THE EXCHANGES AWAIT THE CENTRAL BANKS. AND ASIA RISES
TOD'S KICKS THE CRISIS. BLACKROCK AT 5% OF UNIPOL.
Asia continues to spread optimism: Tokyo, for the fourth consecutive day, rises by 1,27%, Hong Kong gains half a point. In the midst of a long series of increases involving the lists of the Far East and Australia.
The trend of Wall Street underlines the expectant atmosphere of the markets: Dow Jones +0,05%, S&P +0,06. Contrasted the Nasdaq – 0,15%.
Le European stock exchanges they close with modest variations after three consecutive sessions of vigorous increases which brought them to the levels of March/April. In Milan, the Ftse Mib index rose by 0,07%: it spent almost the whole day in decline. London +0,1% and Frankfurt -0,1%. The euro weakened against the dollar to 1,236 from 1,239.
The race continues Oil prices: WTI futures rise by 0,7% to 94,3 dollars a barrel.
On the front of sovereign debts the spread between Italian ten-year bonds and their German counterparts decreased slightly to 446 basis points with a yield of 5,9%. Bund futures have returned to buying, rising to 142,95 from 142,33 this morning.
Also up are i short-term interest rates of peripherals: the Bund – Btp spread on 2-year maturities widens by 9 basis points to 3,25%.
Towing the Bull in Asia the news that Chinese inflation falls from 2,2% in June to 1,8%. Meanwhile industrial production, according to the first data, should grow by less than 10%, to the lowest levels since 2009. A mix that suggests future government interventions. The "sentiment" of the markets, despite the deadlock, remains positive, supported globally by the feeling of an imminent joint intervention by the major central banks. In Europe, Madrid's request to activate the anti-spread shield is awaited with growing anxiety. Yesterday, on the capital's list, Bankia +24% took flight on the prospect of an upcoming capital injection (coming from the 30 billion advance).
But the wait risks proving to be too long for the markets on which they weigh:
1) The statements released by the chairman of the Federal Reserve of Dallas, Richard Fisher: speaking about the world economic situation with a Bloomberg reporter, Fisher said that central banks have already done everything within their competence to stimulate growth, it will be difficult to go beyond that. Non-farm productivity rose 1,6% above economists' expectations of a 1,3% increase.
2) Not positive macro data from Europe. In Germany, exports and industrial production fell worse than expected in June. During the day, the downward revision of GDP estimates by the Bank of England also arrived. The euro weakened against the dollar to 1,236 from 1,239.
In Milan the case of the Stock Exchange of the day is Tod’s up 10,3% after the quarterly data was released. Ferragamo gained 1,5% and Luxottica lost 1,3%.
Banks in no particular order. Unicredit +1%, Intesa +0,8%, Banco Popolare +2,1%, Ubi Banca -1,6%, Mediobanca -0,3%.
Il Blackrock fund holds 5,030% of Unipol which and acquired the stake outside the capital increase operation. The communication arrived yesterday just as Carlo Cimbri was preparing to kick off the work sites for the integration of Fonsai and Unipol. Less happy notes for the placement consortium of the unopted Fonsai. The pool headed by Mediobanca is looking for one or more partners willing to take on a significant share of the stock. The search must be done quickly: the auction for unopted items will start on 20 August; on 5 September the Mediobanca board will examine the Nagel case and make an initial assessment of the operation.
Terna -1,3%, Snam -1,3% and Atlantia -1% fell in the utilities segment.
Mediaset lost 3,3%, while Telecom Italia gained 2,6%.
