(Il Sole 24 Ore Radiocor) – In the first session of the week, the European stock exchanges restarted on the right foot and in the name of increases, after an uncertain and little move week and in the wake of the good performance of Asia. Thus all the indices rise, as shown by the performance of the FTSE MIB in Milan, the CAC 40 in Paris, the DAX 30 in Frankfurt, the IBEX 35 in Madrid, the FTSE 100 in London and the AEX in Amsterdam.
To investors, who continue to look overseas to see if the Federal Reserve will postpone the tapering (possible by the end of the year) in light of the disappointing US employment data released on Friday, the lighthouse of Wall Street will be missing, closed today for the Labor Day holiday. In Europe we look at the data on the economy, betting on an acceleration despite the doubts about the new infections from Covid: in Germany, orders to the industry rose by 3.4% in July and 24.4% year-on-year, while in Italy yesterday the Economy Minister Daniele Franco, during the Ambrosetti Forum in Cernobbio, said that Italian growth in 2021 could also exceed the expected + 5.8%.
Caution prevails after Wall Street records
After months and weeks of rises, with Wall Street hitting new records, the American and European stock exchanges moved into a limbo of fluctuating macroeconomic data. And amidst the uncertainty, investors preferred to do what they do best: sell to take home some capital gains. On Friday evening, however, Wall Street did not break down in front of a data on the labor market that has undermined the Federal Reserve’s theses on inflation. Antonio Cesarano, an analyst at Intermonte Sim, commented on the data: the protagonist is the shortage of workers, especially in some sectors that the wage increases that are still materializing are not able to cope with. The partly counterintuitive reaction of the short-term market (rising rates with inflation expectations that are starting to rise in the long-term sector) signals the fear that the Fed, under the pressure of the hawks, could question the inflation hypothesis temporary, due to the risk of the wage / inflation spiral ”.
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In Milan sprint Leonardo, weak the oil
At Piazza Affari almost all of the Ftse Mib is in positive territory, only oil in the queue, starting with Saipem, with the fall in crude oil, which pulls the handbrake after the rises on Friday. Brilliant performance for Leonardo – Finmeccanica, leader in Milan: over the weekend, during the Ambrosetti Forum in Cernobbio, the managing director Alessandro Profumo made it known that the listing project of the American subsidiary Drs is not archived, indeed it continues to update the documentation. Italgas and Nexi also did well, bouncing back after the previous drops triggered by the Antitrust investigation into the transaction with Sia.
Among the “little ones” run Monnalisa and Kolinpharma
The tenth opening in China, a market considered strategic, gives Monnalisa wings on Aim. The high-end childrenswear group will open a store in the luxury center of Deji Plaza, one of the most exclusive malls in China located in the city of Nanjing, in the southern part of the country. Kolinpharma, the innovative SME in the nutraceutical sector that launched the Xinprox food supplement, expanding its commercial offer in the uro-gynecological area, is also at a rapid pace
Euro / Dollar flat, oil falling
On the currency, the euro / dollar exchange rate, after having exceeded 1.19 on Friday following the publication of the report on American employment, is essentially stable: the single currency changes hands at 1.1874 dollars (1.1872 at the close of Friday). The euro is also worth 130.372 yen (130.54 on Friday), while the dollar / yen ratio is at 109.78.
Oil is down, after the rises on Friday: WTI October futures down by 1.28% to 68.4 dollars a barrel and those of Brent in November to -1.29% at 71.65 dollars.