Positive closure for European bags, including Piazza Affari, despite the geopolitical tensions and the fact that President Donald Trump has announced new rates on patented drugs, heavy and mobile trucks. For drugs there is a 100% duty from 1 October unless producers build plants in the United States. The “clear omnic -comprehensive tariff ceiling of 15% represents an insurance policy for EU exports that will not occur higher duties for European economic operators”, today the spokesman for the European Commerce Commission, Olof Gill, has reassured.
On the macroeconomic front, the gross domestic product of Spain grew by 0.8% in the second quarter compared to the previous three months, a faster rhythm of 0.7% preliminary indicated in July. The trust of consumers in Italy rose in September, while that of manufacturing companies remained on the levels of the month before, just below the expectations, according to the data released by Istat. In the United States, the expenditure for consumption, which represents more than two thirds of the economic activity, increased by 0.6% last month, after an increase of 0.5% in July, according to the data of the Bureau of Economic Analysis of the Department of Commerce. Net of the volatile components of food and energy, the PCE price index increased by 0.2% last month, after +0.2% in July. In 12 months until August, core inflation increased by 2.9% after +2.9% in July.
The main indices
Among the European Frankfurt tonic lists which highlights a nice advantage of 0.87%, in light London, with a large progress of 0.77%, and positive trend for Paris, which advances a discreet +0.97%.
Sign most in closing for the Italian price list, with the FTSE MIB increasing by 0.96%; On the same line, the FTSE Italia All-Share ends the day increasing by 0.92%. The FTSE Italia Mid Cap (+0.41%) is slightly positive; The Ftse Italia Star (-0.26%) is slightly reduced.
The best and worst
Among the Best performers of Milan, in evidence Unipol (+2.86%), Generali Assicurazioni (+2.48%), Banca Popolare di Sondrio (+2.45%) and Intesa Sanpaolo (+2.22%). The strongest discounts, however, occurred on Stmicroelectronics, which filed the session at -2.02%. Under pressure Brunello Cucinelli, who accuses a drop of 1.74%. Campari slips, with a clear disadvantage of 1.64%. Substantially weakly weak, which records a flexion of 1.06%.
At the top among the Italian actions with medium capitalization, Comer Industries (+4.82%), Banco di Desio and Brianza (+3.20%), BFF Bank (+2.20%) and Phogen (+2.16%). The strongest sales, on the other hand, hit GVS, which finished the counterattacks at -3.20%. In red Zignago Vetro, which highlights a decisive reduction of 2.81%. The negative performance of Technoprobe stands out, which drops by 2.39%. Ariston Holding drops by 2.29%.
Messages from the Fed
The US macroeconomic data released during the week, who surprised positively, weighed on the sentiment of the market, making the hopes of rapid cuts in interest rates from the FED fail
The president of the Fed, Jerome Powell, did not issue very different statements from those of the press conference of the previous week, stating that “the short -term risks for inflation are raised oriented and those for the relative employment: a difficult situation”, where “bilateral risks imply that there is no risk without risk”. The new memebre of the Board Fed appointed by Trump is increasingly accommodating: Stephen Miran said that the US central bank risks damaging the economy if it does not move quickly towards lower interest rates., Suggesting a “very short series of cuts of 50 basic points”.
The next appointments
Looking at the next week, the focus will be on the report on the September labor market in September, which analysts expect will be positive. This is the latest report on the labor market before the October Fed meeting, therefore it is of fundamental importance for the decision on interest rates. In the Old Continent, the largest wait is for the inflation of the Eurozone, which may have resumed growing in September, climbing from 2.0% per year to 2.3% according to the consensus, the highest level since February.
Among the major central banks, the Reserve Bank of Australia (RBA) should suspend its monetary loosening strategy, leaving the interest rate at 3.60% after cutting it by 25 basis points in mid -August.
