Closure in the red for the main European stock markets in the name of prudence and awaiting the appointment on next week's rates with the Fed. According to a survey by the WSJ, the majority of economists expect the Federal Reserve to leave interest rates unchanged to 0-0,25% at its meeting on 16 and 17 September.
In Milan, the Ftse Mib closed down by 0,63% with the spread slightly up to 117 basis points. Today the Treasury placed 3, 7 and 30-year BTPs with declining yields. In detail, it assigned 2,5 billion euro of three-year BTPs with a rate of 0,24% (-24 basis points), 4 billion 7-year BTPs with a yield decreasing to 1,37% (-23 basis points basis), 1,5 billion Btp at 30 years with a yield of 2,96%.
For Italy, the figure for industrial production in July stands out: +1,1% compared to June, higher than the expectations of economists stuck at +0,8% and at the highest level in the last 13 months. The growth compared to the same period a year ago is 2,7%, while expectations were at +0,9%.
Sales also on the other European lists: Paris -1,04%, Frankfurt -0,85% and London -0,62%. On Wall Street the indices are proceeding weakly and in negative territory: the Dow Jones moves close to parity at -0,09% and the S%P500 drops by 0,35%. Today came the data on US consumer confidence, the index of the University of Michigan, which was below expectations, showing a drop in September to 85,7 from 91,9 in August, with the negative change month on month more extensive since the end of 2012.
The figure was reflected in the trend of T-bonds which saw an increase in purchases and a reduction in yields to 2,1895% from 2,222% yesterday. Meanwhile, August producer prices rose 0,3% above expectations. The price of WTI oil dropped 3,4% to 44,36 dollars a barrel after Goldman Sachs indicated that it could drop to 20 dollars. Gold dropped 0,87% to $1.099,7.
In corporate stocks, sales on gold producer Barrick Gold fell to a 25-year low and eyes were on chipmaker Marvell Technology, which dropped 17% on Wall Street after announcing an unexpected loss in its preliminary second-quarter results. The company also disclosed that it has launched an internal investigation into revenue accounting.
At Piazza Affari, sales hit Telecom Italia -3,11% on a day under pressure for the entire telecommunications sector after the announcement that Teliasonera (Swedish) and Telenor (Norwegian) have renounced the merger in Denmark in the face of restrictions imposed by the Commission EU.
The banks are in the spotlight after the government approved the implementing rules of the new bank crisis resolution system (Bail In). Banco Popolare -1,84%, Bmps -1,79%. Among the worst of the Ftse Mib profits were taken for Campari -1,77% and Saipem -1,69%.
The purchases reward Finmeccanica +5,41% in the wake of the 7-8 billion super order from Kuwait for the supply of 28 Eurofighters through Alenia Aermacchi. More distantly the other blue chips at the top of the Ftse Mib with the luxury of Moncler +1,95% and Tod's +0,69% and the utilities of A2A +0,87% and Terna +0,53% in evidence.
