The European stock markets close a brilliant September up and Piazza Affari rounds off gains by 0,46%, reaching its highest level since the beginning of the year, at 22.696 points, with Banca Generali (+2,95%), Fiat (+1,82% ) and Ynap (+1,44%) on the podium. FCA touches its new record.
The other squares are also tonic: London +0,68%; Frankfurt, +0,98%; Paris +0,68%; Madrid +0,51%. The latter seems to calmly face the approaching disputed referendum in Catalonia. The European stock markets also benefit from the optimism that flows from Wall Street, which is preparing to close the best month for 4 years now. After yesterday's records, today the opening is uncertain and profit-taking seems to prevail on the Dow at the moment. Meanwhile, gains in the technology sector pushed the S&P500 index to new highs. Meanwhile Donald Trump, after the presentation of the tax reform, continues to move on the economic-financial arena. According to the Wall Street Journal, his latest move is a meeting with Kevin Warsh as the possible next governor of the US central bank. A more "hawkish" president than Janet Yellen whose mandate expires in February 2018.
The euro-dollar exchange rate remains in the 1,18 zone, with the greenback gaining positions in September, in the wake of the forecast of a rate hike by the end of the year and with the idea that the tax reform will give a boost to the economy . Gold remains in a weak phase, 1284,075 dollars an ounce, -0,3. Oil down slightly, Brent 56,65 dollars a barrel, -0,47%.
There was little movement for the bond market, with the yield of the 10-year BTP at 2,18% and the spread with the Bund at 171.00 +0,65%. On the macro front, the positive data on the labor market in Germany (-23 unemployed and rate down to 5,6%) catches the eye, while the consumer price index in the Eurozone is slightly below expectations (+1,5 .1,1% y/y, +XNUMX% the core figure) and, in September, inflation cooled in Italy. Government bond rates, including German ones, were affected by the slightly weaker than expected trend of EU inflation and this reinforces expectations of a softer ECB and wait-and-see on the next steps for the return from Qe. Also according to Prometeia there is no lack of reasons for caution in this sense, even if the economic recovery leaves room for a reduction in the monetary stimulus.
Other stocks worth noting on the main list are Generali +1,42% and Terna +1,35, due to their excellent performance. Sales penalize Campari -1,44%; Ferragamo -1,21%; Recordati -1,17%; Banca Mediolanum -0,74%; Exor -0,65%. Telecom remains weak, -0,65%, after the start of a sanctioning process by the government for the failure to notify the change of control. In the red Leonardo -0,75% and, outside the main list, Fincantieri -2,12%.
