Jerome Powell's soft approach, which confirms a probable start of tapering within the year, but without providing dates and without affecting rates, favors progress on the markets, while weighing on the dollar, which slips against a panel of currencies. The greenback index is currently down 0,3%.
Wall Street instead it moves in progress and reaches new records with the S&P500 and Nasdaq after the intervention of the central governor, while the European lists close the session with fractional increases: Frankfurt +0,33%; Paris +0,24%; Amsterdam +0,86%; Madrid +0,35%; London + 0,35%.
Business Square it rose by 0,56%, to 26.006 points, despite the decline in the morale of businesses and consumers in the month of August. The setback, announced by Istat, comes after months of growth. The business index goes from 115,9 to 114,2, the consumer index drops from 116,6 in July to 116,2.
In any case, it remains at high levels and the Milanese price list doesn't suffer that much. The blue chips making the most progress are stm + 2,14% Diasorin + 1,99% Bpm bank + 1,67% Tenaris + 1,6% Bper +1,58%. There are only four stocks of large companies in decline: Saipem -0,62%; Italgas -0,49%; Campari -0,30%; Telecom -0,05%. stellantis records a small progress, +0,2%, but confirms the interruption of activities at the Sevel plant due to a shortage of semiconductors. The news of the day at the Agnelli house, however, is Cristiano Ronaldo's farewell to Juventus, confirmed by coach Massimiliano Allegri. The stock initially reacted with a buying boom, only to then lose ground and finally close with a rise of 1,23% in a context of very strong trading. The divorce will save the club a gigantic salary of 31 million euros per season, but it will cost in terms of fans. In fact, it must be remembered that in 2018 the arrival of the Portuguese champion was greeted by a 70% jump in shares in three sessions.
Outside the main basket it appreciates Brunello Cucinelli, +3,28%, with half-yearly data, while Cerved Group is colorless after Castor Bidco, which belongs to Andrea Pignataro's Ion, raised the price of the takeover bid to 10,2 euros from the previous 9,5. The period for accepting the offer has been extended from 31 August to 9 September.
The secondary closes in green, which has found hints of optimism, in the words of the North American central banker: lo spread between the Italian and German 106-year bond it falls to 1,97 basis points (-0,64%) and the BTP yield falls to +XNUMX%.
The attitude of the number one of the US central bank is basically liked by the markets. Less hawkish than the Fed members who have been competing in recent days to pronounce on the tapering and its timing, Powell said that, if the economy evolves as expected, "it is appropriate to start the process of reducing asset purchases this year”, adding however that it is not “a direct signal of an imminent increase in interest rates”. Any decision will be evaluated with extreme caution in the coming weeks, given that too early a departure could be "very harmful".
Today, other data came out of the US macroeconomic agenda which confirm the growth of inflation in the stars and stripes. The measure preferred by the Federal Reserve for calculating it, the PCE (personal consumption expenditures price index) data, rose in July by 0,3% compared to the previous month, in line with estimates; +4,2% year on year, which is the largest increase since 1991. The "core" component of the figure, excluding volatile elements, grew by 0,3% compared to the previous month, in line with estimates, and by 3,6% over a year earlier, unchanged from June. Personal income increased by 1,1% in July, against expectations for +0,3%, and consumer spending grew by 0,3%, less than the +0,4% expected.
In this context, the prices of the T Bonds, while yields are declining. The 1,75-year Treasury yield dropped 1,321% and traded at a rate of +XNUMX%.
On the foreign exchange market theeuro it moves in progress against the dollar at 1,1787.
Among the raw materials, oil is once again appreciating, and is starting to close a positive week. The prices are supported by the suspension of production in the Gulf of Mexico by some majors, due to the risk of a hurricane arriving over the weekend. The Brent rises 2% to 71,60 dollars a barrel; The WTI appreciates by a similar percentage to 68,60 dollars. The sitting also smiles at thegold, up about 1% to $1809 an ounce.
