MERIT OF THE CENTRAL BANKS FLYWHEEL
The European stock exchanges remain set firmly on the upside, with Milan and Madrid leading the rankings with a leap, for Piazza Affari, of 3,55% (Ftse Mib index at 14.642) surpassed by a whisker by the Frankfurt Dax +3,64, 0,5%. Conversely, Wall Street curbs the initial enthusiasm but maintains the positive sign in what could be the fourth consecutive session up: Dow Jones +500%, S&P0,3 +0,1%, Nasdaq +XNUMX%.
European stocks, already on the rise, shifted into sixth gear after the European Central Bank announced that, together with the other central banks, it will reintroduce unlimited three-month dollar financing operations in the fourth quarter. The crisis of confidence in the prospects of the single currency had prompted US banks to refuse euros in exchange for loans in dollars, behavior which risked paralyzing the global financial system. Now, on the contrary, European banks will be able to have the necessary dollars at their disposal until the end of the year.
A trader observes: “This is also a bomb from a technical point of view, because we are on the eve of triple witching”, ie the appointment of the three witches in which different technical deadlines cross. "My feeling - he adds - is that if the Americans make such an agreement it is because the Fed has had reassurances from the ECB that no one will jump". Also for this reason the psychological impact on the lists, stressed by the memory of Lehman Brothers, was very significant”.
INTESA MAKES A LUMP OF 10,27, UNICREDIT +6,90%
SUPER BANKS IN EUROPE, ONLY UBS LOSES 9%
It is the Banks that drive the European markets, with the sector index which recorded a leap after the news, at 15,40, by 3,8%. The Italian banks are among those that record the best gains, led by Intesa, the best stock with a leap of 10,27%, however surpassed by BNP Paribas, which rises by more than 14%. Unicredit rebounds by 6,90%, Mps by 4,3% – Deutsche Bank (+9,1%) and Societè Generale (+7,3%) are also on the rise.
The only exception is UBS (-9%), penalized by the news of the trader who caused a loss estimated at two billion dollars.
The FTSEurofirst 300 benchmark index rises by 2,3%.
The repercussions on the debt markets were also immediate. The spread between BTp and Bund dropped to the lows of the day at 356 basis points, down by 14 basis points compared to yesterday. The German 11-year yield rises by 2 cents or almost 1800 percent. Gold, on the contrary, falls below the level of 1789 dollars an ounce at XNUMX.
The intervention of the central banks has pushed the US macro data into the background, far from positive. Unemployment benefits rose to 428 last week, worse than expected at 411 and against 414 the previous week. August inflation grew more than expected, +0,4% against 0,2%, while the Philadelphia Fed's economic activity index was set at -17,5, worse than -15 points expected. Lastly, industrial production increased by 0,2% in August, a figure higher than analysts' expectations. Capacity utilization increased to 77,4.
The euro gains part of the ground lost in recent days and is back at 1,387 against the dollar.
CONTINUE CAR RECOVERY. FIAT+ 5,2%
ORDERS FOR 520 MLO FOR FINMECCANICA
In addition to banks, insurance companies stood out in Europe with Allianz up 7,55%, Ing up 6,9% and Generali up 2,81 percent. The stocks of the auto sector stand out (+3,35%) with Fiat rising by 5,17%, closely followed by Exor +4,93%. Michelin (+4,22%), Renault (+3,89%).
Ansaldo Sts slows down +1,13% and Finmeccanica -0,38%. The defense holding company has been awarded orders for a total value of approximately 520 million euros through Ansaldo Energia and Ansaldo STS, in Algeria, Denmark, India and on the Italian market.
CALTAGIRONE RISES AGAIN IN ACEA (16%)
TELECOM INVESTS 700 MLO IN TI,M BRASIL
Francesco Gaetano Caltagirone reduced his stake in Acea to 16,05% from the previous 15,02% after purchases in August. The Roman entrepreneur communicated this in a note, listing the purchases made between 2 and 30 August in an internal dealing communication. The total value of the purchases was approximately 12 million euro.
Telecom Italia (+2,77%) is preparing to invest approximately 700 million euros in the capital increase of Tim Paricipaçoes by subscribing the 66,94% of its competence. The price should be fixed on 4 October, at the end of the bookbuilding procedure and before the publication of the communication of the start of the operation. The coordinators of the offer are Itau BBA and Morgan Stanley Bank and the operation should start on 6 October which, according to yesterday's board meeting, takes into account, among other things, "the opportunities that the Brazilian market presents in the development of the fixed and mobile broadband, the need to follow the strategic plan in the context of infrastructure development, and the uncertainty of the global and national macroeconomic scenario, as regards market liquidity and fundraising costs”.
