Traders were disappointed by the absence of new announcements from the ECB and by the prospect of downside risks to the economy in the coming months. After Mario Draghi's conference, the European stock exchanges ended up in negative territory and the single currency returned to the greenback. The euro/dollar exchange rate rose by 0,3% to 1,1273. At the end of the session, however, the Ftse Mib recovered ground and closed up by 0,48%, as did London +0,18% while Paris closed in the red -0,34 and Frankfurt -0,72%. The Btp-bund spread widened to 123 points and closed at 121 points.
In today's awaited meeting of the directorate of the ECB, Mario Draghi left rates unchanged and confirmed the Qe program is in March 2017 or "further if necessary", with the technical committees working to "evaluate all the options for ensure the proper functioning of the purchasing programme”. At the same time, the ECB president cut the estimates of GDP for 2017 and 2018 and revised inflation downwards for 2017.
On the front of today's macro data, it should be noted that Japan's GDP rose more than expected: +0,7% against expectations for 0,2% and that in China August closed the first increase (+1,5%) from 21 months for imports.
Crude oil up after the sharp drop in US inventories. Both Brent and WTI are up more than 3%. Brent gains to 49,77 dollars a barrel, while Wti rises to 47 dollars.
On Wall Street, the indices continue weak in negative territory. The data on initial jobless claims was released today across the Atlantic and was down to record lows. Requests have in fact decreased to 259 thousand, -4 thousand units. The figure has averaged below 300.000 for 79 weeks, the best series
In Piazza Affari, Ferragamo shines +4,27% on the wake of the appointment of Paul Andrew design director for women's footwear, Bmps +3,65% on the wave of the promotion of Morgan Stanley and equal weight from underweight, Generali +2,5 % and Banca Mediolanum +2,25%. Unicredit also did well +2,06% which exploited the rumors about the high interest of potential buyers for the asset manager Pioneer. Poste Italiane instead slipped by 0,31% in the wake of the indiscretion that wants the company led by Francesco Caio among those interested in buying the Unicredit asset management company.
Sales on Buzzi Unicem -4,11%, Campari -2,29%, Ferrari -1,53%, which end up at the bottom of the blue chip list. Telecom Italia closed up 1,49% thanks to the support of Redburn which issued a purchase recommendation on the shares of the telecommunications company, with a price target of 1,35 euros. For analysts from the house, Telecom shares are the best investment opportunity in Europe.
