Piazza Affari holds its breath on the eve of the ECB summit. The index Ftse Eb is practically flat (+0,02%). Slight earnings for Paris (+ 0,2%), Frankfurt flat. Madrid +0,7%. salt London (+0,1%): the road to an agreement on Brexit remains uphill, especially in terms of the cost that London will have to face.
Expectations are growing for the decisions of the next Frankfurt summit. This morning the Bloomberg agency writes, citing as sources some members of the ECB who prefer to remain anonymous, that the European Central Bank is considering alternative stimulus measures with respect to the current Quantitative Easing program which should end, according to plans, at the end of 2017.
This morning, speaking to the French national assembly, the governor Villeroy de Galhau (perhaps the most likely to succeed Mario Draghi in 2019) explained that the ECB has defeated the risk of deflation, but price growth remains far from the target. “There is still a need – he said – for our accommodating monetary policy”.
The market, therefore, does not expect tapering or other restrictive measures. Therefore slow down the run of theeuro, traded this morning at 1,152 from 1,155 yesterday at the close.
Little did she move bonds. The rate on the ten-year BTP returned this morning to the 2,18% area, i.e. at its lowest level for about two weeks. The Btp-Bund spread fluctuates around 163 points. The German Treasury placed 805 million 1,29-year Bund this morning, with a yield rising to 1,75%. On the other hand, the placement of a total of 6 billion of short-term paper (12 and 14 months) came from Portugal. Tomorrow will be the turn of the French and Spanish medium-long term offer, up to over XNUMX billion, including indexed.
Futures prices on Brent are little changed, recovering from the lows reached in Asia due to the effect of the increase (1,6 million barrels) of US oil stocks and data on production of the OPEC countries. A report by BNP Paribas shows that Libya's production remains above one million barrels per day, while that planned by Nigeria for the month of August exceeds 2 million barrels per day. Saipem -1,9% Eni -0,3%.
Techs are also on the rise in Europe following the new Nasdaq record. stm earn 2,5%. ASML of the Netherlands, one of the world's largest manufacturers of chip making machines, is up 4% in Amsterdam. The company presented quarterly data that beat analysts' estimates. Sales are up 20%.
Salt too Recordati (+0,3%). The European Commission has approved the marketing authorization of Reagila, or cariprazine, an antipsychotic for the treatment of schizophrenia in adult patients in the countries of the bloc. This is what Recordati says.
Atlantia +0,24%. The Spanish Aena communicated this morning that the board of directors of the first shareholder of Abertis, Enaire, he rejected his offer. Abertis, on which Atlantia is in the process of tender offer, will return to negotiation this morning.
The group gavio opens up the possibility of further increasing its stake in the Brazilian Ecorodovias, bringing it to around 51%, without launching the takeover bid. Sias + 0,80%.
Positive Ferrari (+ 1,23%), Luxottica (+ 0,68%) and Ferragamo (+0,34%), with some help from the partial recovery of the dollar against the euro. All that remains is to point out the denial of extraordinary operations on the Monti Riffeser group after yesterday's strong increases. Editorial polygraphs it canceled the initial increase (up to +14%) and is now in the auction at -3%. The parent company Monref loses 5,7%, Polygraphic Printing drops nearly 10%.
Another positive debut at Aim: freshman numbers rise by more than 4%. Glenalta.
