Wall Street is up: Dow Jones index +0,5%. Volatility falls: the Vix index loses 6%
The European stock exchanges archive a positive day on the wave of the dollar's rise in expectation of a tightening on US rates. All price lists are positive: London +1%, Paris +1,5%, Frankfurt +1,2%. The Moscow Stock Exchange recovered, the Micex index closed up 1,5%, the first positive session after six consecutive days of decline. In Milan, the Ftse Mib index is up by 2,1%. The Btp moved little, yield stable at 2,77%.
EURO/DOLLAR
The euro falls, long live the euro. The single currency falls to its lowest since November against the dollar, the exchange rate goes to 1,346 from 1,352 at the previous close.
But the real surprise was the reaction of the €/$, which, after a brief rebound, raced to reach, albeit only slightly, the new lows of the year, the level it stands at at the European close.
The interesting thing is that neither the return of demand for European assets, often cited as a factor in support of the single currency, nor the presumed easing of tensions in Ukraine, possibly negative for the €, had an impact on today's price action.
Do you want to see that, finally, the market begins to look at the divergent monetary dynamics, with the growth of the Fed balance sheet slowing down, to stop in the autumn, and that of the ECB balance sheet which should accelerate sharply more or less in the same period?
ILO SECURITIES
Brent crude oil lost 0,1% to 107,8 dollars a barrel. Oil stocks shine: Saipem +4,2% on the wave of the possible sale by dell'Eni +2,6% of the controlling stake: the six-legged dog plans to present the business plan at the end of the month.
The Moody's agency has raised the outlook to "stable" from "negative". The revised outlook reflects the improvement in the country risk assessment and the decrease in pressure on the current A3 rating, despite the weak fundamentals highlighted by the group in the last 18 months. The stock's performance since the beginning of 2014 (+12%) is in ninth position among the 50 blue chips of the Eurostoxx 50 index (+2%). Tenaris + 1,9%.
INDUSTRY
St Microelectronics rises by 3,5% the day after the presentation of the results of Texas Instruments. Among the industrialists, Finmeccanica + 2,3% Prysmian + 2,2% Pirelli + 2,7%. Fiat has signed an agreement with Renault that will provide at the Lingotto a light commercial vehicle to be manufactured in France in the second quarter of 2016.
Sogefi (Cir group) dropped 0,6% at 3,41 euros. The group that operates in the automotive components sector closed the first half with consolidated revenues of 683 million, stable compared to the first half of 2013 (+5,9% at constant exchange rates). The net result is a loss of 7,3 million, compared to a profit of 16,2 million a year earlier, due to non-recurring charges. They bounce Atlantia + 3,7% Rest + 2% World Duy Free +1,2%. Among the luxury companies, Yoox + 1,7% Luxottica + 1,6% Ferragamo -0,7%.
BANKS
Banks, while positive, were held back at the sector level by the disappointing results of the Swiss giant Credit Suisse, down 1,8% in Zurich after reporting a loss for the quarter of 700 million francs, worse than expected.
Where's Banca is up 1,8%, Banco Popolare the 2,2% Banca Popolare di Milano of 2,5%. Unicredit + 0,9%. Monte dei Paschi + 0,7%. Intesa Sanpaolo + 2,1%. Generali rises by 1,8%. General Bank the 3,7% Mediolanum of 2,2%.
