Le European stock exchanges another intermediate session closed with a slight decline, a few hours after the first rate cut by the Fed in about four years, while the wait keeps you on tenterhooks Wall Street, which is struggling to move from parity.
Business Square loses 0,37%, despite the good performance of the banks, weighed down by the losses of Campari -7,48%, with the title put in crisis by Surprise resignation of CEO Matteo Fantacchiotti, less than six months after taking office at the top of the company. The reasons given are said to be personal.
In the rest of Europe, the other main price lists are also weak: Paris -0,57% Madrid -0,09% Frankfurt -0,06%. London is in black jersey, -0,68%, on the eve of the Bank of England meeting, which is not expected to touch rates, especially since British inflation in services rose to 5,6% in August, above expectations, although overall inflation remained stable at 2,2% and close to the target.
In the Eurozone and in the EU inflation did not bring any bad surprises last month. Eurostat confirmed for Euroland an annual rate of 2,2%, from 2,6% in July and against 5,6% a year earlier. In Italy +1,2% after +1,6% in July.
In a few hours the Fed will reveal the mystery: -25 or -50 basis points?
The mystery surrounding the size of this cut (25 or 50 basis points?) by the Federal Reserve will be resolved at 20pm (Italian time) and the words used will also count a lot Jerome Powell will present this choice. According to analysts, in fact, a decisive cut, if not well argued, could scare the market about the real state of health of the world's leading economy.
Dovish comments from current and former Fed officials have pushed the odds of a more aggressive rate cut to 63% in recent days, according to CME Group’s FedWatch tool.
In this context the dollar is little moved and the euro is trading against the greenback at 1,1115. On the other hand, the GBP at 1,3202 in anticipation of a BoE holding firm on its positions.
The prices also seem to be stuck Petroleum, with WTI and Brent futures respectively around 70 and 73 dollars a barrel. Even thegold is weak, but still bright, for a spot gold price above $2571 an ounce. Prices of T Bond they are decreasing.
Piazza Affari shines TIM
Climbing one position at a time Telecom today reached the top of the list, finally closing with a 3% gain. The spotlight was once again on the stock yesterday when Davide Leone and Partners announced that they had 10% of the savings shares (+4,11%) of the telecommunications operator. The market – underlines Reuters – speculates on the possibility that only ordinary securities will remain listed.
Among the best blue chips of the day there are many banks: in particular Bpm bank +2,93% and Bper +1,66%, which also seem to have opted out of the possible Risk in the sector.
Unicredit, -0,07%, is cautious. Today we see the generic observation of Joachim Nagel, president of the Bundesbank, according to whom any bank merger in Germany must create a competitive institution strong enough to support the growth of the German economy. Words that could fit with Unicredit's ambitions on Commerzbank (+2,2%). The Italian bank certainly does not lack the requirements indicated by Nagel, but Unicredit could encounter a complex political hostility to this invasion of the field, since the marriage with the German could put pressure on the other large Teutonic bank, namely Deutsche Bank (-0,2%).
For the CEO of Understanding (+0,08%), Carlo Messina, Unicredit's on Commerzbank is instead "an excellent operation. An excellent diversification strategy. It is clear that it is a first step because they have acquired only one share".
At the top of the list you will find it again Saipem +2,79%, rewarded by purchases on the news of a Offshore contract worth about $2 billion in Saudi Arabia.
It bounces Leonardo +1,71%, after yesterday's slide.
It is colourless Generali, even though Goldman Sachs has resumed coverage of the European insurance sector, assigning a buy with a target price of 31,5 euros to the Lion's share. In addition, Francesco Gaetano Caltagirone rose to 6,92% of the company's capital, as shown by the coupon paid on May 22, 2024 and the most recent update of the shareholders' register, which also takes into account the buyback currently underway (reached 34,4%).
In the list of major drops, in addition to the bright red of Campari, the drop of Post -3%, following the news that the government has approved a decree for the sale of a share, providing that the State maintains a shareholding of over 50%.
Male Moncler, -1,82%, after Grinta, a company owned by the family of Carlo Rivetti (founder of Stone Island, a company sold to the group led by Remo Ruffini in 2020), sold 0,8% of its capital on the market last night.
Luxury also suffers with cucinelli -1,76%. Goes down Ferrari -1,74% and there is no peace for Amplifon which leaves 2,59% on the field.
Spreads up
The session is negative for bonds, with the spread between a 134-year BTP and a Bund of the same duration which is indicated at XNUMX basis points, with rates at 3,5% and 2,15% respectively.
