European lists close this third session of July down, alarmed by the slowdown in service activity in China and Europe and waiting to hear, later, the minutes of the last meeting of the Fed, during which the US central bank chose to leave rates unchanged after ten consecutive hikes. The same wait-and-see attitude is characterizing these hours Wall Street, which moves listlessly in the American morning after the Christmas Eve party.
Business Square loses 0,59% and retreats to 28.220 basis points, amid the rebound of Leonardo +1,79%, the rally of Saipem +1,13% and the weakness of utilities, while the most appetizing news of the day in Milan, relating to the contents of will of Silvio Berlusconi, will be disclosed shortly or perhaps in the next few days. The most important puzzle is how the entrepreneur will have decided to divide his 61,21% share of the capital among his heirs Fininvest. A slice necessarily goes to the five children in equal parts, but there is a part of the so-called "available" (about 20% of the Biscione) that Berlusconi may have "dosed" to his liking looking at the company's future. Meanwhile, his son Pier Silvio guarantees that no one in the family has ever talked about the sale of the company, while Marco Giordano, CFO of Mfe, affirms that the first half of the group went "well, better than last year" as regards "the bottom line of the budget. Headlines today Mfe A e Mfe B they appeared very quiet and closed at +0,38% and 0 respectively.
In the rest of Europe the most copious sales hit Amsterdam -1,13% and Madrid -1,09%. Markdowns are fractional a Frankfurt -0,66% Paris -0,8% and London -0,96%.
The dollar moved little in the foreign exchange market ahead of the Fed minutes.euro changes around 1,086.
Among the commodities, the Petroleum, with WTI August 2023 futures up about 3% to $71,86 a barrel.
Services PMI slowing down in China and Europe
The services in China they continue to expand and exceed the watershed of 50, below which the contraction of activity is manifested, but the slowdown in the month of June is significant and well below market expectations. LCaixin Services PMI in fact, it slowed down to 53,9 points, compared to 57,1 in May and against forecasts of 56,5. This is one of the lowest levels of the year and confirms that the Chinese recovery is not so explosive after the post-Covid reopenings. The composite index, which combines services and manufacturing, also fell to 52,5 points in June, compared with 55,6 the previous month, the fastest pace for more than two years.
They have not proved themselves better European data. The index confirms itself beyond the threshold of 50, but slows down to 52 from 55,1 and thus is not enough to support the composite index, which falls below the Piave line to 49,9 (from 52,8 in May), indicating an economic contraction.
Among the macroeconomic news of the day there is also i producer prices in the euro area which, according to Eurostat, fell 1,5% year-on-year in May, after a downwardly revised 0,9% increase in April and compared to market expectations of a 1,3% decline. A good sign for inflation, with energy prices down 13,3%.
Saras shines in Piazza Affari
Piazza Affari continues to stabilize after the boom of the first half, but is holding up well the slightly more risk-averse climate.
On the Ftse All Share it was highlighted today Saras, +10,64%, the Moratti family's oil refining company. The title was set by the news that Urion Holdings (Trafigura Beheer, a multinational operating in the trading of commodities) rose to 13,52% of the capital after having purchased 1,05% in three tranches.
Lead the main price list Leonardo, after a period of weakness. It is confirmed as effervescent Saipem, +1,13%, for the eighth consecutive session. Well Inwit + 0,88%.
Banks are mixed: they appreciate each other Unicredit +1,04% and Mount Paschi +0,54%, while Understanding is weak -0,47%.
Many big caps in asset management are negative, starting with Finecobank -2,45%. Utilities fall back Ivy -2,34% Enel -2,03% Terna -1,72%.
Spreads down
Closes the Italian card in green, with lo spread between 10-year BTPs and Bunds of the same duration which drops to 161 basis points (-3,91%). The BTP rate it is down slightly to 4,09% (from 4,13% yesterday), while the Bund rises to 2,47% from 2,45% yesterday.
