European lists close positive, Business Square she is queen of Europe (+0,65%, 20.741 points) and Wall Street hits new records, while the dollar weakens, on the day of Jerome Powell's speech at the Jackson Hole symposium. The Fed maintains its strategy, aimed at a gradual hike in rates in the presence of a strong economy and inflation close to the 2% target and showing no signs of overheating. There should therefore be further tightening in September, while for a possible fourth hike (there have already been two during the year) we will have to wait for the meetings in November or December. The helmsman of the US central bank does not answer directly to US President Donald Trump, worried that an increase in the cost of money could slow down the economy. However, he stays the course and, ignoring the solicitations of the White House, indirectly reaffirms the independence of the Institute. Investors seem to like it. On the other hand, the dollar suffers, losing share against other currencies. The exchange rate with the euro moved to the 1,162 area.
In Europe: Frankfurt + 0,26% Paris + 0,24% Madrid + 0,22% London + 0,2% Zurich + 0,05%.
Wall Street accelerates, Nasdaq and S&P 500 touch new records after Powell's speech. The start had already been positive thanks to the rise in the prices of crude oil and metals, with consequent invigorating effects on energy stocks. The Petroleum traveling strong this Friday: Brent +1,9%, 76,15 dollars a barrel; Wti +1,81%, 69,06 dollars a barrel. Gold also surged, +1,86%, to 1207,54 dollars an ounce.
Oil companies shine in Piazza Affari, but the best stocks are industrials. It is the driving force fca, +3,25%, following the confirmation of Kkr's interest in Magneti Marelli. Well stm, +2,56%; Buzzi +2,15%; Ferrari +1,9%; Leonardo +1,9%. After two sessions from the opposite sign, it goes back down Pirelli -2,77%. Weak utilities: Snam -1,94%; A2a -1,34%; Terna -0,97%. Among the financial the worst is General Bank, -0,43%. Lukewarm unicredit, +0,53%, in the wake of press rumors of negotiations with Société Générale. Atlantia stay for a day at the window, -0,24%
No good news comes come on Government bonds. The gap between the Italian and German ten-year period is widening again today: +2,8%, 281.00 points. The yield of the 10-year BTP reaches 3,16%. The spread with the Bonos exceeds 180 basis points, the highest since January 2012.
The threats by Deputy Prime Minister Luigi Di Maio to withdraw Italian contributions to the EU if a solution is not found on the redistribution of migrants on board the Diciott does not help, while the foreign spotlight remains on debt and the forthcoming stability law. Meanwhile, rating agencies continue to monitor the country. According to Fitch, the prospect of a slowdown in economic growth together with that of a normalization of rates could lead the most indebted eurozone countries - he does not mention Italy, but the connection is rather simple - to have to launch further corrective measures as a guarantee of debt relief.
Concerned Confindustria: "I saw that they put their hands forward because there will be an attack and they ask that the people be close - says the president Vincenzo Boccia - but on the spread "let's not say nonsense, because a difficult autumn awaits us". Investments from abroad are thought of "in defense of American pensioners' money or for other parameters", including earnings, but there are no "investment funds that want to bring down a government: it's just money".
