The USA is running: GDP in the second quarter of 2014 literally shot beyond expectations, achieving a preliminary reading of +4%, against a forecast of +3%. A leap that comes after the 2,1% drop (revised today from -2,9%) in the first quarter in a period affected by bad weather. In the wake of the better-than-expected data, Wall Street opened in positive territory and Europe turned upwards. But the euphoria didn't last long: the market is thinking about what the Fed's moves will be now, which cannot fail to take these data into account. This is how we look at tonight's FOMC meeting and what Janet Yellen will say. However, the ADP estimate for jobs in the private sector partially offset the GDP data, indicating the creation of 218 jobs in July, slightly below the expectations of analysts who expected the creation of 238 jobs. The official data, including the public sector, will be announced on Friday by the Labor Department.
While waiting for Yellen, (20 pm Italian time), sales on the Old Continent are back: London -0,5%, Frankfurt -0,62%, Paris -1,22% and Milan -0,93%.Fa with the exception of Madrid, up 0,33% after the release of Spain's GDP in the second quarter, growth was 0,6%, in addition to being the strongest increase in the last six years, it is also a greater change than expectations.
In today's auction in Milan, the Treasury placed 5-year and 10-year BTPs achieving new all-time lows 2,5 billion 3,6-year bonds were assigned (against demand for 21 billion) with rates down by 2,60 basis points to 3% and 4,36 billion five-year bonds (demand for 16 billion) with yields down 1,20 basis points to 1,5%. 151 billion CcTeus have also been assigned with a five-year maturity. The Btp-bund spread closed down at 0,3 points. On the macroeconomic front, the German statistics office released its inflation data for July, noting that consumer prices in Germany rose by 0,8%, bringing annual inflation to 0,2%. The trend figure is in line with the expectations of analysts who, however, were expecting a XNUMX per cent cyclical change.
At the close of Europe, Wall Street was trading in the red with the Dow Jones down 0,48% and the S&P500 down 0,14%. Against the tide the Nasdaq +0,27%. Among the stocks in evidence is Twitter (listed on the Nyse) which has jumped by more than 20%. Social twittering has had its fill: revenues have more than doubled and users are growing. It thus closed the second quarter beyond expectations. Meanwhile, the dollar strengthened against the euro, which slipped below 1,34 for the first time in November (and trades at 1,3378) and hit new 16-month highs against the yen at 102,73.
In Piazza Affari the stock most affected by sales is Yoox -2,51% (substantially the rest of the luxury sector is also in the red), followed by Eni -2,12% and by Fiat -2,10% and Mediaset -2,10% . The Lingotto is losing ground after the release of the quarterly accounts. The data shows a net profit halved to 197 million euros, the 2014 targets were confirmed while debt fell to 9,7 billion euros. Revenues increased by 5% to 23,3 billion euros. Analysts' estimates forecast higher revenues to 24,6 billion from 22,3 and a net debt to 9,8 billion from 10. Ebit in the period marked a drop to 598 from 733 million in the NAFTA area, a 62 from 224 million in Latin America, an increase to 106 from 88 in Asia and the Pacific, while the EMEA loss decreased to 6 from 69 million. Luxury brands reported an increase in Ebit to 166 from 105 million. The Alfa Romeo suffers in the aftermath of the data for the quarter and in the wake of disappointing indications on the trend of advertising sales.
Unicredit dropped 0,41% on the day in which the binding offers for Pioneer.Ubi -0,63% and Intesa -0,52%, Banco Popolare -0,41% are expected. On the other hand, Mps +0,66% was positive following the news that York Capital Management Global Advisors entered the capital by acquiring a 5% share of the shares. However, the best stock of the Ftse Mib is Bpm +1,49%. Today the prosecutors of Milan Roberto Pellicano and Mauro Clerici requested the indictment of the former president of Banca Popolare di Milano, Massimo Ponzellini together with 15 other people (including his right-hand man at the time Antonio Cannaliere and the patron of Atlantis /B-Plus Francesco Corallo), for the story of the alleged illicit loans granted by the bank when it was led by Ponzellini. The allegations for various reasons hypothesized by the prosecutor are criminal association, embezzlement, money laundering and other crimes.
Stm +0,87%, Finmeccanica +0,87%, Autogrill +0,69% and Saipem +0,67% were also highlighted.
