Piazza Affari achieved a partial recovery, after yesterday's crash, closing up by 0,44%, 21.503 points. The best rebound is Buzzi Unicem, +4,51%, which achieves 40% of its turnover in the USA, thanks to the recovery of the dollar, with the cross between the single currency and the greenback currently around 1,9. Banks were positive, with the exception of Unicredit -1,68%, in a generally well-tuned European panorama: Madrid +0,52%; Frankfurt +0,47%; Paris +0,49%; London +0,38%.
Wall Street opens uncertainly, but holds up with a series of higher-than-estimated macro data, such as second-quarter GDP, which jumped to 3%, and new jobs in July, well beyond expectations according to the monthly Macroeconomics report advisers and Automatic data processing, an agency that prepares pay slips. The tension between the US and North Korea has eased, but remains high, while President Donald Trump in a tweet argues that "talking is not the answer". Oil is still weak, weakened by the tropical storm that hit Texas. Harvey is ominously approaching Louisiana, where she seems intent on doing more damage. The shutdown of the main refineries has reduced purchases of crude oil and sent the price of petrol skyrocketing, due to the risk that many pumps will run dry. The data on weekly US inventories from the EIA (Energy Information Administration), better than expected, do not seem sufficient to induce an increase in black gold: Brent -0,27%, 51,52 dollars a barrel. Slight drop for gold, which however remains above 1300 dollars an ounce.
Weak closure for the Italian bond, but with the spread narrowing. The yield of the 10-year BTP is 2,08%, while the differential with the Bund drops to 172,10 points, -1,21%. This morning the Treasury also placed 7,25 billion Btp at 5 and 10 years (August 2022 and August 2027) and Ccteu; yields saw a slight reduction compared to the end of July, in line with the performance of the secondary sector.
In anticipation of next week's ECB meeting, solid indications continue to arrive on the European economy. German inflation rose more than expected to 1,8% yoy, while still remaining below the 2% target. Moody's also revised upwards its growth estimates for Italy, Germany and France. For Italy in particular, it raised its GDP expectations for 2017 and 2018 to +1,3% from +0,8% and +1% respectively.
In Piazza Affari the best title is Buzzi, who takes a breath of fresh air, in an August to forget, after yesterday hitting the lowest since November 2016.
The rise in the dollar also invigorates Campari +2,25% and Cnh, +2,24%. Fincobank did well +2,3%. Brilliant session for luxury with Moncler, +1,91, Ferragamo +1,4% and Ynap +1,61%, in the wake of Brunello Cucinelli, +6,07%, in great shape after accounts and prospects. Among the worst stocks Mediaset, -1,34%, which fails to rebound after yesterday's drop. Fractional losses for Terna -0,24%; Telecom -0,13%. Saipem flat -0,07%. Outside the main basket there is the thud of Banca Intermobiliare, -6,67%. According to press leaks, the company would have received offers lower than the market capitalization to acquire control.
