WEAK EXCHANGES WAITING FOR THE FED. MEDIOBANCA AND THE CAR UNDER FIRE
The drive from the Asian stock exchanges, led by the boom in Shanghai and with Tokyo at a six-month high, was not enough to support the stock exchanges at the start of the week. US listings lost ground after a disappointing real estate market figure. As a consequence Europe, after a session marked by modest movements, took the downward path, with the exception of Paris +0,30%.
In Milan, the Ftse Mib index drops by 0,59%. London is down 0,2%, Frankfurt 0,7%, Madrid 0,3% and Zurich 0,6%. In New York, the Dow Jones index fell by 0,4%, S&P500 -0,5%, Nasdaq -0,2%. Wall Street is cautiously awaiting the start of the Fed's monetary committee and the second quarter GDP result, which will be announced on Wednesday.
After the positive outcome of the Ctz auction, the 2,68-year yield falls again to 153%, the lowest since the introduction of the euro. The spread narrows to 0,257 bp. Ahead of the six-month BOT auction, the yield on new bonds is down to 3,5%. Despite the decline in debt securities, Italian banks are retreating. Starting with Mediobanca which lost 2,5%, followed by Ubi Banca -2%, Banca Popolare 2% and MontePaschi, both down by -XNUMX%.
The losses of Unicredit -0,3% and Intesa -0,8% were less heavy. On the stock market, the most marked decline in Europe regards the auto sector (-2,1% the sector index). Fiat -1,9% pays for it. On positive ground Ansaldo Sts +0,6% after the positive half-year. And the luxury stocks: Yoox is up 1,8%, Tod's +0,3%, Ferragamo +0,9%. On the other hand, utilities and energy fell, Eni -0,2%, Enel -0,3%, A2A -1,5%. Mediaset -2,7% and Gtech -2% also lose out. Lastly, publishing was weak: Espresso -4%, RCS -3,9%, Mondadori -3,4%.
