I European lists they are closing today too down, looking at the limping performance of Wall Street and the collapse on the eve of Nvidia. The chip giant does not find, at the moment, any signs of a real rebound, given that it is also in the crosshairs of the Antitrust, but it seems to be oriented towards stopping the bleeding, while the American lists, after a weak start, are looking for a direction. In this uncertainty, there has been a lack of positive ideas for Europe, especially as concerns about the Chinese economy are growing, the Asian stock markets have done badly and there has been a Tokyo Nikkei collapse (-4,35%).
Europe in the red, but the service sector continues to expand
Piazza Affari loses 0,53%, weighed down by luxury sales, but supported by the positive return of Saipem (+ 2,23%) and Telecom (+ 2,31%).
The worst square is Amsterdam -1,31%, due to sales of technology stocks. They also fell Paris -0,98% Frankfurt -0,88% Madrid -0,56% and London -0,34%.
On the macro front, for the EUR zoneor, mixed data arrived, relating to the services sector in August. According to the S&P Global survey, the PMI rose to 52,9 points from 51,9 in July, but in Italy and Germany the index slowed slightly, although it remained above 50, therefore in an expansionary phase.
For the EU a nice package of good ideas arrived from Mario Draghi, which during the meeting with the permanent representatives of the countries of the Union spoke of the need for unprecedented reforms in the region, in which all the actors of the continent are involved.
Falling dollar
Il dollar moves back into the red today, on expectations of a rate cut by the Fed in the coming weeks. Among the jobs data, closely watched by bankers and due out in the coming days, today it emerged that job openings in the United States fell in July to a 3-year low, suggesting that the labor market is losing steam, but – writes Reuters – “probably not high enough to warrant the Federal Reserve considering a major rate cut this month.” The consensus is for a 25 basis point cut, compared to a 50 basis point cut.
Meanwhile, in the American morning, the Bank of Canada cut interest rates by 0,25% for the third consecutive time, to 4,25%, while also signaling that further cuts are likely to be needed in the coming months, thanks to slowing inflation. The last time the Bank of Canada cut rates three times in a row was in 2009, during the recession.
The greenback is still weak against the Canadian dollar and is losing almost one percentage point against the yen.
The euro appreciates by 0,4% to 1,108, on the day in which ECB board member Piero Cipollone also made his position on rates resound. Onion He noted that “there is a real risk” that the European Central Bank’s stance “could become too restrictive. We need to ensure that inflation converges towards our objective without unnecessarily holding back the economy, because we desperately need investment and growth in Europe.”
Among raw material There is no recovery for oil prices, even though Bloomberg has gathered rumors that OPEC+ could postpone the decision to increase production, in light of the collapse to the lowest since the end of 2023. At the moment, Texas crude is moving just below $70 a barrel and Brent around $73,4.
Piazza Affari, Moncler collapses, banks neglected but Intesa will enter Stoxx Europe 50
If the fever of the Milan stock market is measured by the banks, it must be said that today the thermometer has moved little. Popular of Sondrio raises its head, +0,96%, while the big Unicredit and Intesa are flat. The latter, however, will also enter the Stoxx Europe 23 on September 50. The stock will in fact debut in the index of the 50 main companies of the block listed on the stock exchange, following the annual review.
As for the daily “ranking” of Milanese blue chips, the pink jersey goes to Telecom and Saipem revives, after yesterday's slump. The stock also bounces back following the announcement of two offshore contracts in Saudi Arabia from a billion dollars.
The day is one to forget for Moncler -4,44% and for cucinelli -0,99%. This is a wave of pessimism that has hit all the shares of the big names in Europe, constantly listening to the Chinese macro data, which have proved to be less than encouraging for manufacturing, which fell in August to a six-month low.
Red is on for Amplifon -3,04% Prysmian -2,05% Interpump -1,5%.
Spreads falling, along with rates
The day is positive for government bonds of the euro zone, which are seeing rates fall. Italian paper is performing better than German paper, with a spread on the 139-year down to 10 basis points. The yield on the 3,58-year BTP is down to XNUMX%.
