fca superstars and a slew of positive macroeconomic data underpin the session Business Square, which closed up by 0,82%, at 19.956 points, just under the 20 touched during the day. It goes down too spread .142 basis points (-1,27%), with a ten-year BTP yield of 0,94%. It is a pity that the public debt reaches a new record, rising to 2.560,5 billion in July, +29,9 billion compared to the previous month.
The purchases prevail, to varying degrees, on the other European price lists. Frankfurt caps earnings at 0,2%, roughly the same Paris, +0,32%, while Madrid e London are more toned, respectively +1,26% and +1,35%. The mood is bullish a wall street, dragged by Nasdaq trying to forget last week's losses by betting again on the tech giants. The technology index jumps 1,6% at the start.
In short, there is a balanced general optimism, fueled by the hope of a sustained recovery, after the damage caused by Covid to world economies. China shows August data better than expected for retail sales, +0,5% on an annual basis, and industrial production, +5,6% again on a trend basis. A surprise that pushes the yuan, both in offshore trading - with a new high at 6,7685 against the dollar - and in onshore trading.
Confidence in the future is also returning to Europe and especially motivating German investors. In Germany, the Zew index which measures economic expectations rose to 77,4 in September from 71,5 in August against expectations of 70 points.
On the US side, import prices grew by 0,9% in August, while analysts had expected a rise of 0,5%. The Empire State index, which measures the trend of manufacturing activity in the New York area, fell from 3 to 17 points in September, against expectations for a drop to 2 points. August industrial production rose by 0,4%; it is the fourth consecutive monthly increase, but the figure remains 7,3% below the pre-Covid level.
A macroeconomic picture that encourages the return of oil purchases and the November 2020 Brent future recovers 40 dollars a barrel (40,15).
THEeuro-dollar pulls away slightly from a 1,12 change, currently hovering around 1,185. The currency market remains under special observation, as the first official meeting of the FOMC kicks off today (to end tomorrow) after the turnaround on inflation announced at the Jackson Hole symposium by Fed chairman Jerome Powell. Reuters reports that some strategists say the US central bank could convert Treasury purchases into longer-term debt to keep long-term yields low.
In Piazza Affari the headline of the day is fca, + 9,01%, 10,882 euros per share, with which it also flies Exor, +5,91%. Headlines were given wings by yesterday's announcement of the revision of some terms of the merger agreement with A dog (+1,4%), due to the pandemic. In particular, the extraordinary cash dividend, which will be distributed as favors before the wedding, is cut to 2,9 from 5,5 billion. It seems a contradiction that the market is celebrating, but according to some analysts, expectations were for a much larger cut. Furthermore, the two groups increase the synergies of the merger which rise to 5 billion.
The Chinese recovery galvanizes luxury, in particular Moncler +4,35% Remains in evidence nexi + 3,03%.
Oil stocks rebound like Eni +1,82% and Tenaris + 1,44%.
Some banks are negative. Unicredit it loses 1,69%, with the site still blocked due to technical problems. Last night the bank announced that the systems had been 'up and running again', apologizing for the 'malfunction'. The interview with Mirko Sanna, Director Financial Institutions of Standard & Poor's contributes to sowing uncertainty in the sector, according to whom "2021 will be the real key year for Italian banks: only in the coming months will we be able to establish the real consequences of COVID-19".
Profit taking up General Bank, -1,31%. Weakness for Atlantia -1,14%.
