The good mood of European stock exchanges after Jackson Hole resists the disappointment of the Ifo index. At the mid-day halfway point Milan rose by 1,2%, Paris by 1%, Madrid +0,86% and Frankfurt by 0,94%. London it is closed for the Summer Bank Holiday. The weather is still bad in Berlin: the Ifo index, which measures business confidence in Germany, fell to 106,3 in August against 108 in July (and 109,7 in June), disappointing expectations for a drop 107,1. A figure that comes just a few days after another sign of German weakness shown by GDP which fell by 0,2% in the second quarter compared to the first three months of 2014.
The yield of the bund in ten years it returns to 0,96%, not far from the record in August at 0,951%. Purchases also on peripheral government bonds with the yield on French debt at a new historical low on the secondary market, after the announcement of the resignation of the government in office at 1,325%. In Italy the yield fell to 2,5% beating the record since the birth of the euro. A good signal for the forthcoming post-August holiday auction announcement: the Italian Treasury will take the field tomorrow: 2,5-3,5 billion Ctz over two years, on Wednesday 7,5 billion BOTs over 6 months (against 8,6, XNUMX billion maturing), on Thursday it will be the turn of medium-long term securities. Then on Friday the spotlights are on Friday's Council of Ministers which has the Sblocca Italia decree on its agenda, on the eve of the EU summit.
After Jackson Hole (where Draghi showed determination towards Qe) the dollar is still rising against the euro: today the euro/dollar exchange rate fell below 1,32 dollars for the first time since 6 September 2013 to 1,3191. The strengthening of the greenback pushes the Tokyo Stock Exchange which closed up by 0,48%.
Now you look at the opening of Wall Street where some macroeconomic indicators are expected, such as the Chicago Fed index on national activity, the services PMI and new home sales.
Mps runs in Piazza Affari gaining 4,85% after the declarations of the new president of the Mps Foundation, Marcello Clarich who in an interview with the Piccolo of Trieste underlined the unifying role of the Foundation to "give stability to the Bank". Clarich explained that he wants to extend the syndicate agreement to the French insurance group Axa, currently credited with 2,052% of the capital.
Finmeccanica +2,75%, UnipolSai +2,72%, Mediaset +2,14% also stood out on the Ftse Mib. The stories of the stock market summer also get to the point: the Alitalia board of directors is scheduled for tomorrow with the bridging loan on the table to secure the company and the first strategic choices in tandem with Etihad. On Wednesday, the board of directors of Telecom Italia (and that of the subsidiary Tim Brasil) will have to approve the offer on the Brazilian operator to be delivered to the French board which will meet the next day. In the meantime, the TLC group rises by 1%.
At the bottom of the Ftse Mib, however, only two stocks corrected: Saipem -0,67% and Gtech -0,33%.
