Mario Draghi postpones any decision on tapering to October and the Government Securities toast, while the euro continues its rally against the dollar and the main European Stock Exchanges close positive: Frankfurt +0,67%; London +0,58%; Paris +0,26%. Almost all of them, apart from Piazza Affari, -0,42%, 21.722, stunned by the rejection of Ferrari (-6,91%) by Morgan Stanley, which imposes a pit stop on the Maranello reds.
Thus the prancing horse, which had gained a lot recently, returns to 91 euros and today is the worst stock on the entire Stock Exchange. The broken redheads infect Exor -3,55%. The banks also weigh on the main list: Banco Bpm -2,6%; Ubi -2,56%; Unicredit -2,24%. The ECB leaves rates unchanged and credit suffers, in part, from Frankfurt's ultra-expansive policy. On the other hand, recalls Draghi, inflation is still far from the 2% target and forecasts have been revised downwards up to 2019, despite the presence of better growth prospects.
The super euro hinders programs and does not let go of the dollar, also thanks to the contrasting US macro data, international tensions and the new hurricane Irma, which should however be reduced to a tropical storm. At the moment the cross is over 1,2. The weakness of the greenback favors the rush for gold, which reached 1346,995 dollars an ounce (+0,96%). Oil yields, after the disappointing data on US inventories, higher than expected: Brent 54,07 dollars, -0,24%. Wall Street opens moderately positive, but loses momentum during the session and, at the moment, only the Nasdaq is beyond parity. Irma's expected arrival in Florida penalizes insurance companies, airlines and cruises.
On the other hand, a brilliant session for European bonds, with purchases which, after Draghi, focus above all on the bonds of the peripheral countries of the euro area. For 10-year BTPs, the yield drops to 1,97% and the spread with the German ten-year bond to 167.00 basis points, -3,75%.
In Piazza Affari the most striking news is Ferrari's slip. Morgan Stanley in a report titled "It's Time for a Pit Stop," notes that the company has doubled in value since the beginning of the year and therefore has 14% downside potential from its $100 target price. In short, the valuation is no longer interesting, while remaining a "solid and unique" company. The price lists are supported by other brands: Luxottica +1,66%; Ynap +1,71%; Ferragamo +1,14%. The best stock among the blue chips is Stm, +2,52%. Mediaset's recovery continues +1,49%.
Outside the main basket, Beghelli -6,59% is among the worst, after the results which show a 12% drop in operating profit in the six months.
