New collapse for Volkswagen which recorded a drop of over 4% in a day, however, with a strong rebound for European lists and Wall Street. Janet Yellen comes to the rescue of the markets and, speaking at the University of Massachusetts, clarified that the Fed continues to see an initial rate hike by the end of 2015 and reiterated that the subsequent tightening maneuver will take place gradually . Not only. The rally was fueled in the afternoon by second-quarter US GDP data which was revised upwards to 3,9% from 3,7% in the interim estimate and above analysts' expectations.
Wall Street rallied and Europe closed sharply higher. The Ftse Mib leaps by 3,68%, London +2,47%, Paris +3,07%, Frankfurt +2,77%.
Shares of automaker Volkswagen, which appeared to be on a higher path in the morning, were again hit by selling in the afternoon after Transport Minister Alexander Dobrindt gave the scale of the engine-fixing scandal in Germany. In the Federal Republic, according to estimates by the ministry, there are around 2,8 million vehicles produced by the Volkswagen group equipped with software that deceives the levels of pollution of emissions.
Conversely, today was a rebound session for the rest of the auto sector after Auto Bild explained it had no evidence that BMW too had manipulated emissions tests. Also today, writes the Wall Street Journal, the American Environmental Protection Agency (EPA) decided to review the way it conducts vehicle emissions tests. An EPA official said so.
After Yellen's words in the US, Treasuries dropped to session lows and at the close of Europe, the Dow Jones rose by 1,23% and the S&P500 by 0,86%. In addition to second quarter GDP, other US macroeconomic data also came out during the day. The consumer confidence index calculated by the University of Michigan rose to 87,2 points in the end-September survey from 85,7 in mid-month, better than the expectations of analysts, who expected a limited increase to 86,2 points. The PMI services index edited by Markit fell in September to 55,6 points from 56,1 in August but the figure is in line with analysts' expectations.
WTI oil rose by 1,83% to 45,73 dollars a barrel. The S&P agency revised the 2015 price hypotheses for both WTI and Brent, cutting them respectively to 45 dollars (-5 dollars compared to the previous forecast) and 50 dollars (-5 dollars compared to the previous forecast). The euro-dollar exchange rate dropped 0,51% to 1,1173.
In Italy, the auction of six-monthly BOTs for 6,5 billion is expected on Monday with expected yields slightly up from 0,028% to 0,007%. The Btp/bund spread today closed in the 114 basis point area. In Piazza Affari, shopping rewards luxury. At the top of the Ftse Mib there are in fact all the securities of the sector that had suffered particularly due to fears about global growth: Ferragamo +6,10%, Luxottica +5,7%, Yoox +5,15%. Moncler +4,65%.
Highlights too Enel Green Power +5,13%, Unipol +5,03% and the banks with increases between 3 and 4%. Bmps up 3,04% in the aftermath of the closing of the deal with Nomura. FCA gained 3,26% in line with the rest of the sector in Europe. In red on the Ftse MIb only Saipem -0,34%
