A signal of confidence is coming from the markets on the next measures in favor of growth and on a positive outcome of tomorrow's ruling by the German Constitutional Court, after the Court's approval of Draghi's anti-spread plan. After a cautious day and below parity, the price lists, thanks to the positive opening of Wall Street, regained momentum closing in positive, with the exception of London (-0,02% also weighed down by the drop of Burberry, -19,51, XNUMX%). In Milan the Ftse Mib rises by 0,84%, Frankfurt runs at +1,34%, Paris + 0,89%. Madrid +0,82%.
Lo Btp-bund spread returns to 353 points, down from 363 at the opening with a yield of 5,08%. The Bono-bund spread is at 414 points.
On the one hand, Chinese premier Wen Jiabao during his speech at the World Economic Forum in Tianjin he reassured that China will achieve the 7,5% GDP growth target in 2012. It is true that the Chinese economy faces considerable negative pressure – he admitted Wen - but thanks to our efforts to adapt our economic model, better allocate resources and implement more reforms and greater openness, we have the ability to keep the economy in good condition". This is how he looks at possible stimulus interventions by the Central Bank. But at the moment he is worried about the prolonged absence (in the last ten days with cancellation of the meeting with Hilary Clinton) from the public scene of Xi Jinping, the future president one month before Congress which, strangely, is not mentioned. According to some sources cited by the Asian press, Jinping is ill but not seriously. Some argue that he tore his back muscles while swimming in the pool, others that he would have been operated on for a herniated disc but there are also those who go so far as to rumour, a Sino-American website according to Ansa, that would have escaped in an assassination attempt.
On the other hand, the markets are supported by the opening of Wall Street on the rise after the US trade balance deficit was much better than expected and rose to 42 billion in July from 41,90 in June (44 billion the expected rise). And now traders are eyeing Ben Bernanke's moves on Thursday. Moody's alarm on the triple A rating of the USA was also substantially ignored: the agency could revise its credit rating downwards (to Aa1) in the absence of an agreement to reduce the debt-to-GDP ratio after the presidential elections.
At the close of Europe, the Dow Jones rises by 0,72% and the Nasdaq by 0,26%. Apple rises by 0,49% on the eve of the presentation of the new iPhone. Facebook also rose (+2%) on the day of the first press conference since the social network went public.
The euro surpasses 1,28 against the dollar and trades at 1,2866 (+0,84%), gold consolidates at 1736 dollars an ounce (+0,25%) while Wti oil rises by 0,56% to 97,08 dollars a barrel. The latest report shows that OPEC has left its estimates on world oil demand for 2012 unchanged, reiterating that world demand for crude oil this year will be 900 barrels a day.
On the European agenda front, in addition to the appointment with the institutional court, the market is also looking at other crucial steps for the evolution of the crisis: from the elections in Holland tomorrow, the presentation of the banking union project by the European Commission but also the evolution of the situation in Greece and Spain.
The tug of war between the Troika and the government continues in Athens, while in Madrid Rajoy still does not say anything about the request or not of the anti-spread shields. Rajoy also announced a capital gains tax and an environmental tax.
In Piazza Affari runs Stm rises by 3,82%, Bper by 3,31%, Ubi by 2,79% after the promotion of Barclays. Among the positive banks also Intesa Sanpaolo +0,97% and Unicredit +1,25%, retracing after yesterday's leap MPS which today started the issue of a two-year senior unsecured bond which closed with orders above just above the 500 million and a premium of 450 basis points on the midswap (a yield of about 5%).
At the bottom of the Ftse Mib are confirmed the luxury stocks, Salvatore Ferragamo -5,08% and Tod's -3,52%, Luxottica -1,72%, weighed down by the profit warning and by fears about Burberry's sales in Asia.
The rally on the RCS ottovonte resumes, closing between suspensions at +17,47%. The financier Alessandro Proto, CEO of Proto Organization, confirmed "the willingness to ask for a check on the work of Consob" regarding the performance of the Rcs share in Piazza Affari and in relation to some press rumors. "The fluctuation of the Rc share - notes Proto - is certainly not due to us, we will never try to buy important shares of Rcs at this time, Consob would prevent it from the start with a request for intimidating information and veiled threats, so it is better to leave lose, if the stock were to go up today it would certainly not be because of us. We bought 1,7% of Espresso which seems to me to control one of the most important newspapers in Italy and nobody said anything to us, with Rcs we increase by 0,2 and we are contacted, summoned and threatened, in the event of non-compliance, with criminal measures, when below the 2% threshold there is no obligation to notify the supervisory body. However, it does not seem to me that there is a ban on communicating it to the market. So we will try to shed light on what is happening and why Consob is so diligent every time RCS is mentioned, while for other companies that it should have controlled better it has done nothing with major financial instability and the loss of savings for thousands of small savers ”.
Confirmation the marked decline in Fondiaria Sai -5,29% following the closure of the capital increase with the non-subscription of 21,57% of the capital
