I European lists closed a positive session today, encouraged by the accounts of ubs (+6%) and the unexpected rate cut by the central bank of New Zealand, while the quarterly GDP of the euro zone disappoints.
Overseas Wall Street is reacting with some uncertainty to the highly anticipated data on consumer prices for July, which increased by 0,2% after the decline of 0,1% in June. The rebound was expected and the index slowed to 12% over the 2,9 months (from 3%). Yesterday the New York stock exchange celebrated the trend in producer prices and today's situation does not change the belief in a rate cut by the Fed in September, while uncertainty remains as to the extent of this cut (if 0,25 .0,50% or XNUMX%) and above all on the state of health of the stars and stripes economy, which may find answers in the retail sales on the agenda for tomorrow.
This morning Tokyo it closed with an increase of 0,54%, while Prime Minister Fumio Kishida announced that he will not run again as head of the Liberal Democratic Party.
Meanwhile, the macro picture penalizes the dollar, which is weak against the main currencies; theeuro it moves with a change over 1,1.
Positive Europe, Zurich stands out
In a positive European context, Business Square (+1,01%) is one of the best and consolidates above 32 thousand basis points (32.328) in a week from the typical August volumes, on the eve of the feast of the Assumption. What gave verve to the list were titles such as Classic Ferrari for sale (+ 4%), Telecom (+ 3,44%), Leonardo (+3,16%). The banks and all of them did well Pop from Sondrio, + 2,66%.
The latter were also pushed by brilliant half-year results from UBS, with half-year profit rising to $2,9 billion, well above analysts' estimates. The title pushes Zurich at the top of the Old Continent's stock markets with a jump of 1,23%. They are more backward Frankfurt + 0,47% London + 0,53% Paris + 0,79% Madrid + 0,27% Amsterdam + 0,15%.
On the macro front disappoints la economic growth of the second quarter and ineuro area both in Ue, (both +0,3% on the previous quarter, according to a flash estimate published by Eurostat). Compared to the same quarter of 2023, growth was 0,6% in the euro area and 0,8% in the EU, after +0,5% and +0,6% in the previous quarter.
Wall Street, Alphabet collapses
Wall Street, after an uncertain start, now seems to have found the right tone. Crolla But A (-3%) on rumors that the Justice Department may ask Alphabet to spin off parts of Google such as the Chrome browser or the Android smartphone operating system to address its monopolistic position in the online search sector.
Kellanova +7,71%, celebrates instead passage to Mars for about $30 billion, or $83,50 a share, in cash.
The New Zealand dollar falls
On the foreign exchange market, the dollar weakens compared to other major currencies, but the dollar new Zealander it's worse. The currency fell as much as 1,2% against the greenback after the Reserve Bank of New Zealand cut rates by a quarter of a point in its first easing since the start of 2020, a year early. compared to his own predictions.
Raw materials are moving weakly. THE' , which also remains not far from its all-time highs, drops 0,6% to a price of 2450,41 dollars per ounce.
even the Petroleum retreats: the truce in the Middle East remains hanging by a thread, but for now we have not witnessed the feared escalation. Meanwhile, weekly oil inventories unexpectedly rise in the US.
The October Brent future loses 0,67% and trades at 80,15 dollars a barrel; the WTI contract for September fell by 1,23% to 77,39 dollars a barrel.
Piazza Affari, Juventus in rally
In Business Square one of the brightest stars of the day was the Juventus, +9,39%, which achieved double-digit progress during the session and recorded above-average volumes. What attracted investors were the rumors about the transfer market and on Teun Koopmeiners' possible arrival in black and white from Atalanta. In a note the old lady also underlines that she has reached an agreement with the Polish power Wojciech Tomasz Szczęsny for the consensual termination of the contract. The operation generates a negative economic impact on the 2023/2024 financial year of 1,6 million euros, due to the adjustment of the net book value of the player's right to sporting performances.
On the main list, automotive stocks are highlighted, in line with the sector at European level. They thus close with robust progress Classic Ferrari for sale e Stellantis, +1,57%, after recent losses.
The banks are doing well (Unicredit +1,2%), with the exception of Montepaschi -0,31%.
Raise your head Telecom, which yesterday appeared rather volatile after the news of the sale of the residual stake held in Inwit (+1,16%). Today CEO Pietro Labriola provided some clarifications on the sale of Netco to Sun 24 hours. The network, explained the manager, was sold to "reduce debt" and the real cost of the annual rent is around 1,3 billion euros, compared to the 2 billion often cited by the media.
The reductions are modest. The black shirt of the day goes to Tenaris -0,51%.
Stable spreads
Italian paper continues a positive trend. The yield differential between 142-year BTPs and Bunds of the same duration is in line with the previous day and 3,56 basis points. The yield of the Italian bond is indicated as having dropped very slightly to +XNUMX%.
