The difficult month of August ends with another volatile seat for European lists, who arrive in no particular order at the finish line of the day, while Wall Street it is slightly up at the end of the morning. To the Nasdaq (+0,4%) is also highlighted today Nvidia, +0,7%, which yesterday recorded its second consecutive record closing, with the capitalization exceeding 1.200 billion dollars.
Under a pouring rain of macro data, today the continental stock markets did not find their North Star, between European and US inflation in line with expectations and Chinese manufacturing contracting for the fifth consecutive month.
Business Square loses 0,29% and falls to 28.831 basis points ballasted by Saipem, -5,27%, which is weighed by the realizations and the fear that the placement of a 500 million dollar convertible bond will have a dilutive effect on the shares. Banks are also in the red, especially those that have performed more recently driven by rumors of new marriages, while industrial stocks and utilities are keeping the index high.
In the rest of Europe they are saved from the red Frankfurt +0,33% and Zurich +0,19%, where it stands ubs (+5,64%), which has closed the quarter with record profits also thanks toacquisition of Credit Suisse. The Swiss banking giant also announced plans to cut XNUMX jobs over the next two years. An ax that scares families, but markets like it because it will contribute to cost savings.
On the currency market, the dollar, while the 'euro it slips 0,75% against the greenback and trades around 1,084.
Among the raw materials is in progress the crude Texan +0,8%, around 83 dollars a barrel, while Brent appreciates by 0,5% to 86,6 dollars.
Increased consumer spending in the US
The dollar is therefore back to galvanizing, also supported by the fact that consumer spending grew in July in the US, while inflation did not exceed expectations. The prospect of keeping the Fed at bay and avoiding recession also likely encourages Bulls to Wall Street, while bonds are mixed.
In detail, consumer spending, which represents more than two-thirds of US economic activity, rose 0,8% last month, against expectations of 0,7%.
Also in July theinflation, measured by Personal Consumption Expenditures (PCE), rose 0,2%, equaling June's increase. In the 12 months to July, the PCE price index rose 3,3% after 3% in June. Net of the more volatile elements (food and energy), growth was 4,2% (from 4,1% in June).
In Europe, price lists are mixed, but inflation remained stable in August at 5,3% thanks above all to the drop in energy cost. Even the core figure stopped at 5,3%, from 5,5% in July. Against these numbers Isabel Schnabel, a member of the ECB executive committee, did not rule out a pause in rate hikes and markets now estimate a 25% chance of a 25% basis point increase in September, while growth in the bloc has been weaker than expected just a few months ago, although this in itself does not automatically negate the need for new rate increases.
Indeed, the hawk Robert Holzman, governor of the Austrian central bank, thinks that the ECB could raise the cost of money once or twice again and from the minutes of the latest Eurotower meeting it emerges that the debate is open and that "a further rate increase in September would be necessary if there was no convincing evidence that the effect of the overall tightening is strong enough to bring down underlying inflation.”
Piazza Affari between the collapse of Saipem and the recovery of Iveco
Business Square today sees at the opposite ends of the price list a recently well-bought stock like Saipem (negative in this session) and another rather depressed one like Iveco +3,66%. Following, among the best blue chips of the day, there are Cnh + 2,2% Diasorin + 2,11% A2a + 1,09% General Bank + 0,81%.
The most losing stocks are oil and banks. Tenaris leaves 3,24% in the field.
Ps she dropped 2,55%, after being effervescent in recent days on press rumors about a possible marriage. However, the clarification of Bpm bank (-0,79%), which is not "interested in M&A operations", said a spokesperson, reiterating "the stand alone strategy, already communicated several times and which will be the basis of the industrial plan at the end of the year".
In the wake they retreat Bper -1,41% Understanding -1,2%. Weakness for Moncler -1,94%.
Out of the main basket it takes a leap We Build, +9,46%, after a contract review for the Snowy 2.0 project in Australia.
She remained suspended for most of the session Visibilia (which marks a theoretical +20,54% in the end) after announcing yesterday that Luca Ruffino, the entrepreneur who committed suicide on August 5th, personally and through Sif Italia (+3,06%) had managed to exceed the threshold of 66,6% relevant in relation to takeover bids. Sif, which in a note specifies that it was not aware of Ruffino's purchases of Visibilia shares, said that it will convene a board of directors meeting on the matter as soon as possible.
Slightly moved spread, yields go down
Closes the Italian card in pale red: lo spread with the German 164-year bond, it rises to 0,77 basis points (+4,11%), but yields are down. The ten-year Btp at the end is indicated at +4,17% (from 2,47% yesterday), the Bund at +2,5% (from XNUMX%).
