The stock market session a few hours after Ben Bernanke's speech in Jackson Hole was livelier than expected. In Milan, the FtseMib index rose by almost 2%, to 15.075 points. London +0,31%, Frankfurt up 0,7%, Paris +0,95%.
The members of the ECB directorate have been kept silent since yesterday, as per the regulation, in view of the directorate of 6 September. However, as expected, the pressure from the German press increased, starting with the Bild Zeitung, the "kingdom" of the hawk Hans-Werner Sinn.
Disagreement with the government bond purchase program by the ECB led, writes the newspaper, the president of the Bundesbank, Jens Weidmann, to threaten his resignation. According to Bild, it was the German government that convinced Weidmann to stay in his place. The number one of BuBa has repeatedly criticized the purchases of public bonds by the ECB, even comparing them to a 'drug' that would make states 'drug addicts'.
Meanwhile, the number of unemployed in Europe has risen to over 18 million: it is the highest figure since 1995, when the surveys began. In Italy the unemployment rate stood at 10,7%, unchanged from June and up 2,5 percentage points year on year. Istat adds that the unemployment rate of 15-24 year olds, i.e. the incidence of the unemployed on total assets, is equal to 35,3%, up by 1,3 percentage points compared to June and by 7,4 points in the twelve months.
Consumer prices are on the rise driven by fuel prices. In August, the index recorded an increase of 0,4% compared to the previous month and of 3,2% compared to August.
On the government bond market, the ten-year BTP is traded at a stable yield of 5,78%, the spread unchanged at 442. The euro moved little: 1,251 against the dollar, from 1,250 at yesterday evening's close. Slight growth in oil: Brent at 113 dollars a barrel (+0,3%), Wti at 94,8 dollars.
In Milan the rebound of MontePaschi (+5,56%) followed by other banks: Understanding + 3,25% Pop.Emilia + 4,37% Pop.Milano + 2,46%. Salt too Generali (+0,28%) on the wave of interest from Singapore's sovereign wealth funds for the subsidiary BSI. Mediolanum + 3,15%.
Flurry of report cards from analysts: BRill Saipem +2,3% after Credit Suisse promotion a performer da neutral. The target price was raised to 44 euros from 40 euros; ppositive Enel, which gains 2,44%, pushed by Citigroup which confirmed the opinion buy and raised the target price to 3,6 euros from 3 euros; in decline instead Terna -0,4%, downgraded from Ubs to neutral da performer; Buzzi drops 1,8%: Exane lowered recommendation to underperform da neutral.
Famong industrial stocks, recovering Finmeccanica (+0,57%%) and Fiat (+0,18%), advances Pirelli (+1,04%) and above all the parent company Camfin (+3,2): by now there is open warfare between the two major shareholders of Camfin, Marco Tronchetti Provera and the Genoese Malacalza family, and the newspapers are speculating today that Malacalza may move to steal Pirelli from Tronchetti. Prelios, which like Pirelli is controlled by Camfin, drops by 4,8%
Another day of very strong increase for Rcs, with the title suspended with a theoretical price of 1,364 euros (+14%). Up too l'Espresso (+ 4,5%) and Mondadori (+ 3%).
