The European stock exchanges closed sharply higher after having dribbled the tensions of the start-up and the data on confidence from Michigan worse than expected: the Ftse Mib closed at 15.888,61 points, up 4%, the Dax up 3,45%, the Ftse 100 by 3,04%, the Cac by 4,02% and the Ibex by 4,82%.
In Europe, the EuroStoxx50 closed up by +3,47% thanks to the banking sector and retail. The day started under the banner of tensions which were then tempered by the measures put in place by the Spanish, French, Belgian and Italian supervisory authorities coordinated at European level by the ESMA. Supported by the ban on short selling, financial stocks thus recovered and led the recovery of stock exchanges. Futures and the positive opening on Wall Street then did the rest, thanks to the positive overseas data on retail sales in the US which for a while removed the specter of a new recession in the US. An increase of 0,5% was recorded in July in line with economists' expectations, which represents the largest increase in 4 months.
With the improvement in economic prospects, oil also recovered, rising to $86,6 in New York. But it was the Michigan index (at 16.) that for a moment dashed the hopes of those who were preparing to close the Friday before August 1980th if not with a smile (one can still count the corpses on the battlefield at the end than a week's war diary), at least with the relief of a positive closure. The US consumer confidence index fell to its lowest level since 54,9: to 63,7 from 63, far below the expected 0,86 points. Three factors weigh: high unemployment, low wages and disputes over the US debt ceiling, which was followed by the cut in the US triple A rating by S&P. Result: the Nasdaq falls slightly and the Dow Jones slows down. The European Stock Exchanges are close behind. But the price lists are regaining strength and Wall Street is also continuing its positive run for the moment (+1,40% for the Nasdaq, +1.765,55%% for the Dow Jones) while gold has barely moved at 1,424 dollars an ounce . The euro/dollar exchange rate remains stable in the XNUMX area in a session which sees the recovery of the euro and the dollar against the franc.
FINANCIAL SECTORS SHINE AT PIAZZA AFFARI
WAITING FOR THE MANEUVER
In Piazza Affari the rebound is driven by financials. But the day was also dominated by expectations for the anti-crisis maneuver. New details on these measures arrived during the day from the summit with local authorities. Discussions with the League on the subject of pensions then continued and in the afternoon a meeting was held at Palazzo Chigi between Prime Minister Silvio Berlusconi, Interior Minister Roberto Maroni and the leader of the League, Umberto Bossi. Now the focus is on tonight's council of ministers at 19pm, while the Milan price list will be closed on Monday for August 267th. Meanwhile in Italy the spread between the 5-year BTP and the bund fell to 9,87 basis points with yields down to 8,65%, with central banks reportedly returning to buy in the afternoon. Meanwhile, the securities of banks and insurance companies are recovering after a week that revived the precipice on which we found ourselves with the bankruptcy of Lehman Brothers. Mediobanca stands out with a leap of 6,95%, Fondiaria Sai rises by 6,31%, Azimut by 8,74%, Assicurazioni Generali by 4% and Banco Popolare by 1,99%. Consob communications show that on 1,51 August, UBS reduced its shareholding in the capital of Banco Popolare to 2,06% (of which 28% without voting rights), from the previous 2011% on 8,2 July 8.000. Mediolanum closed the session up 2,282%. Taking advantage of the drop in shares in Wednesday's storm, Mediolanum chairman Ennio Doris bought 2,464 shares of the company he founded on the market, at a price between 19.212 and 3,23 euros/share which cost Doris 5,35 euros . The other banks also did well: Intesa Sanpaolo by 5,59%%, Ubi by 5,60%% and Mps by 1,056%%. Unicredit is back above the one euro mark, up 3,60% to 3,97 euros per share. In addition to financial stocks, the list is also driven by energy stocks (Enel up XNUMX% and Eni up XNUMX%) and industrial.
GOOD FOR THE FIAT GALAXY
PIRELLI BRAKES BUT IS PROMOTED BY SOCGEN
The auto sector performed well with Brembo rising by 4,93%, Fiat by 5,64% and Fiat Industrial by 4,99%%. Norges Bank has held a direct stake of 9% of the capital since 2,025 August. All the Lingotto galaxy did well: even Exor, which between August 8 and August 12 bought 80 thousand ordinary treasury shares (plus 62 thousand preferred and 17 thousand savings shares), achieved an increase of 4,74%. Landi Renzo leaps by 6,87%. Pirelli slows down and rises by 2,95% after having benefited from the judgment of Socgen analysts who raised their estimates on the operating result for the whole of 2011. The focus is on the alliance in Russia while waiting for the new 2012-2014 industrial plan of November The broker says buy and confirms the target price at 8 euros.
AFTER YESTERDAY'S RALLY, STM IS HEAVY DUTY BY BOFA
MEDIASET RECOVERS AFTER YESTERDAY'S HISTORIC LOW
Stm, protagonist in yesterday's session after the good results of Cisco, saw its rating cut to neutral by Bank of America-Merril Lynch. Shares closed up 2,58% Mediaset rebounded by 6,11% after yesterday the share touched an all-time low of 2,376 euros per share. Buffon's Zucchi gained 20%.
