Ftse Mib cautious waiting pil USA, – Milano Finanza

Open in fractional rise in European markets in the wake of the weakness on Wall Street and Tokyo, in a climate that remains’ wait for surgery of the chairman of the Federal Reserve, Janet Yellen, in Jackson Hole. The words of one lead institution in the US number, who will speak at 16.00, will be monitored carefully to grasp the guidance on the timing of a new rate hike, after several members of the Fed have recently hinted at the approach of a close bullish.

“the point of view of Yellen on the rise in US interest rates should move markets in the short term but in the long the market is also focused on job-related US data next week and on other economic indicators, “said Hikaru Sato, senior technical analyst at Daiwa Securities. On the macro front, possible ideas in Fed key will be offered by the second reading of US GDP in the second quarter. Economists expect a marginal downward revision of the annualized growth to + 1.1% from + 1.2% indicated in late July, however, confirm that despite a slight acceleration compared to the growth rate recorded in the first three months of the year, ie +0.8%.

In a market environment overall wait, the BTP are no exception, registering movements within the recent range. The spread between BTPs and German Bunds to 10 years is stable at 120.5 basis points with a dell’1,130% yield. The spread between Bonos and Bund drops to 99.7 points with a 0.920% rate. Last night, in the meantime, the Treasury completed the picture of the month-end auctions, announcing that it will provide between 6.26 and 7.75 billion euro in BTP 5 and 10 years and CCTeu. The round of placements will begin on Monday with the issue of 6 billion Bot 6 months against securities due to 6875000000.

Just moved even the principal exchange, waiting for the intervention of Yellen, with the dollar is still set to close the week with a modest gain (+ 0.2%) compared to the major currencies. The cross EUR / USD travels to 1.1295 from 1.1279 the previous close; the dollar / yen to 100.434 from 100.51 and the euro / yen is stable at 113.46.

In Milan the FTSE MIB index rises to 16,765 points (+ 0.33%) . Under pressure Mediaset (-2.38% to EUR 2,788) because according to the board of directors of Vivendi Mediaset accounts Premium presented for the signing of the purchase agreement of last April are not real, but inflated. so heavy accusations of Vivendi , which seems to want to continue the battle with the Berlusconi family.

the answer Mediaset is not long in coming. The Alfa Group stated that the contract signed in April can not be changed, that the presented Premium Data “real, realistic and compelling” and that there was no renegotiation under way before inversion U Vivendi 25 July. The leadership of Mediaset intend, therefore, to adopt every means to speed up the process of litigation initiated against Vivendi , whose hearing was not expected before 27 February 2017.

also fell Telecom Italy (-0.06% to 0.806 euro) which repeatedly reiterated it was not interested in Mediaset Premium. Better Fiat Chrysler Automobiles (+ 0.73% at 6.18 euro) even in the wake of rumors about the sale of Magneti Marelli: the vice president of Samsung, Lee Jae Yong, will be in Europe to attend next Monday, August 29, at board of directors of Exor (stable on equal to 35,98 euro) and should take the opportunity to carry forward the negotiations on the purchase of the Italian group of components.

also rose Campari (+0, 62% to 9.81 euro) with JP Morgan that the claimant from underweight to neutral, raising the target price from 8 to 9 Euros. Instead of Beni Stabili (+ 2.80% to EUR 0.5505) intervened Societe Generale raised its rating from hold to buy. The target price is 0.70 euro. Despite oil prices falling, after the minister of Saudi Arabia has expressed doubts on the need to cut production (WTI with October delivery down 7 cents at $ 47.26 a barrel, while Brent backs off 11 cents to 49.56 dollars), Eni marks a + 0.22% to EUR 13.38 and Tenaris a + 0.24% to EUR 12.60.

Eye also to Saipem (stable at 0.4087 euro), favored in the race for the fourth phase of the project offshore development in Safaniyah, in Saudi Arabia. The value of the order should be about $ 500 million. But the subsidiary of Eni will have to contend in the race with rival McDermott. The decision on the winner is expected to arrive next month.

This new contract could further strengthen the order backlog Saipem . The year to date orders reached about 5.8 billion euro, of which 1 billion in the first quarter and 2.3 billion in the second quarter and 2.5 billion from the beginning of July. Off the list of blue chips, Brunello Cucinelli moves back of 2.31% to EUR 17.34 after the first-half results were in line with analysts’ expectations and with management’s forecasts.