Sales on all European lists awaiting Janet Yellen's speech tomorrow at the Jackson Hole meeting, taking place from today to Saturday. In Europe, the lists were also plagued by the disappointing data on German business confidence with the publication of the Ifo index. Milan, which attempted to undo its losses during the session, closed down by 1,07% at 16.710 points, Paris fell by 0,65%, Frankfurt by 0,88% and London by 0,28. XNUMX%. In Europe, sales hit the auto sector, mining and insurance but also pharmaceuticals after Hillary Clinton strongly criticized the increase in drug prices in the United States.
Tokyo closed slightly lower this morning (-0,25%). The Hong Kong Stock Exchange ended trading broadly in balance, while Shanghai finished the session down by 0,57%. Wall Street starts down while the hypothesis of a rate increase is becoming more and more concrete. "It's time to move to raise the cost of borrowing gradually," even if "the approach doesn't need to be aggressive," said Esther George, governor of the Kansas City Federal Reserve, during a interview with CNBC on the sidelines of the Jackson Hole symposium.
On the macroeconomic front, partly encouraging data arrived today. Initial jobless benefits fell by a thousand to 261 claims, better than estimates at a one-month low. Durable goods orders rose 4,4% in July, again above expectations. The Kansas City Fed manufacturing index rose to -4 points in August. On the other hand, the PMI services index (flash estimate) remained steady at 50,9 points in August, below estimates. The second reading of US GDP for the second quarter is expected tomorrow.
In the corporate eye on Tiffany after quarterly earnings above estimates and on the company Mylan which, after Hilary Clinton's intervention on drug prices, announced a cut in the cost of its EpiPen, self-injectable adrenaline for anaphylactic shock, for some patients.
Several macroeconomic data released in the morning in Europe. The German Ifo index which measures business expectations fell again in August to 106,2 from 108,3 in July while expectations were for a recovery at 108,5 points. In France, business confidence remained substantially stable in August, rising to 101 from 103 in July. On the growth front, Prime Minister Valls confirmed the GDP target of +1,5% in 2016 and 2017. In Spain, GDP rose by 0,8% in the second quarter and by 3,2% on a trend basis .
The euro-dollar exchange rate rose by 0,11% to 1,1276. Oil is advancing with Brent at 49,39 dollars a barrel (+0,69%) and Wti at 46,91 dollars a barrel (+0,30%). The Btp-Bund spread closed down to 120 points and a yield of 1,13%. Treasury auctions resume. Yesterday evening the ministry announced that on 29 August it will offer six-monthly BOTs for 6 billion against 6,875 billion euros maturing. Tomorrow will be the turn of the announcements of the medium/long-term auctions which will be held on Tuesday 30.
In Piazza Affari the banking sector suffers. Worst blue chip is Unicredit which drops 3,72%: the market is now thinking about the rumors of an alliance in savings and financial advice between its subsidiary Fineco (-1,45%) and Banca Generali (+0,67 %). Bper also down -2,91%, Banco Popolare -2,84%.
Also sales on insurance and on Generali which falls by 2,84%. Unipol -2,15%. In the sector, the estimates for the impacts of the earthquake that struck Central Italy are expected, but experts expect limited effects overall for the insurance companies.
Mediaset -2,39% awaiting Vivendi's board of directors on the half-yearly from which positions on the Premium operation could emerge.
FCA slips by 0,16%, purchases deflate in the wake of rumors about the progress of contacts with Samsung for the sale of Magneti Marelli. Only two blue chips close in positive territory: Snam +0,32% and Enel +0,25%.
