Wall Street it drives the stock exchanges of the planet to new increases thanks to a barrage of good news arriving from the economy.
Tokyo +0,1% lengthens the streak of consecutive sessions (up to now nine, as it hasn't happened since 1998) closed with the plus sign. The weekly balance is flattering: +1,8%, a positive nine-month streak of %. Even Hong Kong +0,37% resumes breaking new records.
The most awaited record, at least on a psychological level, is one step away. The S&P 500 index stopped at 1992,37 last night, after having recorded a high at 1994,76. Thus a possibility with a Hollywood flavor is looming: the peak of 2.000 points could be reached during today's awaited speech by Janet Yellen.
In the morning, better than expected indications had arrived from the SMEs France and Germany. The Paris Stock Exchange rose by 1,1%, Frankfurt +0,8%, London +0,3%.
Strong rise of the Milan Stock Exchange which gained 2% with the FtseMib index again above 20 thousand. Piazza Affari was the best among the European Stock Exchanges. The Milan Stock Exchange gained 2,06%: the FtseMib index is again above 20 points at 20.011.
Stable the BTP with the yield at 2,59%, spread at 159.
The Treasury is back in action: on the 26th two-yearly 2,5 to 3 billion Ctz will be offered at auction.
JACKSON HOLE
On the eve of the speech that “dove” Janet Yellen held today in Jackson Hole in front of the central bankers. A series of good news rained down on the markets, indirectly supporting the theses of the "hawks" who are pressing for a short-term rate increase. Like Esther George, president of the Kansas Ciy Fed who organizes the meeting, who declared yesterday that "the time is ripe for rate hikes". In particular:
a) The PMI manufacturing index in August it rose to 58 points, up from 55,8 points the previous month and better than the 55,7 estimated by analysts.
b) Good directions from Real Estate Market with existing home sales growing to 5,15 million units in July, up from 5,04 the previous month and better than the 5,02 million estimated by analysts.
c) The datum of the is excellent Leading indicators (an index that brings together several leading indicators of economic trends), which rose to +0,9% in July from +0,6% the previous month and better than the +0,6% expected.
d) Clearly above expectations also the Philadelphia Fed Index on consumer confidence, which rose to 28 points from 23,9 in the previous month and above the 19,7 estimated by analysts.
e) In the corporate field Hewlett-Packard accelerates up 4,7% on Wall Street. One of the world's largest PC makers closed its fiscal third quarter with net income of $985 million, down 29% from the same period last year.
UTILITY
A2A it closed the session with a leap of 8%, reaching 0,811 euro.
Also prominently featured Iren which raises by 6,96% ahead of That +6,3% ed Ivy + 3,34%.
The increase has two reasons: the drop in the cost of debt and the prospect of approval by the Sblocca Italia decree.
Utilities companies in general they are companies with high debts, the business in fact regulated and not very subject to economic cycles offers good guarantees for lenders and therefore companies take advantage of it to increase exposure and invest in infrastructure.
For A2A which closed the first half paying out around 100 million euro in financial charges, higher than the profit recorded in the period of 97 million, a 0,5% drop in the average cost of debt, now at 4%, could generate savings more than 150 million a year.
The decree Unblock Italy, expected on August 29th. however, it will contain measures to encourage investment in various sectors, including energy, and should already contain the part of the government spending review relating to companies owned by local authorities, which the aim is to reduce from the current 8.000 to about a thousand, thus opening interesting opportunities for the main listed multi-utility companies, above all Hera (BoD next 27 August) but also Acea and Iren.
Enel marks a progress of 1,5%. The other utilities are positive, from Snam +2,6% ad Atlantia + 2,2%.
STM
Among industrial stocks, StM gained 1,9%, Finmeccanica +1,4%, the subsidiary Ansaldo Sts gained 1,1%. Telecom Italia +2,5% and Fiat +2% recover ground
BANKS
The entire banking sector Europe is making strong progress after some encouraging signs on the recovery of the euro area economy. The Eurostoxx Banks is up 1,8%. In Milan, the Big % stood out: Unicredit +3,1%, Intesa +3,3%, Mediobanca +2,8%, Popolari were even better, led by Bpm +6,7%, second best stock of the Eurostoxx 600 index. Followed by Banco Popolare +4% and Ubi +4,4%. Positive insurance: Generali +1,7%, UnipolSa +1%.
LUXOPTICAL AND…
Luxottica -0,4% remained weak: the market takes the farewell of CEO Andrea Guerra for granted. Tod's rose by 2,3% after the news that the Della Valle family bought shares, increasing its stake. Among the mid caps, d'Amico +5% stands out.
