consecutive drop in the Ifo index, relating to the confidence of German businesses.
Frankfurt rose by 1,83%, Paris by 2,1% and Madrid by 1,81%, while London remained closed for public holidays.
.Piazza Affari was the most brilliant Stock Exchange: +2,3% to 20.350.
BUND: BERLIN AT MINI9MI, SPAIN BETTER THAN NORWAY
The excellent results of the Stock Exchanges pale in comparison to the numbers of the debt market.
In Europe, pending interventions by the ECB, interest rates are falling to levels never seen before: the yield on the 0,926-year Bund ended up at 2,47%, that of the BTP at 152% (historic low), the spread narrowed at 7 (-XNUMX points).
No less relevant are the data relating to Spain. The spread against the Bund is reduced to 129 basis points for a 10-year Bonos yield of 2,24% which exceeds (downward) the corresponding yield of Norway (2,28%), Great Britain (2,39% ) and even the USA (2,40%) to mention some of the markets deemed "most solid".
AUCTIONS, THE TREASURE GOES HUNTING FOR RECORDS
In this context it is not difficult to predict a lucky outcome for the Treasury auctions.
We begin this morning with the 2,5-3 billion biennial Ctz auction. It will continue tomorrow
With the six-monthly Bots, proposed for an amount of 7,5 billion. In the evening, the procedures for the auction of medium and long-term bonds on Thursday were communicated. From 1 to 1,5 billion five-year Ccteu and from 2 to 2,5 billion five-year Btp will be offered.
Finally, from 3,5 to 4 billion of the new ten-year Btp, expiring on 1/12/2024, will be auctioned.
MPS AT THE TOP OF THE BANKING EUROSTOXX
the decline in the spread and the reassurances of the Eurotower pushed the entire banking securities sector,
MPS in particular was the best banking stock in the Eurostoxx index with a gain of 5,3% to 1,15 euro, thus moving away from the lows of the month marked at 0,9945 euro. The rally was favored by the affirmations of the new president of the Foundation, Marcello Clarich, according to which the Sienese institution will try to strengthen the pact with Btg Pactual and Fintech (which controls 9% of Rocca Salimbeni's capital) with the entry of other important shareholders such as Axa.
The rise involved the entire sector starting from Pop. Emilia Romagna + 4,4% Unicredit + 2,1% Understanding + 2,6%.
More contained progress for Banco Popolare + 1,5% Pop.Milan +1,4% and Mediobanca [MDBI.MI] +1,6%.
Managed savings in cash: Mediolanum +2,16%, Azimut +2,39%.
Among the insurance Generali + 1,8% UnipolSai + 3,2%.
ENEL LEADS THE RECOVERY OF UTILITIES
Utilities, the sector most sensitive to falling interest rates, shine again.
Lead the race Enel +3,7% while the list of contenders for the controlling share of Slovenske Elektrarne, the Slovak Republic's electricity producer that the group has put on the market, is growing.
Enel Green Power + 2,3%.
It still goes up A2A +2,4% after closing last week with a 7% gain.
Snam +2,39%) and Terna + 2,02%.
Ivy +2,24%, pending the Sblocca Italia decree which should contain specific measures to encourage mergers between the plethora of small national utilities with the aim of obtaining improvements from an operational point of view and significant economies of scale. Profits were taken after increases in Acea -0,29% and Iren -0,47%.
Atlantia + 2,7%.
TELECOM, TODAY THE OFFER TO VIVENDI
Among other blue chips
Telecom Italy rises by 1,1% on the eve of the board of directors who will formalize today the offer to Vivendi for the Brazilian Global Village Telecom.
Eni + 2,3%.
Among industrial stocks, it jumped by Finmeccanica +3,2%. CEO Mario Moretti stated that the sale of Ansdaldo Breda ed Ansaldo Sts will be completed by mid-October.
Fiat + 1,2 %%, Cnh Industrial +1,13% and Pirelli + 1,31%.
It does better Exor +2,2% just a few days before the board of directors on Friday's half-year report.
,
Tenaris +2,3% after the confirmation of duties on Korean importers in the USA.
Luxottica +1,2% rebounds after last week's losses. “I'm very calm, I thought it would be worse” commented Leonardo Del Vecchio, confirming the convocation of the board of directors for the exit of Andrea Guerra on 1st September. The successor? “We are looking for it – he replied – we are not stressed”.
Among the small caps they stand out Piaggio +5,5% and Frendy Energy +5,1%. leap of Bialetti + 17,9 %
