I price lists Europeans close a positive session in line with the trend in tune di Wall Street while waiting for the Fed dove to bring a boost tomorrow interest rate cut of 50 basis points or at least 25 points, the first after a long restrictive period. The Dow Jones hit a new all-time high in the first hours of trading and is currently up 0,37%.
In Europe Business Square closed with a gain of 0,63%, boosted by the rebound of nexi +4,87% and the brilliant performance of Iveco +4,51% which could drop to Leonardo (-4,48%) its defense vehicles business.
It is also appreciated Frankfurt, +0,58%, despite German investors' confidence in September being at 3,6 points, far from the 17 points forecast and the 19,2 of August. Good Paris + 0,51% Amsterdam +0,51% and London +0,39%, but it stands out above all Madrid + 1,03%.
The fulcrum of the markets remains the action of the American central bank, but there is no shortage of other points of interest for investors in these hours. First of all, the game between Unicredit (+ 0,97%) and Commerzbank (-0,03%), with the Italian bank ready to ask the ECB for the green light to possibly increase the German's stake to 30%. Among the negative notes of the day, we note the collapse of defense stocks, across the continent, from Leonardo, Rheinmetall (-6,59%), from Thales (-3,52%) a Bae Systems (-1,93%).
In the political sphere Ursula von der Leyen has finally materialized his team for the EU Commission, after the recent turbulence, while Mario Draghi he tried to shake up MEPs once again by advocating the cause of a common debt, aimed at supporting competitiveness and avoiding the otherwise inevitable decline against the USA and China.
Finally, in Italy, the Council of Ministers examined the outline of the medium-term budget structural plan, introduced as part of the reform of European budget rules, with a deficit/GDP ratio expected to fall below 3% as early as 2026.
Wall Street in Tune with Bright Macro Data
In the American morning Wall Street looks set for a day of gains, while pundits remain divided on what the Federal Reserve will announce tomorrow, but most are now leaning toward a massive 50 basis point rate cut. The macro side of the coin, seen today, could dampen optimism a bit, as it came in better than expected. Industrial production, manufacturing output, and retail sales in August all came in higher than expected.
Technology stocks are contributing to the boost in New York stocks, both with Intel (+6,1%), already strong yesterday and which today announced a new agreement with Amazon Web Services; both with Microsoft (+1,86%), which raised its quarterly dividend and announced a new buyback plan.
On the foreign exchange market theeuro dollar is flat (1,1125), while the greenback shows a recovery of 0,8% against the yen at 141,76.
Among the raw materials floats the Petroleum, between the expectation of monetary easing that will restart the engine of the world's leading economy and the problems on the platforms caused by the recent hurricane. Both November contracts of WTI and Brent are up more than 1%, for prices respectively close to 70 dollars and 73,5 dollars a barrel.
Gold still very expensive, but below the recent record: the spot is currently trading at 2578,94 dollars an ounce.
Piazza Affari, Nexi and Stm bounce, oil stocks do well
In Business Square they bounce nexi e stm +2,73%. Oil stocks such as Tenaris +3,04% also closed a positive session, while Saipem was flat after recent gains.
The banking sector is on the sidelines, but immersed in a bundle of news. It is retreating Ps -1,52%, after the number one of Unipol (+ 0,4%) Carlo Cimbri has cooled the expectations a bit of those who bet on the interest of the Bologna-based company in Siena. The insurance group could in fact be interested in an insurance partnership with Montepaschi and in that case it could evaluate the purchase of a share of the Sienese institute, in any case less than 10%.
Popular of Sondrio rises by 0,67%, while CEO Mario Alberto Pedranzini confirms the stand-alone strategy while not excluding acquisitions.
Bene Bpm bank +0,64% and Mediobanca + 0,87%.
Among the blue chips that are falling are Campari, -0,79%, which completed the acquisition of 14,6% of the South African holding Capevin for 82,6 million euros.
Telecom shaved off earnings to 0,12%, while the Telecom savings rise by 1,71%, in the wake of the announcement of Davide Leone and Partners to have 10% of the savings bonds of the telecommunications operator, in a market that speculates on the possibility that only ordinary securities remain listed.
Stable spreads
The secondary market closed little changed: the spread between 10-year BTPs and 10-year Bunds was 131 basis points, with rates at 3,43% and 2,11%.
