Stock markets slow down and the dollar sinks after Janet Yellen's speech in Jackson Hole, that defends the financial regulation introduced after the 2008 crisis. The president of the ECB, Mario Draghi, is now awaited, who will speak at 21 pm. With the super-euro, the continental lists, after three quarters of the session in fractional increases, close flat. Milan +0,08%, 21,746. The banks are positive; instead, profits were taken on FCA, -0,72%, which limited itself to a "no comment" to Consob on the various rumors of the previous days.
The other markets: London -0,08%; Madrid +0,01%; Frankfurt -0,02%; Paris -0,17%.
Wall Street opens boldly, after reading Gary Cohn, director of the National Economic Council, who tells the Financial Times: "starting next week, the president's agenda and calendar will turn to tax reform".
At the moment, however, three main price lists are in contrast, with the Nasdaq in red. Yellen does not mention monetary policy, but her words are equally important. He probably reached his last mandate, given that it expires in 2018, he takes the opportunity to throw the ears of Donald Trump, repeatedly critical of the Dodd Frank Act and other regulations which, according to him, would have slowed down the economy. The policies adopted so far have worked, argues the US finance lady, and "any adjustment to the regulatory framework should be modest and should preserve the increase in resilience" of large financial institutions.
The dollar is losing ground against the major currencies. The cross with the euro rises to 1,187, +0,6%.
Gold takes courage: 1291,335 dollars an ounce, +0,38%. Fractional increase for oil, +0,51%, 52,31 dollars a barrel.
While waiting for Draghi, the Italian bond is stable: the yield of the 10-year BTP is 2,11%, the spread of the Bund is slightly down -0,4%, 172.70 points. Deep red for the Portuguese benchmark, which brings the yield to 3,07% and the spread to 268.80 points, up by 9,7%.
Going back to Piazza Affari, there were many hot topics on the table today, but they didn't influence stock performance too much. Telecom -0,18%, does not lose aplomb while the committee meets at Palazzo Chigi to verify whether the French Vivendi has violated the rules on transparency regarding control and after press rumors on the fact that TI Sparkle should, according to the government, be controlled by an Italian shareholder.
I more tonic stocks are Banco Bpm +1,51% and Unicredit, +1,37%. Positive session also for Salvatore Ferragamo +0,8% and Atlantia +0,67%.
Sales hit Buzzi, -2,09%; A2a -1,27%; Mediaset -0,73%. Profit-taking affects the auto sector, in particular Brembo -0,97%, Exor -1,2%.
