September incipit with a smile for Piazza Affari. The Ftse Mib index closed the first session of the month at + 0.66% at 26,181 points. The new round of weak macro feedback from China has been well absorbed by the market with investors hoping for an easing in Beijing’s tight regulation to avoid holding back too much an already slowing economic cycle. In Europe, on the other hand, the spotlight is on possible changes in the ECB’s course, also in light of the surge recorded by inflation (+ 3% yoy in August, the highest since 2011). Comments from some ECB exponents arrived yesterday, suggesting that already the meeting of 10 September could indicate a slowdown in the PEPP.
Overseas new test of strength of the Nasdaq that still tears upwards with the Big Tech to new all-time highs. Disappointment from ADP’s estimate of +374,000 private sector jobs in August, well below analysts’ estimated growth of 600,000.
On the Piazza Affari parterre, it was mainly banks and utilities that pushed the accelerator. Enel’s show of strength (+ 1.13% to € 7.804), which brings the figure closer to € 8. Press leaks see the giant led by Francesco Starace ready to launch a 1.2 billion investment plan in South America in the renewable segment.
Financials are doing very well today with + 1% Intesa Sanpaolo and + 1.61% Unicredit. yesterday evening, at Consob’s request, Banca Mps announced that UniCredit’s due diligence activities are continuing, supported by the dedicated data room and meetings between management. In the meantime, Mediocredito Centrale has had access to a partition of the data room with information relating to a selection of bank branches.
Best title of the day Diasorin with + 2.72% at 198.5 euros confirming himself as the most in shape title of the Ftse Mib. Finally, tonic Ferrari (+ 0.57%). Today the new CEO Vigna officially took office after the announcement in June.