Shelved for now the Great Wall effect on Fiat Chrysler Piazza Affari pays its tribute to the sudden increase in the spread and debt yields. The Ftse Mib index closed down by 0,11% at 21.738, bringing up the rear among the lists. On the contrary, Frankfurt +1,36% ahead of Paris +0,9% and Madrid +0,5% rose sharply. The US markets are also doing well: the S&P 500 rises by 0,7%. The house price index, which rose by 1,6% in the second quarter of the year in the US, above the estimated 1,4%. Among the tech highlights Alphabet +1,5%: Google today launched Oreo, the latest version of the Android operating system.
The dollar is slightly recovering against the euro, the cross drops to 1,176 from 1,181. The renewed tensions on the BTP are holding back the purchases in Piazza Affari. The 10-year yield rises to 2,10% and the spread widens by 8 basis points. A climate of anticipation prevails two days before the imminent Jackson Hole symposium (scheduled for August 24-26), often used by central bankers to send monetary policy messages. Both Janet Yellen and Mario Draghi will speak on Friday.
Brent goes back up to $52. According to the consensus, US weekly inventories should have fallen by 3,4 million barrels, the eighth consecutive decline. Missing Saipem -1,86%. Barclays has cut the rating to Underweight from Equal Weight. Target revised to 3,80 euros from 3,90 euros. Eni -0,38%, Tenaris 0,61%. Saras +1,57%.
Always in evidence the Exor stable, which closes in a draw. Fiat Chrysler's pace slows down +0,26% (after reaching its new high since 1997 in the morning), Ferrari pushes on the accelerator +3,05%, the best blue chip in Milan. Stm? +2,7% among the stocks is also in positive territory, on the positive expectations of the volume of sales of semiconductors.
Weak financials, affected by the decline in fixed income. The banks are holding back: Unicredit and Intesa Sanpaolo -0,7%, Banco Bpm -1,1%. Among the insurance companies, Generali falls by 0,7%. Unipol also down -1,1%, on Unipol Sai parity. Asset manager sales. Soul -2,7%. The rise in yields also penalizes utilities. Hera -3%, Enel -1,2%. Among the medium/small caps Maire Tecnimont +0,5% has reached new highs since 2011. Safilo -2,5% on the other hand is at new lows for five years.
