Contrasted closure for the European markets, on a day full of speeches by international heavyweights, in Washington, where the meetings of the IMF and the World Bank continue, with Christine Lagarde, general manager of the International Monetary Fund and Mario Draghi. By the number of Eurotowers the ECB's commitment to keep interest rates at the current historical lows “well beyond” the end of the asset purchase program is very important in order to keep market returns in check. Furthermore, "the negative interest rate policy has been largely a success and the banks' profitability has not been affected".
The markets don't have time to react to Draghi's words e Milan is the worst place, - 0,68%, 22.398 points. It is precisely the banks that find themselves once again under pressure, after the glimmer opened yesterday by the softer position of the European Commission with respect to the ECB, for the management of new non-performing loans. Instead, purchases are concentrated on Campari, +3,01%, which updates its highs. Great recovery, on the secondary side, for the Italian paper, after the third trust voted by the Chamber of Deputies in the electoral law proposed by the Pd, the so-called Rosatellum. The yield of the 10-year BTP falls to 2,13%, while the spread with the German ten-year bond decreases by 2,95% to 167.60 basis points.
Flat Madrid, -0,02% and Paris -0,03%; moderately positive Frankfurt +0,09%. Industrial production in the euro area, again in August it was well beyond expectations, but, as the central bank's chief economist Peter Praet observes, growth may strengthen yet there remains a "disconnect" with inflation, which requires the ECB to remain patient. Fractional gains for London, +0,3%, while Brexit negotiations appear to be stalled and Lagarde invites you to hurry.
Wall Street starts cautious, although the quarterly results of two banking giants such as Jp Morgan and Citigroup are better than expected. The market is still digesting the Fed's September meeting minutes, which show that further tightening later this year is more likely. In its World Economic Outlook, the IMF made it clear instead of not expecting a third hike: "US rates - he writes - are expected to remain substantially unchanged at 1-1,25% for the rest of 2017". At this point, the data on US inflation in September, which will be disclosed tomorrow, could be decisive.
The euro falls slightly against the dollar, after yesterday's gains, the cross reaches 1,184 (-0,12%). Oil still down, Brent -1,41%, 55,93 dollars a barrel. Stable gold in the area of 1292 dollars an ounce.
Returning to Piazza Affari, they are located at the bottom of the main list Azimuth -3,61%; Banco Bpm -3,57%; Ubi, -3,33%; Bper -2,94%. Outside the Ftse Mib it is against the trend Carige, +1,5%, which positively closes the bond conversion. Bad Luxottica, -2,1%.
Purchases on Recordati +0,63%; Buzzi +0,61%; Terna +0,4%; Italgas +0,38%.
