European stock markets are up. Milan, the best stock exchange, dictates the line. The adventure of the Stock Exchanges begins under the sign of the Bull in August, which has always been the month that reserves surprises for the price lists. Stock market, Btp, spreads advance positively and Piazza Affari +1,7% at 13pm over 22.700 points, challenges the signs of recession from industry indexes. Italy's manufacturing sector contracted in July for the first time in more than two years. L'PMI index for the sector, edited by S&P Global, it reached 48,5 points, below the 50 level which separates growth from contraction. This is the fifth consecutive month of decline in the index, in line with the rest of the Eurozone.
The picture seen from Berlin is much more dramatic: +0.4%. According to Bloomberg, Germany has three months to avert the blackout imposed by the blockade of gas supplies from Russia. In the meantime, Hanover has no hot water in the swimming pools and in public offices, the lights of the presidential palace have been turned off since Saturday. The emergency is accompanied by a drop in retail sales -0,8% in June, with a tendential slowdown of 8,8%. By contrast in June employment rose by 400 units, the highest since 1977.
Stock market, Btp, Spread: signs of recession do not scare
The negative signals in both countries point in favor of the risk of a recession. But, paradoxically, this favors purchases of debt securities. After the run of the bund, the phenomenon has also affected the Btp: the ten-year rate drops to 3,05% from 3,15% on Friday, while that of the two-year bond stands at 1,27% from 1,41. 10%. The spread on the 215-year segment narrows to 231 basis points from XNUMX in the previous session.
In this context, the seaside rally in August matures. In London, where the Bank of England is preparing for the umpteenth rate hike, holding court HSBC quarterly +5,9% which also rejected the proposal of the first shareholder, Puing An, to divide the arrivals of the giant divided between Asia and Europe into two. In Frankfurt, on the other hand, he loses his shots Heineken -1,9%. It causes the increase of raw materials.
Effervescent Milan Stock Exchange, in the light of Poste Italiane
The Milanese price list is effervescent. Poste Italiane advances +3,7% under the pressure of the BTPs. But Mediobanca is doing even better + 3,8%: Intermonte's target price goes from 8.8 to 9.7 euros in the light of the change in estimates. Also highlighted is Generali awaiting the accounts.
The best bank is today Bper +4,5%. At the closure of Friday's mandatory public tender offer, based on provisional data, Bper holds approximately 93,9% of Carige's ordinary share capital.
Intesa Sanpaolo +2,4%. Equita Sim confirmed the buy rating and the target price of 2,7 euro, Banca Akros buy at 2,5 euro. Outside the pack Mediobanca, which reiterates the underperform judgment at 1,7 euro, analysts believe that at 0,7 times the ratio between price and book value the stock is correctly valued. Unicredit trades at half.
Among the oilmen they run Saipem +6,8% and Saras +7.7%: the refining company's performance since the beginning of the year is 141%.
Highlights too Leonardo +2,0%. Boeing will resume production of the Boeing 787 in August.
