The first speech by the new governor of the Federal Reserve, Jerome Powell, increased volatility on the markets during the day. The US lists, after some ups and downs, are currently moving in negative territory, while the European ones close weakly: London -0,1%, Paris -0,01%, Frankfurt -0,29%. Piazza Affari holds, +0,08%, with the post office boom +5,8%, which reaches its highest level for about two years, following the presentation of the 2018-2022 strategic plan; publishing is booming, given the ferment in the sector at a European level; the banks are well tuned.
Speaking to Congress, Powell keeps the Federal Reserve on track to continue gradually raising interest rates and to "strike a balance point" between the risk of the economy overheating and the need to continue growth. However, the governor warns President Donald Trump, for the economic and fiscal policies that will explode the federal deficit forcing the US Treasury to increase debt issues. “It is very important – he says – that the government is on a sustainable fiscal route”.
The Treasuries, contrasted parties, accelerate downwards, while the dollar rises and recovers 0,6% against the euro, with the cross at just 1,22. The strengthening of the greenback is reflected in gold, which drops 1,21%, reaching 1316.70 dollars an ounce. Weak session for oil, Brent -1,22%, 66,47 dollars a barrel.
The positive phase of Italian paper continues, the 2-year yield drops to 132%, while the spread with the Bund shrinks to 5 basis points, XNUMX points less than yesterday's close.
On US price lists, at a corporate level, the market does not reward Comcast, which ruined Rupert Murdoch's plans, on the British Sky. The US media group offered 12,5 pounds for each Sky share against the 10,75 pounds offered by Murdoch, whose takeover has long been hindered by the GB authorities.
In Piazza Affari, the movements in the sector are reflected in Mediaset, +0,76%, which also benefits from the postponement to 23 October of the hearing in the civil court of Milan on the dispute with Vivendi for the failure to buy and sell Premium pay-TV. Il Sole 24 ore was euphoric +15,32%, Class +8,78%, and Poligrafici +4,95%.
The best blue chip of the session, after Post, is Moncler +1,94%, with the accounts slightly higher than expected. Financials did well, with Unicredit +1,45% and Finecobank +1,08%. Fiat recovering +1,32%. The biggest falls affect Campari -3,25% and Luxottica, -3,01%, due to unsatisfactory results for analysts. Sales on Brembo -2,86%; Cnh -1,71%; Snam -1,49%.
