SPRINT START FOR THE STOCK EXCHANGES (+1,3% PIAZZA AFFARI)
THE PUSH TO INDUSTRIALS FROM GERMAN EMPLOYMENT DATA
The index of the main stocks of the Italian Stock Exchange is on the uptrend, in line with the main European financial centers galvanized by the data, in line with forecasts, on German unemployment. The Ftse Mib index marks a rise of 1,41% to 15.319 points. The other European lists also accelerated. In London, the Ftse marks an increase of 0,90%, while the Cac40 of Paris increases by 1,43% and the Dax of Frankfurt by 1,28%.
Of note is the leap in Paris by Bouygues (+11,50%) after the quarterly data and the announcement of a buyback. On the main shopping basket day for industrial stocks. Above all, Pirelli & C. (+3,83%) and Prysmian (+4,01%) performed well, boosted by the prospects of synergies with the subsidiary Draka. The news on the doubling of investments in Romania helps the Bicocca company.
Good performance by Fiat +1,44% in Piazza Affari despite the fact that, according to the local press, the Polish Lingotto plants should reduce production for 2011 by around 10% to 500 cars due to weak demand. “These indications – commented the Intermonte analysts in today's meeting – confirm that the outlook on sales in Europe remains weak for Fiat which will also have to face competition from Volkswagen which will present the Up! We remain cautious on the title”. Meanwhile, Fiat Industrial is currently leading the Milanese price list with an increase of 4,29% to 6,605. The rise follows the leap of the subsidiary CNH (+14% in two sessions) on the Wall Street Stock Exchange. Tod's also rose sharply (+2,88).
THE BANKING SECTOR IS ALSO RECOVERING
UNDER DISCUSSION AN EU PARACHUTE FOR CREDIT
After a weak start, bank stocks also recovered. Plus sign for Unicredit (+0,44%) Intesa Sanpaolo (-0,26%). Money on Ubi B. (+0,96%). Banca Mps (-1,80%) and Mediobanca (-0,24%) remain in negative territory. The spread between BTPs and German Bunds, now decreasing, remains around 300 points.
The European Banking Authority (EBA) would have asked for the possibility of intervention by the State-saving fund for banks in the Eurozone that have difficulty accessing the medium and long-term credit market. The Financial Times reports it today, according to which the request would be to expand the support fund, known as the European Financial Stability Facility (EFSF), to fulfill this new function. The EBA's proposal could be presented and discussed later this week.
Meanwhile, a hypothesis of an agreement is looming on the initiative of the president of the EFSF (the bailout fund) Klaus Regling on guarantees for loans to Greece by Finland and other countries (including Austria, Holland, Slovenia and Slovakia). According to "Handelsblatt" Helsinki could obtain collateral from Greek banks against loans granted to Athens.
Aeffe shines on the Star (suspended with a theoretical progress of 10,5%, now under discussion at +7,58%), Digital Bros (+3,22%) and Dada (+3,95%). Letter on It Way (-1,95%).
STABLE EMPLOYMENT, INFLATION AT 2,8%
S&P CONFIRMS: GDP GROWTH AT 0,8%
Stable employment, rising inflation. Here is a summary of the results of today's statistics on the Italian economy. Employment grew in July by 0,2% compared to June (+36.000 units) and by 0,4% compared to July 2010 (+88.000 units). The total employment rate is stable at 56,9% for the third consecutive month. The growth in inflation in August (+2,8% prices compared to 2,7% in July) was driven by the performance of non-regulated energy goods and transport-related services.
Standard & Poor's economists, in a report dedicated to Europe's economic prospects, cut their forecasts on the euro area's GDP to +1,7% for 2011 and to +1,5% on 2012, against 1,9, 1,8% and 0,8%, respectively estimated in July. However, S&P confirms the recent, already modest, estimates for Italy, whose GDP is expected to grow by 18% both this year and next. Regarding the old continent, S&P chief economist for Europe Jean-Michel Six says: “we continue to believe that a real double dip will be avoided as we see numerous sources of growth in the next 2012 months, including still very strong demand from emerging markets and the pre-existing, albeit weakening, recovery in corporate investment spending. “Nevertheless we must recognize that the downside risks are significant.” For Germany. In particular, whose 2 growth is now forecast at 2,5% from the previous 3,3% (while the estimate of +2011% in XNUMX remains unchanged).
THE WSJ. MANEUVER, ITALY'S DAYS ARE COUNTED
THE FT: BUT THE REAL DEFEAT IS GIULIO TREMONTI
The negotiation on the measures of the maneuver sends a confused message to the markets, at a time when Italy needs a coherent economic policy. This is the opinion of the Financial Times: 'Silvio Berlusconi's decision to renounce emergency austerity and dismantle the solidarity contribution – writes the newspaper – has aroused popular indignation and at the same time there is the risk of confusion on the markets and a new confrontation with the European Central Bank”. "It is not clear - it continues - how the ECB will react to the changes made to the manoeuvre".
The political judgment is lapidary: "If Silvio Berlusconi is the winner of the latest revision of the austerity cuts, presenting himself as the protector of the Italians, with the setting aside of the solidarity contribution proposal, the loser is his minister of 'Economics Giulio Tremonti" remained isolated on the maneuver "tears and blood". Italy "is discovered with the days numbered" writes The Wall Street Journal playing on the double meaning of the word "borrowed", or "borrowed" but also in the sense of "borrowed time", or living with the days numbered. "Today, thanks above all to the help of the European Central Bank, yields on ten-year Italian and Spanish bonds have dropped - explains the WSJ - but the happy state of things may not last if "the austerity plan desired by the Eurotower in exchange for its support”.
