Milan closes up 0,61%, 22.364 points, best European square, also thanks to the exploits of Telecommunications +4,74%. Rebound for London +0,52%, despite the difficult session of Ryanair, which records a drop of more than 2%, after the news that the low cost airline is forced to cancel hundreds of flights. Moderately positive Frankfurt +0,32%; Madrid +0,2%; Paris +0,3%. The European price lists benefit, in the afternoon, from the matching opening of Wall Street, greedy for new records after the highs reached on Friday. We are confidently awaiting the new meeting of the Fed which, on Wednesday, will announce its decisions on the cost of money (nothing is expected on rates) and will update its estimates on the economy. Also on the calendar is the press conference of president Janet Yellen, called to clarify the institute's strategy between now and the end of the year.
On the macro front in Europe, inflation was in line with expectations in August (+1,5% on an annual basis; +0,3% on a monthly basis). The euro-dollar cross moved little, around 1,195. On the secondary, the 10-year Btp Italia has a yield of 2,14%, similar to Friday's closing; the spread with the Bund narrows, -1,3%; 167.50 basis points. Worth noting is the collapse of the yield on Portuguese ten-year bonds, to 2,45%, while the spread with the German counterpart drops by 16,73%, 198.10 points, after the promotion by Standard & Poor's and the sovereign rating gone from BB+( investment grade) to BBB- with stable outlook.
In red gold and petrol: -0,9% the former, 1307.74 dollars an ounce; Brent -1,3%; 54.58 dollars a barrel.
In Piazza Affari the worst title of the day is Eni, -2,53%, penalized not so much by the sale of black gold as by the ex-dividend date, today's 2017 interim dividend is €0,40 per share.
Queen of the list is Telecom, probably supported by press rumors about a possible stew. Among the hypotheses is the proportional demerger of the giant into two companies listed on the Stock Exchange and controlled by Vivendi at 23,94%: a Tim of the network, which would also include Sparkle and Telsi (the two companies being examined for the golden power), and a Tim services. At this point Tim's controlling share of the network would be taken over by the CDP.
Racing problems do no harm Ferrari, +2,45%, among the best blue chips of the day. The performance is also brilliant for FCA,+1,59%. Well bought Stm +2,24% e Leonardo +1,81%. The banks tend to be positive. Among the best is Bper, +0,92%, which filed the merger project by incorporation of Cariferrara with the Modena companies register, after having obtained the authorization of the supervisory authorities.
In addition to Eni, sales on A2a prevail -1,63%; Moncler -0,48%; Banca Generali -0,18%; Luxottica -0,39%.
Finally, among the leading companies of the day we find Pirelli, which will arrive on the stock exchange on 4 October, Record IPO which promises to be the most important in Europe this year. The public sale offer and the roadshow have started and will close on 28 September while the price should be set on 29 September within the range between 6,3 and 8,3 euros.
