Piazza Affari trims the gains at the close and stops up 0,15%, at 22.325 points. Purchases reward financial stocks, but penalize technological stocks, with Stm leaving 6,82% in the field. Similar trend in the rest of Europe, in the wake of the downgrading of Samsung and Taiwan Semiconductor by Morgan Stanley, due to the bleak prospects for sales of smartphones and TVs and the chip market in general.
However, Madrid remains tonic and closes at the top of the continental markets +1,22%. More timid Paris +0,14% and Frankfurt, +0,02%. London dropped 0,9%, weighed down by a stronger pound after rumors of an agreement in principle with the EU for the cost of Brexit. Wall Street opens mixed with the Dow Jones heading towards new highs and the flaming red Nasdaq.
In the first hours of trading on American stock exchanges, attention was catalysed by Janet Yellen's speech to the US Congress, who spoke in defense of the financial reform wanted by Obama. The Fed chair also notes that "the economic recovery is broadening and weaknesses in the financial system appear moderate." Her words that open the door to a possible rate hike at the December 12-13 meeting. In the third quarter, on the other hand, the stars and stripes GDP grew by 3,3% and could have been 3,9%, says Donald Trump, without the hurricanes. The president thus takes the opportunity to tweet: "The markets are at new highs, unemployment is at its lowest. We are winning and the tax cuts will allow the economy to accelerate further”.
The euro-dollar cross was stable at 1,185.
Oil fluctuated, trying to hook the plus sign, after the data on weekly US inventories, lower than expected, but couldn't make it. Brent 63,13 dollars a barrel, -0,75%, There is a certain nervousness on the eve of the meeting in Vienna, also due to the rekindling of geopolitical tensions. Gold slips back, around 1285 dollars an ounce (-0,7%).
In Piazza Affari, the best blue chip of the session is Bper, +4,34%, which takes off from the morning after announcing that its asset values as of 30 September are "significantly higher" than those requested by the ECB.
Also for Credem (+3,73%) the coefficients would already be far beyond the requests of the Supervisory Authority. Well understood, +1,59%. With markets closed, Reuters reports that three sources say the European central bank will probably postpone the presentation of the two proposals on the coverage of bank bad debts.
On the Ftse Mib, Banca Generali +2,43% and Finecobank +2,07% shine among financials. Oil companies tonic with Saipem +2,05%. South of the list, the race to the bottom of Stm ends only with the closing bell. In any case, the stock remains the blue chip that has earned the most since the beginning of the year (about 75%). The auto sector was weak, with Ferrari falling back by 1,75%. In red Campari, -1,75%; Leonardo -1,38%; Moncler -1,25%.
On the secondary side, the 10-year BTP updates its yield to 1,8%, while the spread with the Bund drops to 140.60 basis points, -2,23%. The rise in prices in Germany, where annual inflation is 1,8%, could rekindle the debate within the ECB on the opportunity to maintain quantitative easing indefinitely, without a definitive deadline.
