Down today for the European stock exchanges, which archive a semester to frame, thanks to the vaccination campaigns against Covid, the monetary and fiscal policies, the economic recovery underway, although the party these days is marred by worries for the Delta variant. The adjustment of the portfolios at the end of the quarter also seasoned the session with an addition of volatility. The European fear index (V2TX) has edged up slightly to 17,40 in recent weeks, after rising steadily since hitting a 16-month low of 15,14 on 11 June.
At closing Milano loses one percentage point (-1,01%) and stops at 25.102 points, in line with Frankfurt -1% Madrid -1,08% Paris -0,9%. They do slightly better Amsterdam -0,64% and London -0,67%. The half-yearly financial statements are in any case positive and double-digit percentage for almost all price lists.
Wall Street, after a timid start, moves are mixed: the Dow Jones is up, the S&P500 floats in a record area, the Nasdaq is down slightly. While awaiting the employment report scheduled for Friday, today's figure on employment for June in the private sector is weighed in, better than the estimates (692.000 new jobs), but lower than the May numbers (+886.000). Around 7 million jobs remain to be recovered compared to pre-pandemic.
In Europe, however, attention was drawn to the flash estimate by Eurostat on inflation in the current month: +1,9% the trend, lower than the May figure (+2%) and in line with expectations. It is above all energy that pushes the accelerator, without which the increase drops to +0,8%. In any case, these values lead us to reflect in the light of the fact that the ECB target is lower but close to 2%. In Italy the estimated inflation rate is 1,3% (after 1,2% in May), in Germany 2,1% after 2,4%; in France 1,9% after 1,8%; in Spain it appears stable at 2,4%.
Sul foreign exchange market the dollar is about to end the session with the largest monthly increase since November 2016. The greenback gained about 2,5% against a basket of currencies in June, after the Fed was more hawkish than expected in the last meeting, For this reason, Friday's job report is awaited with great interest, which could accelerate the implementation of more restrictive policies. According to traders, any signs of a strengthening jobs front will add tightening pressure on FOMC members, while a below-expected reading could delay that outlook. The euro is trading lower and the cross is currently around 1,863.
Cautious progress is being made among raw materials Petroleum, ahead of the OPEC+ meeting. The September 2021 Brent contract trades up 0,3% to $74,50 a barrel. Since the beginning of the year, Brent has risen by around 45%, Wti by 52%.
In Piazza Affari there are only seven blue chips on the rise today. Lead the leaderboard Unipol, +642%, after the purchase of 1% of the capital by Koru, a vehicle owned by various cooperatives already shareholders of the group, at a price of 4,6 euros per share, with a premium of 6,6% at closing yesterday. In the slipstream, the subsidiary is appreciated UnipolSai, +2,94% and B for Bank +0,49%. Always in the insurance sector Generali it appreciates by 0,57%, boosted by the promotion to 'overweight' of JP Morgan with a target price of 21 euros from the previous 18. The group from Trieste has announced the objectives of new 'green' investments by 2025.
Positive Exor + 1,32% Ferrari + 0,29% Tenaris +0,2%. It saves you from sales Telecom.
In black jersey it is Is in the, -2,56%. Profit-taking knocks you out Banca Mediolanum -2,24% and Azimuth -2,24%, after the increases in the vigil. In the car I forgive Pirelli -1,75% and stellantis -1,59%. The sector is negative at the European level, driven by Volkswagen (-2,19%) after the Ohio Supreme Court ruled that the state attorney general can prosecute the group for the Dieselgate case beyond the sanctions already established at the federal level.
Among the banks the worst is Unicredit -1,48%.
Out of the main basket it collapses sapphire, -13,88%, following the announcement of a capital increase of up to 135 million aimed at repaying the loan received from the controlling shareholder Hal and further strengthening the group's equity.
Well the secondary: lo spread between ten-year BTPs and Bunds with the same duration, it fell to 107 basis points and the rate on the Italian bond closed down at +0,82%.
On the primary side, demand for BTPs was good in the morning and yields were down. The Treasury issued the ninth tranche of the 5-year BTP for 3 billion with a yield down 5 cents to 0,12%. The eleventh tranche of the 10-year BTP was also placed: against requests for 2,332 billion, the amount issued was 1,5 billion while the yield stood at 1,56%. The ten-year BTP expiring on 01/04/2031 has also reopened: the twelfth tranche, assigned for 1,5 billion against a total demand of 2,348 billion, achieved a gross yield of 0,81 percent.
