The Stock Exchanges ignore the slowdown in the world economy as emerges from the Monetary Fund Report (from 3,3 to 3.% for this year). It doesn't impress all that much either the slowdown of the German economy, downhill already in August, before the diesel races.
The European stock markets thus continue the rally, erasing the hesitations of the morning. The Ftse Mib index +0,92% is back to over 22 thousand. Paris and Frankfurt are also on the rise by around 0,9%, while Madrid is doing better by +1%. London +5%.
Contrasted the American Stock Exchange, which is consolidating its positions after a rally that saw the S&P500 index gain 5,5% in the last five sessions. The Wall Street benchmark is down 0,1% today. Thanks to the push from oil, the Dow Jones gains 0,3%. The withdrawal of biotech companies instead penalized the Nasdaq, down by 0,5%.
The strong dollar continues to weigh on US business accounts: in August the trade deficit it widened by 15% compared to July, reaching -48,3 billion dollars. The unknown weighs on the quarterly reports which will start in 48 hours with Alcoa's accounts.
Wti oil rally at Nymex, where contracts are starting to close at levels not seen for at least five weeks, around $48 a barrel. The energy stocks are good. Among the best blue chips of the day is Chevron +3%. Among other oil companies, Exxon Mobil +1,3%, ConocoPhillips +3,5%, Halliburton +3%.
In Milan, after yesterday's leap Eni cancels the morning's losses, which had squeezed the quotation down to 14,72 euros, and ended the session up 1,7% at 15,20 euros, lengthening yesterday's +4,3%. Instead, falling Saipem – 3,1%. Profit-taking after Monday's rally (+10%) weighed heavily. Telecom Italia closed on the highs of the session with an increase of 1,3% to 1,0850 euros and recovered the losses of this morning which had brought the quotation to a minimum of 1,055 euros. After the purchases of Vivendi, the speculative appeal of the stock diminishes.
All Luxury stocks try to rebound taking advantage of the more relaxed climate of emerging markets. Tod's is the best blue chip in the FtseMib with a gain of 3% at 78,25 euros.
Moncler +0,8%, Ferragamo +0,4%, Luxottica +0,5%, Cucinelli +2,4%. UnipolSai also up +3,6% after the confirmations on the 2015 dividend by CEO Carlo Cimbi. Good among the banks Intesa and Monte Paschi both +1,12%. In evidence the Fininvest team: Mediaset +2,97%, Mondadori up 5,27%.
Among the utilities A2A +2,7% awaiting the imminent response from Linea Group on the integration. Among the weakest securities are the popular banks and not by chance: tomorrow the pronouncement of the Lazio TAR is expected on the suspension of the recent Renzi reform which, after twenty years of useless attempts, abolished the per capita vote and paved the way for greater contestability of the major Popular companies that have literally soared on the Stock Exchange. Now investors fear a return to the past at the hands of the TAR.
