Stock exchanges, positive week for Piazza Affari (+1.4%) driven by Mps and Mediobanca

(Il Sole 24 Ore Radiocor) - The European stock exchanges filed a positive week, with the exception of Frankfurt. The protagonists of the eighth week were monetary policy, with the ECB leaving interest rates unchanged as expected, and macroeconomic data coming from the US, with inflation in the clear and weak employment numbers fuelling bets on new cuts in the cost of money between September and January by the Fed. In this context, the best of the eighth was the Ibex in Madrid (+2.6%), followed by the Cac in Paris (+1.6%), which was not affected by the political chaos in France with the fall of Francois Bayrou's government and the appointment of Sebastien Lecornu. Milan's Ftse Mib (+1.4%) and London's Ftse 100 (+0.7%) also did well. The German Dax fell by 0.3%.

On the Milanese stock market, the best stocks are those of Mps (+14.4%) and Mediobanca (+13.8%), after the success of Rocca Salimbeni's Opas on Piazzetta Cuccia with 62.3% adhesion, a share that ensures Siena full control of the Milanese bank. Purchases were also made on Buzzi (+9%) and Banco Bpm (+7.4%), the latter boosted by rumours of a merger with Credit Agricole Italia. Opposite sides for Nexi (-11.7%), after the negative opinions of Barclays analysts on a possible increase in competition in Italy, Campari (-8.2%) and Ferrari (-4.5%).

On the currency front, the euro gained 0.5 per cent against the dollar, while among commodities, gold continued to rally (+2.8 per cent in the eighth week), closing its fourth consecutive week on the rise, driven by global tensions and the Fed's increasingly likely easing of the cost of money. On the energy front, Wti fell 0.3%, while Brent crude rose 0.9%.

 The stock markets closed Friday's session in mixed order,while investors' attention has been focused for days on the Federal Reserveinterest rate decision, scheduled for Wednesday. The market now considers a downward revision of the cost of money as certain and assigns a 5.3 per cent chance to a maxi cut of 50 basis points, according to Fed Funds rate trends compiled by Cme FedWatch. In the Old Continent, all eyes are also on the possible by rating agency Fitch after the recent political turmoil and change of government. The FTSE MIB of Piazza Affari nevertheless closed trading above par, driven by the new sprint of Banca Mps and Mediobanca .

Returning to the Fed, the US inflation report (with the monthly figure slightly above expectations and the annual in line), coupled with weak employment numbers, according to traders 'virtually guaranteed an interest rate cut'. Also contrasted was Wall Street after the records recorded on the eve of the event by the three major US stock indices: it closed mixed, with the Nasdaq marking new all-time highs, closing at +0.45 per cent, while the S&P 500 traded marginally down, -0.05 per cent, but with a positive balance for the week as a whole. More subdued was the Dow Jones, which closed -0.59 per cent.