European stocks are confirmed weak, in a session with low volumes for both the still holiday atmosphere for both the festive closing of London. At Piazza the Ftse Mib index loses 1.43% share slipping to 16,603 points. Frankfurt also down (-0.81%), Paris (-1.03%) and Madrid (-0.85%). On the macro front are not coming good Italian news on the economy. In August, consumer confidence fell to 109.2 and business confidence to 101.1. For both it is the lowest level since July / February 2015.
After last Friday’s speech in Jackson Hole of the number one of the Fed, Janet Yellen, the dollar has led to the highest level since August 16 in against the euro: at the time the euro-dollar cross is trading at 1.1183. The Yellen said that the arguments in favor of a rise in the cost of money has increased in recent months and has not closed the door on a touch-up as early as September.
Even more hawk his deputy, Stanley Fischer , who has not ruled out a twofold rise later this year (in September and December), if the data relating to the labor market will prove to be compatible with this choice. Futures on US interest rates now assign a 30% probability to a narrow bullish as early as September, while this case was given to 18% before the two utterances of Fed officials Friday.
Experts Research and Investment Cassa Lombarda notice as “the probability of a rate hike” from the Fed “by December” has “risen to just over 60%. in the week expected a lot of data, including prices and work, fundamental for the next steps of Fed “. Provided then “public interventions: Eric Rosengren, president of the Federal Reserve Bank of Boston, and Neel Kashkari, president of the Minneapolis Fed, August 31; Loretta Mester, president of the Cleveland Fed, on September 1, Jeffrey Lacker, Governor the Richmond Fed, September 2, “conclude the analysts.
in addition, according to Unicredit economists 
, after moderately hawkish tone adopted by the Fed chairman,” the publication of the report on market US jobs will attract even more attention, since it is not ruled out a rise in interest rates in September. ” Specifically, point out the experts Intesa Sanpaolo , “the August employment report should still be positive, with employment growth in line with the average year to date, a decrease of 4.8% unemployment rate and decent wage . in August, the manufacturing ISM and the Chicago PMI should correct modestly but remain in expansionary territory, car sales should be down after the strong increase in July, while consumer confidence should be modest increase. “
the return on ten-year Italian salt all’1,146% dall’1,11% of the final session on Friday, while the spread with similar maturity is stable in the Bund area of 120 basis points (119.9 ). On the Milan stock exchange holds the sales Unicredit (-0.37%). According to the Financial Times, the Polish PZU “is confident of being able to reach an agreement with Unicredit for the acquisition of Pekao by the end of October.” Rising 1.10% MPS which apparently is studying a plan for the voluntary conversion of 3 billion subordinated bonds into shares with the objective of limiting the increase in share capital up to 5 billion expected before the end of the year.
In decrease, instead, Ubi (-2.10%), Banca Popolare di Milano (-1.51%), Banco Popular (-1.02%) and Intesa Sanpaolo (-0.89%). Sales got excited even on insurance: Generali (-1.79%) and UnipolSai (-1.67%) and the asset management titopli: Azimut (-2.86%) and Banca Mediolanum (-1 , 97%) as well as on industry: Fca lost 2.03% even if the ad, Sergio Marchionne, has fueled rumors on the sale of Magneti Marelli: “we have the group ever put on sale, but in the medium to long term probably his future will be elsewhere, “he said. Down STM (-1.18%), Leonardo (-1.03%) and Prysmian (-1.91%).
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