The European price lists pull their breath in the last session of the week, after recent earnings fueled by expectations for a cut of the rates aside in the Fed at the next meeting on September 17th. Among the main European bags neglected Frankfurt, which remains glued to the levels of the eve (-0.02%), in a marginal reduction of London, which passes out of hand with one -0.15%, and colorless Paris, which does not record significant variations (+0.02%) compared to the previous session.
The performance of Piazza Affari
Mild increase for the Milanese stock exchange, with the FTSE MIB rising by 0.32% to 42,566 points, consolidating the series of five consecutive rise, launched last Monday; On the same line, the FTSE Italia All-Share proceeds in small steps, putting forward to 45,161 points. In fractional progress, the FTSE Italia Mid Cap (+0.34%); On the same trend, the FTSE Italia Star (+0.93%) on the rise.
Among the best performers of Milan, in evidence Banca Mps (+3.50%), Mediobanca (+3.38%), Banco Bpm (+2.07%) and Prysmian (+1.72%).
The strongest sales, on the other hand, hit Stellantis, which finished the counterattacks at -1.84%. Basically weak recurrence, which records a flexion of 1.28%. It moves under the diasorin equality, highlighting a decrease of 1.20%. Moderate contraction for amplifon, which suffers a drop of 1.04%.
At the top among the Italian actions with medium capitalization, Avio (+12.71%), Sesa (+5.59%), Tamburi (+5.26%) and Multiply Group (+4.68%). The strongest sales, on the other hand, hit Cembre, which finished the counterattacks at -4.20%. It suffers Newprinces, which highlights a loss of 3.39%. Prey to the Sanlorenzo sellers, with a decrease of 3.24%. Sales on Ferragamo are concentrated, which suffers a drop of 3.08%.
The indications released today
On the macroeconomic front, in Germany and France, the harmonized inflation of August was confirmed at +2.1% a/aea +0.8% a/a, respectively. In the United Kingdom in July, industrial production fell by -0.9% m/m (against 0% expected and +0.7% previous), with the manufacturing component in decrease of -1.3% m/m (worst drop for 1 year) in the wake of flexions spread in all sectors (guided by electronic and pharmaceutical).
After the umpteenth status of the ECB of yesterday, with Christine Lagarde who declared that “the disinflation process ended” in the euro area and that the ECB “remains well positioned” against the risks, today divergent positions have arrived from the central bankers on the path of monetary policy. In particular, the French Villeroy said that a last reduction of target installments cannot be excluded, while for others the current level of the deposit rate represents the minimum point of the expansive cycle.
Focus on central banks
The decisions of the central banks of next week are destined to give conflicting results. The Fed will probably cut the rates of 25 points basic at the end of the two -day meeting on September 17th; Financial markets are fully serving a cut of 25 base points and a probability of about 10% of a cut of 50 basis points. The Bank of England (BOE) will most likely keep the reference rate unchanged, to 4.00%, when it announces its decision on September 18th; He will probably keep his Forward Guidance for “gradual and cautious” rates cuts and the attention will be focused on positions inside the board, after the strong divisions that emerged in the last meeting.
Norges Bank is facing a complex dilemma, since inflation in Norway has remained above 3% for most of the year; Currently the markets are serving a 25 basic points cut in the meeting next week, which would bring the reference rate to 4.00%. On September 19th, the Banca del Japan (Boj) will probably leave the rates still, too complicated the political and economic moment in Japan to extend the credit conditions.
