The European stock markets close the third consecutive session on the rise and consolidate risk appetite, after a start to the week to forget. For now, fears about the global repercussions of the possible bankruptcy of the Chinese Evergrande remain on hold, while the Fed's caution in approaching tapering is appreciated (“it will be gradual and will depend on the trend of the economy” said Jerome Powell). The mood is also rosy at wall street, progressing well despite some disappointing macro data.
In the Old Continent it remains frozen London (-0,08%), with the Bank of England cutting growth estimates for Britain's economy in the third quarter due to commodity supply problems, a jump in gas prices and widespread inflationary pressures both in the country and worldwide with a surge at the end of the year. In the note confirming rates and Qe, the central bank explains that it has lowered its estimates for the third quarter compared to August to 2,1%. Inflation should "temporarily rise to 4% in the last three months of the year" and then fall to 2% in the medium term.
The eurozone price lists are good: Frankfurt +0,86%; Paris +0,98%; Amsterdam +1,04%; Madrid + 0,75%.
However, she is the queen of the party Business Square, +1,41%, which again crosses the psychological threshold of 26 thousand points, while Mario Draghi warms up the audience of Italian industrialists by announcing 6% GDP growth in 2021 and promising that there will be no tax increases, but interventions to face the dear energy.
S&P also sees a more robust recovery for Italy than previously estimated: +6%, from +4,9%, even if the 2022 forecasts are limited to 4,4%, from 4,9% and those for 2023 are confirmed (+1,8%).
It is highlighted in the main Milanese price list Enel, +2%, which announced the birth of a newco, Gridspertise, to sell meters and technologies on networks. According to Il Sole 24 Ore, which anticipated the news, the new company aims to exceed 1,5 billion in turnover by 2030, to reach at least 10% of the global market.
Banks, industrialists and managed savings mark important progress. Leading the line is Unicredit +3,33%, they follow Banca Mediolanum + 3,21% Amplifon + 2,65% Bpm bank + 2,55% Cnh + 2,48% Understanding + 2,3% Unipol + 2,15% General Bank + 1,91% Fineco + 1,79%.
There are only three declines among the blue chips and modest: Inwit -0,75%; Diasorin -0,54%; Campari -0,16%.
Outside the Ftse Mib, Ovs +13,03% is at its best, rallying since yesterday, in the wake of quarterly data and forecasts.
It collapses instead Vetrya, -46,21%, company listed on the Aim and active in the development of digital services, overwhelmed by sales after announcing yesterday that in 2021 it will not be able to achieve the objectives of the business plan. Also yesterday, with the markets closed, EnVent Capital Markets' decision was made to withdraw from the position of nominated adviser, effective 22 October. EnVent Capital Markets claims it is withdrawing for just cause, alleging a breach of disclosure duties towards the nominated adviser.
While global equities file and experience a positive session, the bond sector is partly affected by the decisions of the Fed and also by those of the Norwegian bank which launched a monetary tightening by a quarter of a point, the first central bank among the most developed countries to reverse the cycle of cuts.
On the Italian secondary it spread between 10-year BTPs and Bunds with the same duration, it drops to 98 basis points (-1,15%), but yields rise (+0,72% for the BTP; -0,26% for the Bund).
In the US market, the prices of T-bonds fall and rates rise. The ten-year bond soars to 1,41% (+5,91% compared to yesterday's close). The Fed therefore appears cautious, but the path towards tapering has now been traced and it also seems to be able to anticipate an increase in rates.
"If progress continues largely as expected, we believe a moderation in the pace of asset purchases may soon be needed," the FOMC's monetary policy arm wrote in a statement. This means that the Fed could announce the decision to reduce the purchase program of government bonds (80 billion) and mortgage-backed securities (40 billion), currently by 120 billion a month, at its November meeting. Interest rates have remained firm and close to zero, but a rise is expected as early as 2022, earlier than expected in June. In the following press conference, Chairman Jerome Powell said that the Fed is considering a gradual tapering that ends around the middle of next year.
Not so encouraging data arrives from the macroeconomic pages of the day. In particular, the workers who applied for unemployment benefits for the first time, in the week ending 18 September, are 16.000 more than the previous one, 351.000 against 320.000.
US domestic economic activity also remains expanding, but in August, it fell sharply, more than expected, according to the index that measures its performance, compiled by the Chicago Federal Reserve.
Against this backdrop, the dollar is declining against the major currencies. L'euro trades higher with exchange rates around 1,173.
collapse thegold, which loses more than one percentage point and trades close to 1748,70 dollars an ounce. Stay well bought the Petroleum. Texan crude gained 1,5% to $73,33 a barrel.
