The Federal Reserve has disappointed the markets, which are reacting to the downside. The US central bank cut rates by a quarter of a point, as expected, but in the final statement it specifies that it is a "mid-cycle adjustment" in the face of the economic slowdown and not the start of a cycle of declines just as operators and Donald Trump had hoped.
"Jay Powell has failed us again", is the comment of the President, who however acknowledges that the Fed has anticipated the halt to the tightening of the bank's balance sheet, "which should never have been due initially". Trump's pressure, far from favoring a softer attitude, probably strengthened the hawks: the cut, the first since December 2008, was passed only by a majority against the opinion of Bill Dudley of the Powerful New York Fed and Edith George.
DOWN WALLSTREET AND ASIA, THE DOLLAR RISES
The market reaction was immediate. Wall Street loses ground: Dow Jones -1,24%, S&P 500 -1,10%. The Nasdaq is also bad: -1,19%.
The Asian Stock Exchanges were also down this morning: Hong Kong -0,7%, CSI 300 of the Shanghai and Shenzhen lists -0,8%, India -0,1% and Kospi of Seoul -0,1%.
Seoul's exports drop to a six-year low as the tug of war with Japan continues. The Nikkei is doing better (-0,1%), supported by the decline in the yen.
In fact, the dollar is gaining positions, not only against the yen, but also against China's renminbi and South Korea's won. The euro rebounds from the lows of the last two years, to 1,1045.
USA-CHINA, WILL START AGAIN IN SEPTEMBER. THUD OF GOLD
The negotiations on tariffs between the United States and China ended without concrete results. However, the two delegations will meet again in person at the beginning of September in Washington. The statement released yesterday by the American authorities states that the round of talks in Shanghai "was constructive".
The T bond market was not moved: the 2,05-year bond is traded at XNUMX%.
The most significant drop concerns gold: -1,3% to 1.409 dollars an ounce. During the night the decline continued and this morning we are at 1.409 dollars an ounce, -0,3%.
Brent oil, after five consecutive rising sessions, drops: this morning North Sea crude trades at 64,4 dollars a barrel, -1,4%.
In Piazza Affari, favored by the mini Brent rally, Eni (+0,7%), Saipem (+2,7%) and Tenaris (+2,9%) climbed yesterday.
EUROPE HOLDS BACK, ITALY STAGNANT
The European stock exchanges concentrated on the quarterly results, overshadowing the new slowdown in the Eurozone economy (+0,2% on the quarter +1,1% year on year), accompanied by the drop in inflation (0,9 % versus +1,1% expected).
Meanwhile, Italian growth has slipped to zero. The 0,1% increase in the January-March period was followed by two consecutive quarters of contraction. Unemployment also fell: to 9,7% from 9,8%, against the 10% estimated by analysts.
MILAN +0,56%, DEL VECCHIO SUPPORTS PARIS
These numbers have not prevented the rebound in the lists. The Milan Stock Exchange, the best, closed up after three consecutive sessions of declines: +0,56%, at 21.398 points.
Frankfurt +0,33, Madrid -0,14%. Only London loses ground (-0,73%) against the rebound of the pound, which recovers its share and causes the exchange rate to fall to the 0,9105 area with the euro.
Paris +0,14%: in great evidence Essilor/Luxottica (+3,5%) thanks to the accounts, but above all to the announcement of the acquisition of the Dutch chain GrandVision, which among other things controls Safilo, with an outlay of 7 billion euros.
At the end of the session, the spread between the BTP and the Bund stood at 202 basis points from 203 at the end of the session.
In parallel, the 1,54-year rate fell to 1,59% from XNUMX% at the previous close.
THEY KEEP THE FCA ACCOUNTS, INTESA DOES NOT EXCITE THE STOCK EXCHANGE
Long the list of blue chips that have announced the bills.
Fiat Chrysler closes the day at +2,87% thanks to data for the semester, which record an operating result that is almost stable and not down as consensus expected. More importantly, the group has confirmed its targets for the current year despite the difficult moment in the sector. Revenue fell 3,2% to 26,7 billion euros, slightly below expectations. Adjusted operating profit fell 0,5% to 1,50 billion euros, about 10% above analyst consensus. The company expects to end the year with adjusted earnings per share of €2,7.
Intesa (-0,2%) closes the first six months of the year with a net profit of 2,3 billion euro, the best result of the last 11 years. CEO Carlo Messina confirmed a payout ratio of 80%, with a commitment to reward shareholders "with a significant dividend".
Mediobanca (-0,37%) closed 2018/2019 with profit down by 4,7% to 823 million considering that the previous financial statements had included extraordinary charges of 98 million. Adjusted profit and operating profit +8%. Achieved the targets of the 2016/2019 plan. Payout raised to 50%, buy-back extended up to 4,3% of the capital.
SETTA POSTE, FERRAGAMO SHOULDER
Poste Italiane (+3,4%) closed the quarter with an Ebit of 474 million euros, up 28% year on year, much better than expected.
Among the negative notes Salvatore Ferragamo (-7,8%). The company ended the quarter with a 4,6% increase in sales at constant exchange rates, slightly better than expected. During the data conference, the company spoke about the damage to business caused by the protests in Hong Kong.
Moncler -1,1%. Fly Tod's: +8,4%.
Leonard +0,2%. The Defense Company presented data for the quarter. New orders beat expectations, while the remainder is in line with forecasts. Société Générale lowers the rating to Hold da Buy.
SALINI, TODAY THE D-DAY OF PROGETTO ITALIA
Salini Impregilo +6% the day after the presentation of the quarterly data. An extraordinary board meeting is scheduled for today to evaluate the Astaldi operation.
In great evidence Amplifon: +5%, at 22,2 euros, a new all-time high.
Ideas on Diasorin (+3,65%). Rcs +3,18% on the quarterly with confirmation of the estimates for the second half. He also runs for the parent company Cairo Communication (+5,24%).
Bio-on sinks again (-22,53%). The prosecutor of Bologna has opened a file for insider trading.
