European stock markets closed a session with a rebound today, after a forgettable start to September: Milano rises by 0,9%, with Paris + 0,99% Frankfurt + 0,94% Amsterdam + 1,03% Madrid +0,92%. It shines London + 1,09%.
Giving courage, after the Asian losses and the disappointing Chinese inflation data, was the belief that the US would cut rates again. ECB Thursday (another 0,25% cut expected), while in the afternoon the steady start of Wall Street, where many mega tech companies are in money, except Apple ahead of the presentation of the new iPhones. The New York Stock Exchange is looking for redemption, after the bears of last week and a difficult to handle August employment report. The latest reading by experts believes that the data is not weak enough to induce the Fed to cut rates by 50 basis points and not strong enough to dispel recession fears. The numbers will be released this week'inflation, which could further influence Jerome Powell's choices.
Draghi: Europe wake up
Today's macro agenda is sparse, but at least the shock of the Eurozone day resounded. Mario Draghi Competitiveness Report presented to the EU and which could guarantee a reservoir of ideas to the new Commission. The former central banker has asked for a radical change in the Union, a double Marshall Plan to stand up to the US and China, an industrial strategy that sees an increase in common investments of 700-800 billion.
All the more so as there is no shortage of signs of weakness in the region: in September, investor confidence fell more than expected. The Sentix index fell to -15,4 points against the -12,4 expected and -13,9 points in August. This index has been in negative territory since June, when it stood at 0,3 points.
Euro falls against dollar; oil rises
On the foreign exchange market, bets on a dovish ECB are making themselves felteuro, which retreats by 0,4% against the dollar and moves around 1,1. However, it is above all a rebound of the greenback, which prevails to an almost equal extent also on the yen, recovering from the losses of Friday, while the euro is little moved in comparison with the Japanese currency, the pound and the Swiss franc.
Among the raw materials, the recovery also appears to be in Petroleum, which looks at a hurricane in the Gulf of Mexico that could threaten the US coasts. Black gold has been in check for many days, so much so that Brent has fallen for six consecutive sessions, reaching a drop of over 11%, around 9 dollars a barrel, to record last Friday the lowest closing price since December 2021. Today the rise is around 1% for both WTI and Brent futures. However, the prices of the former are still moving below 70 dollars a barrel and those of the latter below 72 dollars.
Piazza Affari: Campari, Nexi and banks doing well. Luxury increasingly down
In Piazza Affari today the blue chip most rewarded by purchases is Campari +3,58%, but financial stocks are almost all in good shape. Among these nexi +2,39% and banks. Among the biggest increases of the day are Popular of Sondrio +2,62% and Mediobanca +1,54%. Big companies doing well Understanding +1,64% and Unicredit +1,05%, after JP Morgan's decision to raise the target price to 4,7 euros from 4,4 for Intesa and to 49 euros from 46 for Unicredit.
Among the oil stocks Saipem up 0,78%, boosted by the announcement of the launch of the XolarSurf floating solar platform prototype off the coast of Norway.
Luxury remains weak, disappointed by Chinese inflation and Barclays, which has cut many target prices, precisely because of the dragon crisis. In Milan, prices are falling Moncler -0,97% and cucinelli -0,42%.
Kering (Gucci) in Paris even fell to its lowest level in seven years due to concerns about demand in China. Analysts at Barclays Plc cut their recommendation on the stock from “equal weight” to underweight. In the end, the French stock limited its damage to 2,99%.
Spread little moved; a new 30-year BTP is coming
The secondary closes a fluctuating session, which finally shows a spread in balance, at 140 basis points, between BTPs and Bunds, both with a ten-year duration. The Italian bond rate is indicated towards the end of the day at +3,54%.
As for the primary, a new one is coming new 30-year title. The Ministry of Economy and Finance announced that it has entrusted Barclays Bank Ireland PLC, Bnp Paribas, BofA Securities Europe SA, Citibank Europe PLC and Société Générale Inv. Banking with the mandate for the syndicated placement of a new benchmark 30-year BTP – maturing October 2054, 10. The transaction will be made in the near future, depending on market conditions. The Mef has specified that the auctions of BTPs with maturities longer than 12 years scheduled for September 2024, XNUMX will not take place.
