The European stock exchanges slightly lost share in the final, with the euro-dollar exchange rate still around 1,9, but closed with a good rise and the FTSEurofirst 300 index rose by 0,8%. Among the main price lists: London +0,89%; Frankfurt +0,44%; Paris +0,58% (despite the crash of Carrefour, -13,13%); Madrid +0,59%. On line Piazza Affari: +0,77%, 21.670 points. The protagonists of the Milan session are Agnelli stocks, from Exor +4,36%, to Fiat +2,18%, from Cnh +1,87%, to Juventus +7,84%. Only Ferrari stops in the opposite direction -0,21%. A rain of purchases pours into oil, in particular Saipem, +5,77%, best blue chip of the day, while in New York crude oil re-emerges from the abyss of the last period. At the moment the WTI trades up by about 2,5%, above 47 dollars a barrel.
Matching opening for Wall Street which, after the jump in GDP recorded yesterday, is taking advantage of another series of macro data, from ongoing requests for subsidies which have dropped by 12 units, to personal incomes which have recovered in July, to healthy consumption; worse than the estimates is the number of compromises on existing homes in July. Wells Fargo fell after announcing the discovery of more than one million ghost accounts more than expected.
A lukewarm session for the Italian bondholder who, in any case, closed a session with thin volumes on a positive note. At around 17,30, the yield differential between the BTP and the Bund on the 10-year segment stood at 168 basis points, the minimum for the session, from 172 at yesterday's end, while the 2,04-year rate fell to 2,08% from XNUMX .XNUMX% of the last close.
Reuters reports that, according to sources close to the dossier, the strength of the euro worries a growing number of ECB advisers and could be reflected in a postponement of the decision on the end of the Qe purchase program. As regards inflation, in August, in the Eurozone, growth was 1,5% on an annual basis against the expected 1,4% and 1,3% in July. The core figure was stable, in line with expectations at +1,2 per cent. The unemployment rate in the euro area remained unchanged, standing at 9,1% in July. Also in Italy consumer prices recorded a slight increase in August, with the index harmonized with the other European Union countries up by 1,4% on an annual basis against 1,2% in July. Lastly, according to Istat, unemployment in July went from 11,2% to 11,3%.
Returning to the stock market, it is worth noting the brilliant performance by Saipem, which in the morning announced new orders worth 370 million dollars. The company is also in talks with Eiffage for the sale of some assets of the offshore E&C division, specialized in port infrastructures. Exor's rally can be attributed to the excellent accounts presented yesterday and to the upgrade of Kepler Cheuvreux, with the target price falling to 51,40 euros from the previous 50 euros. Fiat takes advantage of the Goldman Sachs report, which identifies a target price of 25,9 euros, more than double the current stock market value. American analysts are betting on the spin-off of Magneti Marelli, Comau, Alfa and Maserati which could have a total value of 12 billion. The purchases also reward Stm +2,68% and Buzzi +1,88%.
Among the bankers, Unicredit revives slightly, +0,53%, after yesterday's slip; Intesa +0,71% and Mediobanca +1,35% did well.
Out of the main list Fincantieri stands out, +3,56%. According to press sources, a summit should be held on 11 September between the Italian ministers, Pier Carlo Padoan and Carlo Calenda with their French colleague, Bruno le Maire, to try to define the details of an agreement on the Stx-Fincantieri deal with a division half of the capital.
