European price lists raise their head after a difficult session. Piazza Affari in the middle of the day scores a rebound of 0,6% to 21.500 points base, in line with Paris. Frankfurt leads the race +0,9%, Madrid +0,48%. London also recovers, up by half a point. The pound, on the other hand, floats at one-month lows as uncertainty about the outcome of Brexit increases.
However, the European stock exchanges are trying to defuse geopolitical tensions. waiting forarrival in Washington of the Chinese mission on tariffs accompanied by a slight (and surprising) note of optimism about a partial agreement, markets welcome the possible postponement of the Brexit ultimatum anticipated by the Guardian, and appreciate, awaiting the release tonight of the minutes of the latest FOMC meeting , The change of course on Fed policy: to avoid putting the interbank market in crisis, which has been in trouble for a couple of weeks due to the lack of liquidity, the Federal Reserve will soon return to expanding the balance sheet, with purchases of short-term securities.
Nordea Bank calculates that the measures Powell mentioned translate into about 110 billion of cash injection, to be delivered through a $15 billion monthly balance sheet increase.
Even the ECB could cut interest rates further, Vice President Luis de Guindos said. The Bund falls to -0,56%, Btp stable at 0,85%. Today the new BTP in dollars will be priced by the Treasury. The interest of the market is robust, judging by the bookings already around 10 billion euros. For 5, 10 and 30 year maturities, yields between 2,55 and 4% are expected. About double what US Tbonds make.
Atlantia recovers +1,8%. After a meeting yesterday with the commissioners of Alitalia, the Minister of Economic Development Stephen Patuanelli he said in a note that "the conditions are in place for a binding proposal to arrive from the purchasing consortium by 15 October" and he appealed to everyone's responsibility "given the non-derogable deadline".
Tim also did well +2%: the hypothesis of the spin-off and the subsequent listing of the data center activities takes off. The improvement in tariffs is immediately felt in car stocks. Brembo, in road show with Equita, rises by 1,7%. Fiat-Chrysler +0,9%. Pirelli +2%.
Positive banks and managed: Intesa Sanpaolo +1%. Azimuth +1,1%. UniCredit +0,35%. Generali +0,6%. Gam, the Swiss asset management company said it is not in talks with Generali or with others for possible M&A transactions. Poste Italiane still on the rise +0,54%. UnipolSai +1%.
Campari -0,8% announced the acquisition from a group of Mexican entrepreneurs of the super premium brands Ancho Reyes, a spicy liqueur, and Montelobos Mezcal. The total price for 51% of the two companies is $35,7 million.
