The Milan Stock Exchange deteriorates after a weak start with the FtseMib index falling by 1,4%. The other European Stock Exchanges performed better with Frankfurt losing 0,9%, Paris -0,7%. Worse Madrid losing more than 1%. London -0,14%.
Rising opening for the Italian bond market, which rebounds after the crash in the second part of yesterday's session, linked to the words of New York Fed president William Dudley. The reference ten-year Italian rate fell to 1,097% from 1,12% at the close, while the spread with the same maturity of the Bund decreased to 115 basis points from 116 points at the end of yesterday's session.
The Fed's grip tightens on the bull's horns. After William Dudley's statements, vice president of the central bank's monetary committee, another central banker, Dennis Lockhart, increased the dose: the Fed's tightening between now and the end of the year could be two, one in September, the other at the end of the year . New ideas could arrive tonight from the minutes of the monetary policy meeting at the end of July.
Crude slows down due to the recovery of the US currency (1,1259 against 1,1276 previously): Brent drops by 0,9% to 48,7 dollars a barrel, after yesterday gaining the fourth consecutive session with an overall gain of 11,7%. Weak oil companies: Eni -1,1%, Saipem -2,6%, Tenaris -1,5%.
Financial stocks are down sharply, starting with insurance companies: Generali -3,8%, sales also on Unipol which loses 2,4% and UnipolSai -2%. The banks retreat: Intesa -1,6%, Unicredit -1,4%. MontePaschi -1,4% should present the new business plan by September 15th. The retreat of managed savings also continues: Azimut -1,8%. Banca Imi cut the target price from 21,7 to 15,9 euro, confirming the hold opinion. Banca Mediolanum -1,4%.
Among industrial stocks, Fiat Chrysler advances +0,5%. Ferrari is down 0,8%. This morning Morgan Stanley analysts raised the target price on the stock to 56 dollars (49,7 euros) from the previous 54 euros and confirmed the Overweight opinion. George Soros has liquidated his stake in the Red Army.
Leonardo -1,6% and StM -1% are down. Telecom Italia +1,14% is a few titles with a plus sign. Weak Enel -1,2%. Among the utilities A2A -2,1%. Terna also falls -1%. The electric group and the F2i fund have been admitted to the second phase for the privatization of 24% of Admie Admie, the first Greek energy company controlled by the state.
