Once the Eni effect has been eliminated, Piazza Affari is in line with the other markets in negative territory.
The Ftse Mib index, which started on the rise, is now down by around 0,6%. Worse Paris -0,9% and Frankfurt down by 1,1%. London +0,90% goes against the trend.
In Europe all the Stoxx sector indices are negative, in particular the Automotive stocks (-0,9%), Tech (-0,7%) and Utilities (-0,5%) are down. The uncertainty on US rates that emerged from the Jackson Hole meeting weighs heavily. For Equita Sim, the Fed "does not see negatively a cooling of the markets to prevent the accumulation of a new credit bubble". Hence the advice to adopt a “cautious attitude on the markets”.
They retreat fca -1,8% Finmeccanica -1,3% and StM [STM.MI] -1,5%.
Luxury still under pressure: Ferragamo -1,5% Moncler -2% Luxottica -1,2% Tod’s-1%.
Eurozone inflation stops at 0,2%, unchanged, still far below the ECB's target set at 2%.
At the start of the session there was a leap of Eni which then reduced its rise from +4,4% in early trading to +1,8%. The reason for the boom is the discovery of a mega-field in Egyptian waters with a potential resource of up to 850 billion cubic meters of gas.
The subsidiary Saipem drops by 0,1%. Mediobanca Securities rejects any split of the company if it is not preceded by a capital increase of 3-3,5 billion.
The correction of Brent (-2,6% to 48,75 dollars) also bends Tenaris -2,5%.
Among the banks retreat Unicredit -1% Understanding -0,9% and MontePaschi -1,5%. Among the popular ones, awaiting the operations on Vicenza and Veneto Banca, Pop.Emilia loses 2,2%, Banco Popular -1,6%.
Backtrack even by Telecom Italy -1,3%, which also started on the rise.
Mediaset drops by 1,8%.
Enel lose 1,5%, EnelGreen Power -1,5%.
