European stock exchanges little moved. At Piazza Affari ( +0,14%) catalyzes attention Telecom -4,6% which collapses by xx after a downward suspension: the market fears a capital increase to avoid rating agency downgrades after Franco Bernabè's words heard today in the Senate hearing in the Senate on the sale of Telco to Telefonica. The spread is stable around 239 basis points. Today the treasury placed all 2,5 billion euros of two-year Ctz with falling rates and rising demand: the yield fell to 1,623% from 1,871% at last month's auction, while demand is was 1,77 times the amount offered, up from the previous 1,46.
London -0,3%, Madrid +0,8%, Frankfurt and Paris unchanged. In the draft finance law presented today, the French government has revised upwards its public debt estimates, forecasting a record level of 95,1% of GDP in 2014, against the 93,4% forecast for this year.
On Wall Street, the indices opened uncertainly. The market is weighed down by tensions and fears of paralysis by the US government due to the lack of agreements between the White House and Congress on budget and debt. Treasury Secretary Jack Lew has signaled that the government will run out of resources by October 17, by that date it will have only $30 billion left at its disposal if Parliament does not raise the federal debt ceiling. On the macro data front, durable goods orders came in better than forecast, up 0,1% in August and new home sales in August rose 7,9% to an annualized rate of 421.000 units. Median home prices rose 0,6% to $254.600 year-over-year.
No longer Hong Kong but Wall Street for Alibaba: according to the WSJ, the initial public offering plans in Hong Kong have been shelved and the 70 billion dollar IPO will arrive on Wall Street. It will be the largest tech IPO since Facebook's 2012 and will be a test of investor appetite for China's growing market. On the foreign exchange market, the euro strengthened to 1,3531 dollars, while WTI oil moved slightly +0,32% to 103,46 dollars a barrel. Gold climbed 1,58%, to $1.336,80 an ounce.
Autogrill shines in Piazza Affari as it met the financial community yesterday in Amsterdam for Investor Day. The share rises by 3,7%, to the top of the Ftse Mib, benefiting from the positive expectations of analysts: thanks to Wdf, the group will be able to match the expected recovery in the USA and an increase in Italian motorway traffic is expected in 2015. A2A +2,5%, Pirelli +2,3%, Unicredit +1,2%, Ubi +1,1%. The banking sector was contrasted overall: Banco Popolare +0,5%, Mps -0,4% following the decision to postpone the approval of the restructuring plan, Bpm -1,8%, Intesa -1,7%. Gtech -1,7% and Mediaset -1,6% also end up among the worst of the Ftse Mib, behind Telecome and some banks, on which a report by Kepler Cheuvreux weighs, which sees a 3-4% drop in advertising in September after the first signs of improvement in the summer. At the end of the year, a profit of 28 million is expected compared to the previous estimates of 61 million.
