European stock lists moved little, in line with fluctuations of less than 0,1% for Paris and Frankfurt. Milan (-0,04%) is on the same wavelength. Only Madrid loses around 0,2%.
London -0,10%. There GBP it collapses to its lowest since the beginning of January against the Euro (cross 0,904) and is at its lowest for over two years against the dollar. In the last two months the loss exceeded 6% against both currencies. The risk of no agreement by 31 October is an increasingly concrete eventuality after both candidates for prime minister have ruled out compromises with Brussels especially on the most delicate point, that of the Irish 'backstop'.
In Amsterdam Asml, a maker of chip equipment, gained 4% and dragged Europe's tech sector up by one point. Second quarter results were above expectations with robust orders. In Milan stm advances by 0,8%.
The yield of the 1,58-year BTP is stuck at 3%, on the lows of the last XNUMX years, spread 185 basis points. The yield of the Bund, now at -0,276%, could be influenced and pushed downwards by expectations on the ECB's next moves. Fed number one Jerome Powell yesterday reiterated his intention to "act appropriately" to keep the US economy going, reinforcing expectations of a short-term rate cut. And other FOMC members, including some deemed hawkish, followed suit in several statements overnight, indicating the size of the cut at between 25 and 50 points.
Inflation in the euro area increased in June, beyond expectations, but still remained below the monetary policy targets of the European Central Bank. According to Eurostat, final consumer prices grew by 1,3% on an annual basis in the past month in the 19 countries that have adopted the euro. For the month, the increase in consumer prices was 0,2%, up from 0,1% in May, compared to an expected 0,1%.
ECB official Benoit Coeuré said the governing council stood ready to intervene if needed to support inflation's path towards the central bank's target, adding that recent data suggest growth will be somewhat weaker in second and third trimester. The next bank meeting is scheduled for July 24-25.
The prices of Petroleum are contrasted at the start of the session after a fall of more than 3% during the night. Brent +0,5%. Oil down. Tenaris -2,7% Saipem -2%, Jefferies raised its target to 4,80 euros. Judgment Hold. The company has signed a memorandum of understanding with Plambeck Emirates LLC for the development and construction of a 500 MW floating offshore wind farm in Saudi Arabia.
Sudden braking of car market in Europe in June. In the 28 EU countries plus the EFTA area (Iceland, Norway and Switzerland) - according to data from Acea, the association of European car manufacturers - 1.491.289 cars were registered, 7,9% less than in the same month of 2018. In the first half, 8.426.194 cars were sold, with a decrease of 3,1% compared to the same period last year. The data from FCA was negative, with registrations dropping by 13,5%, despite the excellent results of Jeep and Lancia,
Fiat Chrysler +0,5%. Group registrations in Europe in June fell by 13,5% compared to a 7,9% decline in the market.
Brakes Piaggio -0,7% which derives a tax benefit of 6 million euros from the application of the patent box.
Among the utilities it advances Enel +0,7%. Moody's confirmed the Baa2 rating, but improved the outlook to 'positive' from 'stable'.
Banca Akros (accumulated rating, target price at 6,5 euros confirmed) highlights how the decision follows the rating increase by Fitch a few months ago and estimates the company's "firepower" for a possible M&A "equal to 10 billion euros”.
Ivy -1%, Kepler cuts recommendation from Buy to Hold.
Back off Azimuth -1,67%. Deutsche Bank cuts recommendation from Buy to Hold.
Down too FinecoBank -0,5%. BlackRock does not rule out further share purchases, it currently holds 10,2% of the capital, but does not intend to acquire control of the company.
On the AIM debut sprint for pattern, which earns over 12%.
