MILAN – Banks back in the markets targeted. After the result of the stress tests conducted by the EBA – press behind closed Friday evening bags -, industry stocks are now valued by investors in Italy are mainly concentrated on MPS and Unicredit. The Sienese bank was rejected examination led European Banking Authority, but has cashed the ok from the ECB and the EU Commission to the recovery plan. A worry is above all the institution Cordusio Square that showed all its fragility and waiting for the new business plan assesses the launch of a capital increase of up to five billion euro. In absolute terms, however, the sector has shown stronger than expected and according to Moody’s “most EU banks proves to be resilient under conditions of adverse scenarios, a significant improvement compared to the same tests conducted in 2014″ .
Milan Stock Exchange of momentum, then reversed course and closed in red 1.73% with the banking sector weighed down by the rain of sales that swept Unicredit repeatedly suspended for excessive downward. Also on the list bottom of Banco Popolare and UBI, Intesa Sanpaolo also in red despite Ca de Sass it is found one of the best banks of the Old Continent. It remains in positive territory MPS, but far from the peak beginning when he was sitting in the volatility auction for excessive upward. Holding back the other European markets: London resets the morning gains and yields 0.4%, Paris 0.6%, while Frankfurt moves back of 0.2%. Slightly higher Wall Street: when they close European markets, the Dow Jones rises by 0.1%, the S & amp; P 500 by 0.2%, while the Nasdaq advancing by 0.7%. New York stores the session with the Dow Jones lost 0.15% to 18,404.78 points; Nasdaq 0.43% rose to 5184.20 points while the S & amp; P 500 yields 0.13% to 2170.80 points.
Beyond the banking issue, the experts are They focused on US data. GDP in the second quarter marked an unexpected setback, a figure that will probably convince the Fed to return to year-end monetary tightening. it is possible that Janet Yellen decides to wait for the start of 2017 before raising the cost of borrowing. The signals across the Atlantic, however, are contradictory. According to Robert Kaplan, president of the Dallas Fed, a rise in “rates in September is really on the table”, while William Dudley, president of the New York Fed, it’s too early to rule out a close this year, “but we need caution “. In this sense will be decisive on employment reliefs that will be announced next Friday.
At the macroeconomic level, the euro zone manufacturing PMI index fell to 52 points in July from 52.8 in June. And ‘the final reading of July and show a slowdown that some economists is one of the first effects of the climate of uncertainty related to Brexit. Braking in Italy and Germany – where, however, the PMI remains 50 points, the demercazione line between expansion and recession – while rooms in France goes from 48.3 to 48.6 points.
Stress tests on Italian banks have also reassured the minds in terms of government bonds as at the beginning of the spread week. ovverso the yield difference – between BTPs and German Bunds marks share 126 points with a 1.16% rate or. The differential signals share 126 points against the 129 of the previous Friday. The yield is 1.16% to new record low. The euro closed slightly down on the dollar above 1.11 share: the single currency is changing hands at $ 1.1168, and the final is at 114.36 yen. The greenback advances on the Japanese currency to 102.40.
In the morning, the Nikkei of the Tokyo Stock Exchange index closed slightly up by 0.4% to 16,635.77 points after fluctuating in the two meaning. A condition the session were, at the start, the data worse than expected on US growth in the second quarter and the decline of the dollar against the yen which penalized the exporting companies stocks. Then the yen has recovered stabilizing prices. In addition, the Asian markets have welcomed the modest increase in US GDP as it could ward off the Fed’s monetary tightening.
In terms of raw materials, oil prices are slow ascent in beginning of the week after net losses in recent days. The WTI crude contracts maturing in September marking a rise of 14 cents to $ 41.74 a barrel. Brent fetches 18 cents to $ 43.71 a barrel. The price of gold in Asia remained at the highest level in three weeks reached Friday on the US growth forecasts lower than expected. Bullion for immediate delivery is changing hands at $ 1,351 an ounce.
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