The European stock exchanges find new impetus and rebound after the dramatic week of early August marked by geopolitical tensions and disappointing macroeconomic data including the negative data on Italian GDP. And also Business Square manages to close in positive territory with a clear increase of 1,39%. The BTP-Bund spread closed down at 172 basis points.
The markets were not affected by the new estimates of Moody's, which revised its expectations for Italy downwards: the rating agency estimates that GDP in 2014 will contract by 0,1% against the +0,5% previously estimated. Not only that, the country will miss both government deficit/GDP targets reaching 2,7% this year and next with significant risks of further exceeding. However, he also specified that it is "still early" to see the effect on the economy of the 80 euro paycheck. The bonus enjoyed by low-income employees "is an important measure", but since it came into force in June, it affected only one of the three months of the second quarter, Moody's explained.
However, the honeymoon with investors seems to be over. Second JP Morgan there is a change in investment flows. If at the beginning of the year the periphery of the euro zone and Italy appeared among the top picks, now the preference goes to emerging countries.
The other main European lists also closed higher: Paris + 1,2% Madrid + 0,88% Frankfurt +1,9% and London +1%. Salt there too Russian stock exchange, the Micex closes at +1,8%. Markets are benefiting from easing political tensions in Ukraine with Russia halting military exercises at its border.
On the macroeconomic front, today the OECD he noted that growth in the eurozone confirms “a stable momentum” but signs of a loss of momentum continue in Germany, while a positive phase is outlined for Italy. The June OECD superindex for the eurozone is stable (-0,04%), for Germany it sees a decrease of 0,23% on a sequential basis and for Italy an increase of 0,1%.
Positive news from Japan where Tokyo finished up 2,38%. Consumer confidence was also up in July. The index rebounded by 0,4 points compared to June, settling at 41,5 points against 41,1 points a month earlier. The increase is the third consecutive since April, when the consumer confidence index was at 37 points, the worst result since the introduction of the new calculation method in spring 2013.
In Use, in the absence of relevant macro indicators markets seem heartened by the words of Federal Reserve Vice Chairman Stanley Fischer, who said that the recovery in the US and global economies has so far been "disappointing", indicating that the US central bank it will not opt for monetary tightening any time soon. Wall Street opened higher. At the close of Europe, the Dow Jones rose by 0,46%, the S&P500 by 0,59% and the Nasdaq by 0,92%. Tesla runs after Deutsche Bank has raised the judgment to buy from hold. The euro remained substantially unchanged against the dollar at 1,3383 while WTI oil was up at 98,26 dollars a barrel.
In Piazza Affari flies Banco Popolare (+8,24%) after the data released on Friday evening. Three positive aspects (interest margin, costs and capital ratios) reported by Mediobanca after the accounts against one negative (increase in non-performing loans). After the share's decline in the last three months, Banca Akros and Kepler have raised their ratings to accumulated and hold respectively.
Still shopping on bpm (+3,36%) which on Friday announced the probable return to the dividend. Intesa (+1,03%) and Unicredit (+0,33%) also performed well. Instead in red Ubi (-0,97%), Mediobanca (-0,91%) And bmps (-1,81%) awaiting the results of today's deputation meeting called to appoint the new president after the farewell of Antonella Mansi. Starting tomorrow, short selling on the stock, which was banned last Friday by Consob, will return.
Among the titles highlighted on the Ftse Mib Yoox (+ 4,29%), Prysmian (+ 3,82%) and Atlantia (+3,57%), which in September will accelerate its search for a minority shareholder for Rome airports with the Abu Dhabi Adia fund in pole position. Well too wdf +2,28% after Fidelity entered with 2%.
Fiat salt by 3,10%. The company plans to communicate data on shareholders who have exercised their right of withdrawal in the first week of September. A Fiat note, issued at the request of Consob, recalls that shareholders who exercise the right of withdrawal will receive 7,727 euros per share and that to do so they will have to send a registered letter by 20 August. Lingotto reiterates that there will be no impact for shareholders if the merger between Fiat and Chrysler is not completed.
Gtech rises by +2,61% after the green light of the US antitrust for the acquisition of Igt. Among the minor titles, theAs Roma leaps by 13,6% on the rumors that give the imminent sale of the Unicredit stake to the Americans led by James Pallotta and united in the vehicle As Roma Spv.
