Even Piazza Affari, like the Dow Jones, has crossed the 22 mark. On Wall Street, the index continues to update the historic record, set yesterday at 22.121,15 points. In Milan, the Ftse Mib, which closed at 22.031, remains far from the maximum but updates prices that have not been seen for two years. All this in a general picture of recovery enlightened, according to the Fitch rating agency, by the emerging markets and by China in particular, "whose recovery has been more pronounced than expected".
Thanks to Beijing (but also to Korea, Taiwan and even Brazil) world GDP growth in 2017 will rise to 3% and 3,2% next year. The latest data arrived tonight from Beijing cast a shadow on this pink picture: in July import/export volumes, despite double-digit growth, were lower than forecasts. But the fact remains that, regardless of Trump's dictates, world trade is at its highest level since 2010.
Other signs of confidence for the markets are coming from Wall Street: the quarterly season is drawing to a close with an average increase in the latter of 12%. Charles Schwab, the trading giant on the Stock Exchange, let it be known that the cash quota of customers has dropped to a minimum: everyone, operators or simple savers, is active on the market, determined not to miss the good opportunities on the market.
THE EURO RALLY RESUMES, THE FED HOLDS DOWN ON RATES
In short, the economic situation remains positive despite the threats from North Korea and the difficulties of the German economy, the most exposed to the rally of the euro, which rose to 1,181 against the dollar. The statements made by James Ballard, the governor of the Federal Reserve of Saint Louis, did not help the US currency. The non-voting member of the Federal Open Market Committee said interest rates need not go higher as inflation remains low. Keep an eye on the data on the German trade balance (out this morning) and consumer prices in the US (Friday).
SAMSUNG'S OWNER RISKS 12 YEARS IN JAIL
Asian price lists down slightly after the Chinese trade balance. Tokyo retreats by 0,3%. Weak China, up 0,1% the list of Seoul. The Korean Court of Justice has requested a 12-year sentence for corruption for Lee Yae Jong, heir to the Samsung empire.
The Chinese data, in truth, are not all that disappointing. Beijing's exports rose by 11,2% in renmimbi, against +17,3% in June. Imports increased by 14,7% (against 23,1%). The trade balance surplus rises to 321 billion renminbi, itself the highest against the dollar for ten years. In the meantime, capital flight stops: for the third month in a row the balance of reserves shows an increase.
WALL STREET PUNISHES BUFFETT, OIL WEAK
On Wall Street, ninth consecutive record for the Dow Jones (+0,1%). The S&P index also rose (+0,16%), Nasdaq +0,51% also thanks to the push from Apple (+1,4%). Expected today for the results of Wal-Mart (+1%) and Tyson Foods, the traditional trade stocks most exposed to competition from Amazon. Warren Buffett's sales on Berkshire Hathaway (-1,12%) prevail after a decline in profits in the second quarter: it is not easy to manage a cash position that has grown to 100 billion dollars.
The energy sector was weak (-0,9%) pending the conclusion of the summit between OPEC and non-OPEC producers in Abu Dhabi: Brent fell to 52,17 dollars a barrel, wti to 49,23. At Piazza Affari, Saipem closed up 0,2% after a new order in Oman and Uganda. Eni +0,1%. Another drop for Tenaris (-1,4%), which in recent days has given weak indications on profitability for the coming months due to the rise in raw materials.
MILAN AGAIN TOP BAG. THURSDAY 6,5 BILLION BOTS
With the corporate results season closed on Friday, the European stock exchanges experienced a session of modest trading in a by now pre-holiday climate. The indices closed in positive territory, with the exception of Frankfurt, held back by industrial production. Milan recorded +0,43% and the Ftse Mib index closed at 22.031 points. More shy Paris (+0,09%), better Madrid (+0,17%) and London (+0,27%).
In Frankfurt, the Dax dropped 0,33%, mainly due to the news on industrial production in Germany, which fell by 1,1% on a monthly basis in June, below the consensus expectations of economists, who instead expected a growth of 0,3%. The output of the manufacturing sector decreased by 1,4%, while that of the construction sector decreased by 1%.
The euro/dollar cross straddles the threshold of 1,18. The Italian secondary closes the session with a plus sign and the spread which reached 152 basis points during the day, the lowest since December. The Italian 2-year yield closed the session below 1,981%, after hitting a low of 6,5%. The reduction in the auctions in the calendar contributes to supporting the Italian debt, after the cancellation by the Treasury of the medium-long term placement in mid-August and that of indexed bonds at the end of the month. The Treasury has announced that it will make available to investors 12 billion euro in 10-month Treasury bonds in the auction on Thursday 6,6 August, against a maturing amount of XNUMX billion.
Greece will offer 13-week bonds tomorrow. This week Austria will also be active (yesterday 1,1 billion bonds offered in October 2023 and February 2047) and Germany (4 billion 5-year Bobl are arriving on Wednesday).
BANKS AT FULL GAS: BPM FLYES THANKS TO ANIMA
The positive difference in favor of Piazza Affari is determined by the rise in the basket of Italian banks (+1,3%) against a European sector with little movement. The rise of Banco Bpm (+2,52%) stands out, after the sale of Aletti Gestielle to Anima (-1,9%). The sale allowed the company to neutralize the impact of the exercise of the put option by Unipol/Aviva on the bancassurance agreements. The operation, which took place at a price of 700 million euro for 100% of the company, will bring 400 million euro to Banco Bpm's coffers, including other payments.
Among the other banks, Unicredit shines, gaining 2,5%, to 18,34 euros, on the new highs since March 2016. It was last week's best blue chip (+7%) and August could be the sixth month upwards thereafter. The performance since the beginning of the year widens to +33%, almost double that of the Eurostoxx Banks (+17,5%).
Mediobanca +1%: Morgan Stanley raised its target price to 10,7 euro (overweight unchanged). Ubi +0,1%, Intesa +0,2%. Bper falls instead of 1,35%.
BASSANINI REOPENS THE DOSSIER ON THE TELECOM NETWORK
Telecom Italia advanced by 1,1% after the president of Open Fiber, Franco Bassanini, spoke openly of a possible purchase of the Tim network by the company or its shareholders, Enel and Cassa Depositi e Prestiti. Vivendi confirmed yesterday evening that it does not exercise any de facto control over Telecom Italia, deeming that the equity investment held in the Italian group is not sufficient to determine "any stable exercise of a dominant influence in the shareholders' meeting". The start of the management and coordination activity, continues a note from Vivendi, cannot be considered, "by virtue of the applicable principles of the Italian legal system, as evidence of the existence of a position of control".
GENERALI SELLS THE PANAMA COMPANY
Among the few ideas of a semi-holiday session, Generali (+0,94%) signed an agreement for the sale of its assets in Panama to the Panamanian insurance group Assa Compañía de Seguros for a consideration of 172 million dollars.
Minus signs prevail among industrial stocks. Stm rose by 0,6%, but Leonardo (-0,7%), Fiat Chrysler (-0,2%) and Prysmian (-0,6%) closed down. Among the mid/small caps, Retelit gains 5,1%, Tecnoinvestimenti +3%.
