Le European stock exchanges close positive today, focusing more on the possible prudence of central banks in the next meetings, than on the economic growth of the euro zone, revised downwards by the EU Commission, with Germany going negative.
Business Square it is the best and gains 1,03%, reaching 28.525 basis points, thanks to the banks. They also go up in any case Frankfurt + 0,4% Paris + 0,52% Madrid + 0,74% London +0,27%. It's flat Amsterdam -0,03%.
Overseas Wall Street opened in progress, with Tesla (+6%) best stock on S & P 500 (+0,36%), after Morgan Stanley's promotion to "buy" from "hold" and target price to $400 from $250. Analyst Adam Jonas wrote that “the self-driving car has been described as the mother of all AI projects.”
Risk appetite returns while awaiting the ECB and Fed meetings
What the Wall Street Journal wrote yesterday contributes to encouraging the risk appetite of the stock markets, that is to say that there is a general consensus among the members of the Federal Reserve on the need to keep interest rates stable at next week's meeting, while for November it will be necessary to wait for the data. Meanwhile, the fever of US inflation in August will be measured by consumer and production prices which will be released on Thursday and Friday.
What will she do instead? ECB in the meeting of Thursday it is more difficult to estimate, although the slowdown in the economy predicted by Brussels could induce greater caution in Christine Lagarde. The 2023 GDP is now seen at +0,8% (from +1,1% estimated in May) and that of 2024 is +1,3% (from +1,6%). The new forecasts for Italy are +0,09% and +0,8% (from +1,2% and +1,1%). The worst prospects this year are those of Germany, at -0,4% (from +0,2% expected in May).
THEinflation however, it is still estimated very high: +5,6% in 2023 and +2,9% in 2024.
The dollar deflates, the yen rises
While waiting for the important ECB and Fed meetings, investors are cashing in on the dollar, which retreats against the main currencies, while theeuro brings the exchange rate back above 1,074.
The greenback also loses share on the yen at 146,35 (-1%), galvanized by the fact that the governor of the Japanese central bank could put an end to negative rates in the event of an increase in prices and wages. The statement instead weighed on export-oriented stocks and the Nikkei closed with a loss of 0,43%.
Among the raw materials, the Petroleum, but Brent remains firmly above 90 dollars a barrel. Meanwhile, gas continues to flow in Amsterdam amid strikes in Australia and maintenance work in Norway. Thus the October future reaches 36,5 euros per MWh (+5,77%).
Piazza Affari, Juventus effervescent on the possibility of a sale
Business Square It thus achieves a rebound after last week's losses and the top ten of the main list is animated by financial stocks, while oil stocks slowed down at the close.
At the top of the basket it stands out Mps Bank +3,3%. In the sector we also go up thinking about the reduction of the extra-profit tax and thus we appreciate them Understanding + 2,26% Bper + 2,38% Bpm bank + 2,24% Unicredit + 2,15% Mediobanca + 1,2% Banca Mediolanum + 1,33%.
Among the financial sectors there are two four-wheeler stocks such as Pirelli +2,47% and stellantis +1,54%, while in healthcare it revives Diasorin + 1,68%.
The losses are modest and limited to two blue chips: Ferrari -0,14% and Inwit -0,04%.
The news of the day, however, is the one published by the newspaper and concerns a minor title: the Juventus (+2,03%), which according to the newspaper would be for sale to address the red balance sheet. Exor (+0,54% in Amsterdam) flatly denied this hypothesis, calming but not extinguishing speculation about the Juventus club's title.
Outside the main basket, Galaxy stocks also shine Berlusconi, on news poised between gossip and finance. In fact, the market appreciates the agreement and acceptance of the inheritance by the sons of the owner Silvio and the stability that the majority in the hands of Marina and Pier Silvio gives to the group.
The titles Mfe A rise by 2,37% and those Mfe B 1,65%.
Spreads and yields on the rise
On the secondary side, a weak session ends for the Italian paper. The spread between the 175-year BTP and its German counterpart it rises to 1,11 basis points (+4,38%) and yields increase. The Italian stock is indicated at closing at +2,63%, the Bund at +XNUMX%.
