THEinflation The EU has grown more than expected. The stock exchanges record the news with an increase also favored by the upward revision of the American GDP in the second quarter and by the increase in the activity of the Chinese manufacturing sector, which unexpectedly accelerated in August, suggesting the continuation of a healthy expansion of the economy . In August, prices in the euro area grew by 1,5% compared to +1,3% in July, beating consensus estimates (+1,4%).
A Milano the FtseMib index rose by 0,9% around 21.700. The Stock Exchange Paris advances 0,6% as London. Frankfurt + 0,7% Madrid + 0,5%.
The dollar this morning confirmed the gains made yesterday on the wave of the higher-than-expected US GDP figure: the euro/dollar exchange rate is 1,189.
In the month of July the Italian unemployment rate rises to 11,3% from 11,2%. The unemployment rate in the 15-24 age group, ie the incidence of unemployed young people on the total number of those employed or looking for work, rose to 35,5% from 35,2%. But the estimate of employed people also rises, growing by 0,3% compared to June (+59 thousand), "confirming the persistence of the phase of employment expansion", observes Istat.
This afternoon a series returned of macro data from the USA will provide further signals for (or against) the positive trend: real consumption, personal incomes, new weekly claims for unemployment benefits, Chicago PMI index in August and real estate sales in July.
Il packaging Italian oscillates around parity in a seat with thin volumes. The yield differential between the BTP and the Bund on the 10-year segment stands at 171 basis points from 172 at the end of yesterday's session, while the 2,08-year rate is stationary at XNUMX% at the last closing.
Looking forward to the meeting in a week of the ECB there is a growing feeling that the strength of the euro could be reflected in a postponement of the decision on the end of the Qe purchase programme.
Petroleum weak with Brent crude down 0,3% to $50,7 a barrel. US crude prices are on track to end their worst month in more than a year on fears of lower demand in the US after Hurricane Harvey shut down nearly a quarter of refineries. On the other hand, the prices of products derived from crude oil such as gasoline futures jumped above 2 dollars a gallon. In Piazza Affari, Saipem stands out, gaining 2,4% after announcing new contracts for 370 million dollars. Eni advances 0,6%, Tenaris + 0,1%.
Back to roar the engine of Fiat Chrysler: +2,67% to 12,71 euros, after Goldman Sachs raised its target price to 25,9 euros, confirming the Buy rating. The broker expects the company to generate €7,5 billion in free cash flow over the next 18 months, or 39% of current market capitalization. Furthermore, the recent comments of the CEO, Sergio Marchionne, suggest a potential further creation of value deriving from the spin-off of Magneti Marelli, Comau and, over time, Maserati and Alfa Romeo. Secondly, a creation of structural value through the spin-off of Magneti Marelli and Comau and potentially Maserati and Alfa "which we think could be worth 12 billion euros in total", estimate the investment banking experts. Thirdly, the analysts of the US investment bank cite the interest in possible M&A operations by competitors. For this the report examines the portfolio with the method of the sum of the parts.
The parent takes off Exor (+4,65%). Kepler Cheuvreux raised the target price to 51,40 euros from the previous 50 euros. In the holding's portfolio it shines Juventus, up 7,4% to 0,77 euros. It is the best title of Piazza Affari.
Well bought bankers. Unicredit gains 1,18% against a positive trend in the sector in Europe (+1%). Understanding +1,4%. positive Mediobanca (+1,8%). The popular exes are also doing well Bpm bank (+ 1,45%) and Bper (+ 0,72%).
Shines Telecom Italy (+1,9%): according to rumors, the new CEO should be appointed by the end of September.
Rest it rose 2% after announcing an additional 25-year extension to its contract to operate food and beverage operations at 16 service areas across the United States along the New Jersey Turnpike and Garden State Parkway.
In luxury they stand out Moncler (+ 1,2%) and Ferragamo (+1,6%). Continues the strong appreciation of Brunello Cucinelli (+3,55%). Some brokers raised their target price on the stock, such as Deutsche Bank to 21,50 from 20 (with a "hold" rating) and Kepler Cheuvreux to 24,20 euros from 23,80.
Also worth mentioning Stable Goods, +5% following the upgrade of French real estate rival Fonciere des Regions.
