The great fear seems to have vanished. Wall Street celebrates the data on US GDP, which rose by 3,7% in the second quarter, with a new robust increase: S&P 500 +2,43%, Dow +2,27%, Nasdaq + 2,45%. In two days, the American markets have recovered half of the losses suffered in six days of decline.
The real economy is also behind the recovery in Tokyo, up 2,8% this morning. Japan has not slipped, as feared (and expected), into deflation while retail sales rise (+1,6%) and unemployment falls to 3,3%.
The end of the week was also pink in Shanghai (+2,2% at mid-session) and in Shenzhen (+1,7%).
The oil crisis also falls, rebounding by 10% in just two sessions: the WTI is quoted at 43 dollars, Brent at 47,6.
A few hours after the most awaited interventions by central bankers at the Jackson Hole meeting (today Fed number two Stanley Fisher will speak) the financial world appears to be a much less dangerous place than it appeared last Wednesday. But, in the words of a US analyst to Reuters "the era of low rates is over: no more drugs, but we still need methadone".
A picturesque but effective way of underlining that, having postponed the choice of the increase in the cost of money to September, the question will arise again in December. The season of central bank-backed stock market rallies is winding down.
MILAN +3,3%. THE NEW BTP 10 MAKES DEBUT TODAY
European stock exchanges accelerated yesterday behind the jackrabbit. In Piazza Affari, the Ftse Mib index closed at +3,3%. Paris +3,6%, Frankfurt +3,4%. London +3,6%. Madrid +3,5%, The Eurofirst 300 index rises by 3,7%.
The mini rally of the euro is back, down against the dollar to 1,123 from 1,131.
The BTPs are positive: purchases reward above all the extra-long maturity, the spread with the Bunds drops to 118 basis points (-7 basis points).
The Treasury easily placed the expected 6,75 billion six-monthly BOTs (out of over 7,3 billion maturing), with the yield unchanged at 0,007% from the previous auction. And operators have no worries about the offer today of a total of 7,5 billion of the new 2025-year BTP in December 2, coupon 2020%, and the reopening of the five-year bonds in May 2022 and the Ccteu in June XNUMX.
OIL AND UTIITIES IN FLIGHT. TENARIS IS THE BEST BLUE CHIP
The Piazza Affari bulletin is triumphal: all 40 blue chips in the Ftse Mib basket closed on the rise. As many as seven stocks posted gains of more than 5%. Among these are the oil stocks: at the top of the ranking is Tenaris (+9%) followed by Eni (+6,3%) and Saipem (+5,5%) which won two orders from Kuwait National Petroleum (Knpc) for construction work on the new al-Zour refinery in Kuwait worth about 1,3 billion dollars pertaining to it.
From Wall Street comes the echo of the strong rebound in oil equipment and mining stocks. After the Schlumberger/Cameron operation, the leap of Freeport, leader in the copper sector, contributes to keeping attention high, jumping by 16% after the announcement of the entry into the capital of Carl Icahn with a stake of 8,5, XNUMX%.
The awakening in commodity prices has also given wings to other stocks in the sector: Alcoa, aluminum leader, gains 5%, Newfield Exploration, oil extraction, +11%, Cheasepeake Energy, gas and oil, +9 %, Apache +7%.
The utilities are also brilliant. Enel (+5%) was today's best stock within the Eurostoxx Utility index, itself up 3%. A2A +3%,Snam +3%.
MARCHIONNE: FCA CAN GO ON BY ITSELF
Among the industrialists, Fiat Chrysler (+3%). The engines are warming up in view of the Ferrari IPO, which will list 10% of the capital on Wall Street no earlier than October 12 and will be spun off from the parent company Fiat Chrysler in 2016.
The current CEO of Ferrari, Amedeo Felisa, on the threshold of 70 years, could leave his post before the company's stock market listing, leading Sergio Marchionne to hold the double office of president and CEO.
Meanwhile, in the meeting with the group's dealers in Las Vegas, Marchionne sent out a clear signal: FCA can also go ahead on its own because it has the ability to finance the product portfolio on its own.
Finmeccanica +3,3%. Lead the race StM +4,5%.
LUXURY RECOVERY: FERRAGAMO +15% EBITDA
The luxury companies are recovering. In Paris Lvmh marks an increase of 3%. Yesterday evening, with the markets closed, Salvatore Ferragamo (+3,3%) published the figures for the first half: net profit of 90 million (+10%); revenues from 659 to 722 million (+10%) Ebitda increased by 15% from 243 to 165 million and Ebit rose by 12% from 121 to 136 million. Net financial debt decreased from 114 million as at 30 June 2014 to 98.
Yoox (+4,9%) and Tod's (+4%) were also positive, reaching 83,60 euros. Brian Garnier reiterated the Neutral recommendation for the Della Valle group company with a target price of 88 euros.
Brunello Cucinelli (+3,02%) after the publication of the half-year accounts (net profit of 15,5 million + 2,7%). Mediobanca Securities raised the target price to 17,7 euro, confirming the rating at neutral.
ACCELERATE BANK CREDIT. MPS REDEMPTION +6,5%
In the first seven months of the year, the data on credit granted by Italian banks improved again, with the strong surge in new home loans (+82%), the 16% annual growth in new loans to businesses and with total loans to households and businesses that halted the decline, marking the best figure since April 2012.
At the head of the platoon of banks is Monte Paschi (+6,5%). Followed by Intesa (+2,4%) and Unicredit (+2%). Insurance and managed also did well: Generali +2,5%, Azimut +1,7%.
MEDIASET: OUTPERFORM FOR MEDIOBANCA
Mediaset is still worth mentioning among the liveliest titles (+5,1% to 4,320 euros). Mediobanca raised its rating to Outperform from Neutral, reducing the target price to 4,96 euros from 5,15 euros. From the highs of early August, the stock has come to lose a quarter of its value. Following the recent correction, the year-to-date performance has decreased from +41% to +20%.
