The banks lead Piazza Affari, which closes at the top in Europe and at its highest level since December 2015 at 22.491 points, +0,61%. Among the best stocks Ubi +4,35% and Unicredit +2%. The latter rebounded after yesterday's losses following rumors of an interest in Commerzbank. The sector is positive at the European level, even if Mario Draghi warns: "Despite recent progress, the level of non-performing loans on the balance sheets of European banks remains high".
The other squares in the euro area are also in tune: Paris +0,49%; Frankfurt +0,25%; Madrid, +0,05%, even with Catalonia at the center of a political storm. Slightly down London -0,11%.
Wall Street opens weak, after the series of records achieved in recent sessions. Apple weighs on all three main price lists, admitting problems with its Watch Series 3 a few days after the launch of the product on the market.
The euro appreciates against the dollar, cross close to 1,194, after the surge in the greenback last night, with the decisions of the Fed, which left rates unchanged, but confirmed a third tightening in December and the start of the tapering. Following the observations of the US Central Bank, Treasuries, after eight consecutive sessions down, are up, while gold slips below 1300 dollars an ounce, at 1294.865, -0,48%.
The sales also hit European bonds. The yield of the 10-year BTP rises to 2,16, while the spread with the Bund returns to 170.70 points, +1,07%. In its monthly bulletin, the ECB revises the prospects for growth in the Eurozone upwards, emphasizing however that this has not yet been translated into prices due to the strength of the Euro. The Institute also recalls that "it will decide in the autumn on the calibration of monetary policy instruments in the period following the end of the year".
Oil moved little, on the eve of the summit between Opec and other producing countries, including Russia. Forecasts converge on an agreement to extend production cuts. The current agreement provides for a reduction in output of 1,8 million barrels per day until March 2018; analysts estimate that they will be extended until the end of next year. Brent 55,61 dollars a barrel, -0,13%.
Returning to Piazza Affari: with Ubi and Unicredit, Intesa also shines +1,3%, on the maximum since January; Banco BPM +1,77% and Mediobanca +1,47%. Fashion takes off with Ynap +4,17% and Ferragamo drags it +1,46%. Moncler, -0,69%, instead remains at stake.
Other stocks in the spotlight are Buzzi +2,12%, which continues the rally started yesterday. Among the oil stocks, purchases are concentrated on Eni +0,73% and Saipem, +0,46%, while sales -1,24% prevail on Tenaris. According to Morgan Stanley, the steel pipe leader for drilling's third and fourth quarter results could be affected by delays in operations in Texas following Hurricane Harvey. At the bottom of the list also Luxottica -0,95%; Terna -0,88%; A2 -0,68%. Outside the main basket, the biggest gains are for Trevi +14,78%, Tiscali +10% and Fiera di Milano +8,48%.
