After three days of gains, gains prevailed on the stock exchange and European lists closed in the red, weighed down above all by the banks. During the session, investors have to digest the minutes of the last meetings of the European and American central banks, both marked by prudence. The ECB also expresses "concerns about the risk of an excessive rise in the euro in the future".
Piazza Affari, back from two brilliant sessions instead of three, due to the mid-August stop, stops down by 0,89%, 21.788 points. Fiat reverses, -1,1%, followed by the Agnelli galaxy (Exor -1,79%, Ferrari -1,06%), while denials continue to arrive from China on advances from manufacturers called into question by the newspapers. The trend is similar in the other continental markets: Madrid -0,95%; London -0,61%; Paris -0,57%; Frankfurt -0,49%.
Wall Street opens out of tune and accelerates downwards in the first part of the session. Uncertainty prevails over the timing of the Fed, after the publication of the minutes of the last meeting, with the board divided on inflationary dynamics and on a new rate hike during the year. The Trump administration is also of concern. Traders and managers fear a further stalemate on the pro-growth, pro-business agenda promised by the US president. Among the titles stands Alibaba, which reaches new records after the publication of a quarterly report beyond expectations.
However, the minutes of the ECB meeting of 20 July show that inflation remains the main problem of the Eurozone and the governors see the need to continue to ensure "convincing progress" on this front before thinking about a significant change of course. Eurostat confirms that the price trend is stable at 1,3% in July.
The ECB is worried about the super-euro, but in today's session the single currency is losing ground against the dollar, cross 1,174 (-0,24%). Oil bucked the trend, Brent +1,11%, 50,83 dollars a barrel. Gold up, +0,37%, 1285,69 dollars an ounce. On the secondary, the 10-year BTP maintains a yield of 2,02%, the spread with the Bund widens by 0,38%, but remains below 160, at 159.00 points.
On the Ftse Mib the best stocks are Moncler +1,88%; Recorded +0,77%; Ynap +0,77%; Mediaset +0,53%; Campari +0,33%. Saipem dropped 0,43%, despite the award of an 850 million dollar contract in Kuwait. Weak Cnh, -0,15%, even if JP Morgan raises the target price to 11,5 from 10 dollars. Loss of 0,69% for Enel, which also announces that it has signed a tax equity agreement worth about 340 million dollars for the 300 MW Red Dirt wind farm project in Oklahoma. At the bottom of the basket are Ubi -2,62%; Unicredit -2,05%; Finecobank -1,8%. Heavy sitting for Ferragamo -1,98%.
