September is confirmed to be a restless month up to the last session: in fact, European lists close down after an in tune start and even Wall Street could follow the same script. The start of the New York Stock Exchange was good, but performance is now mixed because the Dow Jones and the S&P 500 they are moving fractionally lower, while the Nasdaq walks a tightrope. In the uncertainty, fueled by the Evergrande case in China, by the slowdown in the growth of the Celestial Empire and by the political chaos in the USA, two safe-haven assets such as the dollar and gold are hoarding purchases, while oil returns positive and bonds appear volatile, in a precarious balance between buoyant inflation and bad work, in light of the unexpected jump in weekly unemployment claims in the USA. Piazza Affari loses 0,21% (25.683 points), with a negative monthly balance (approximately -1%) and the largely positive quarterly result (around +2,5%).
In the rest of Europe: Frankfurt -0,72%; Paris -0,62%; Amsterdam -0,5%; Madrid -0,85%; London -0,39%. It contributes to agitating the waters of the Old Continent the growth of inflation in September in Germany, France and Italy. In particular, the surge in prices in the federal republic, equal to +4,1% (+3,4% in August), is the highest for 30 years. In France there was an acceleration to +2,1% (from 1,9% in August); in Italy +2,6%, a level not seen since 2012, higher than expected. The issue is a burning one because central bankers continue to reiterate that price tensions are temporary and should subside, but in fact yesterday the number one of the ECB Christine Lagarde and that of the Fed Jerome Powell said they are monitoring inflation, after the increase in energy prices and bottlenecks in supplies.
The issue is also closely monitored by investors who in this period have witnessed a significant increase in oil and gas prices, the shortage of personnel by companies, the lack of chips, tiny systems that can have enormous impacts on large factories. On the subject of central banks, we note the decision of the Czech central bank to raise the main rate by 75 basis points, an unexpected measure in proportions, but adopted precisely to deal with skyrocketing inflation. On the American side, where a rate hike could arrive in 2022 and where the start of the tapering could be announced as early as November, today politics holds court. On the one hand we are celebrating the fact that the Senate has reached an agreement to avoid the blockade of federal activities, on the other we are keeping our eyes peeled because the law must be voted before midnight and will only last until the beginning of December .
Without suspending or raising the debt ceiling in fact the United States could end up in default as early as the second half of October. Furthermore, the future of the 1.000-billion infrastructure plan is uncertain: the speaker of the House, the Democrat Nancy Pelosi, said she would like to approve it today, but that the vote could be postponed. The plan, approved by the Senate last month, is receiving opposition from some Democrats, who want the 3.500 trillion dollar law to be approved first, which focuses on investments for social welfare and the environment. Among the stars and stripes macroeconomic data, we note the disappointing growth of applications for unemployment benefits (+11 thousand), but also the upward revision of the GDP reading for the second quarter (+6,7% from +6,6%) .In this context, bonds appear volatile, with the XNUMX-year Treasury rate previously down slightly and now up slightly. The Italian secondary school also files a session in red.
The spread between BTP and Bund with a duration of 10 years, it rises to 104 basis points (+1,36%), with rates of +0,85% and -0,19% respectively. As regards the shares of Piazza Affari, among the best blue chips of the day there they are Recordati +2,63%, Tenaris +1,81%, Eni +1,39%, Exor +1,33%, Cnh +1,17%, Mediobanca +1,02%. The biggest decreases concern Nexi -2,88%, Enel -2,09%, Telecom -1,85%, Amplifon -1,72%, Prysmian -1,49%, Terna -1,29%. The hottest front that of Piazzetta Cuccia remains, even today tuned in a rather neglected sector. The various alignments are emerging in a battle that also has Generali (-0,16%) as its final objective, on which the purchases of Caltagirone continue, which has rounded up the stake with another 0,2%. 90 on the list continues to suffer Enel, despite the Berenberg analysts having raised the target price on the giant from 7,3 euros to 7,7 euros and confirmed the indication to keep the shares in the portfolio. Among the minors Zucchi shines (+15,42%) after the accounts for the semester. On the other hand, Vetrya (-13,05%) recorded another collapse, which decided to resort to bankruptcy proceedings after closing the first six months with a loss of more than 13 million euros and a negative shareholders' equity of 11,3 million .
In oil refining, Saras recorded a leap (+5,26%) on expectations of growth in margins. On the currency market, the euro suffers from the super dollar and the exchange rate drops to around 1,1577. Gold runs fast, with spot gold pushing quotations over 1761 dollars an ounce (+2%). It moves Texan crude up sharply, around 75,70 dollars a barrel.
