The uncertainties of the economic situation weigh on moods e waiting for the next Fed meeting. Thanks to Wall Street, however, the European lists managed to close in positive territory: Paris +0,07%, London +0,85%, Frankfurt +0,51%. Milan also closes up, +0,34%, despite the downward revision of GDP estimates of Confindustria.
According to the Confindustria Study Centre GDP will increase by only 0,7% in 2016, with a substantially flat second half, and by 0,5% in 2017. Meanwhile, the public debt is growing to 2.252 billion, a new absolute record. In July the increase was 3,4 billion, in seven months of 80,5 billion.
Lo BTP-Bund spread it closed with a marked increase of 3 percentage points, at 130 basis points and a yield of 1,34%. On the central bank front, today the Bank of England left rates unchanged at 0,25%, the Fed will meet again on 20 and 21 September. In the euro area, the consumer price index in the euro area rose by 0,2% year on year in August, in line with the preliminary data, the consensus of economists and the July data.
Il exchange euro Dollar closed down at 1,1237. Oil recovered with Brent up 1,85% to 46,7 dollars a barrel and WTI up 1,01% to 44,02 dollars a barrel.
On Wall Street the Dow Jones rises 0,89% and the S&P500 by 0,82%. Various macroeconomic data have been published in the USA: initial claims for unemployment benefits stood at 260, up by a thousand but better than estimates; the Philadelphia Fed manufacturing index for September came in above estimates at 12,8 points; On the other hand, August retail sales fell by 0,3% and were the first drop since March, while the Empire State manufacturing index was disappointing. Inventories unchanged in the face of expectations for a drop of -0,1%. On the corporate front, eyes on Apple after the indications on the sales trend of the iPhone 7 and iPhone Plus.
Moncler did well in Piazza Affari +3,87%, the best title in the Ftse Mib after Morgan Stanley raised its recommendation to "overweight". Stm +2,22%, Unipolsai +1,97%, FCa +1,93% are also highlighted thanks to data on European registrations that are better than those of the market. At the bottom of the Unicredit blue chip basket -2,25%, Ferragamo -2,20%, Mediobanca -1,87%, Ubi Banca -1,56% and Banco Popolare -1,49%. After a positive start, the banks returned to the downside. Bmps -0,54% after the appointment of Marco Morelli as new CEO in place of Fabrizio Viola and the resignation of the president, Massimo Tononi.
Outside the Ftse Mib, Tod's collapses -6% after publication of quarterly accounts. In the April-June period, Ebitda fell by 16% year on year to 86,3 million euros, a decline mainly caused by the negative performance of the company's stores. During the conference call, the financial director Emilio Macellari anticipated new cost containment measures, an inevitable action to deal with the extension. Kepler Cheuvreux reduced the target price to 54 euros from 58 with a "hold" recommendation from "buy".
