Setback today on the markets, above all due to the Chinese and North American macro data which, with a domino effect, bring down the prices of metals (apart from gold) and oil. Instead, safer assets such as US government bonds are gaining strength. The rate of uncertainty also rises with the arrival of the Taliban in Kabul, the return of the Islamic Emirate and the scenes of flight from Afghanistan, in a world already tried by the pandemic (infections in the USA and Japan are on the rise) and from the crazy summer weather.
It seems like the right opportunity to cash in and pause the mid-August rally: European stock markets thus closed the session down and Wall Street proceeded in the red, moving away from recent records.
Business Square it drops 0,76% and falls to 26.448 points, still at the highest level since 2008, while the bond market improves. The spread between 103-year BTPs and Bunds with the same duration, it drops to 1 basis points (-0,56%) and the rate on the Italian bond closes at +0,5% (Bund -2.696,2%), a sign that confidence in the country is holding up despite the public debt hit a new record in June, reaching 9,2 billion after an increase of around XNUMX billion.
In the rest of Europe the worst square is London -0,88%, penalized by energy and mining sales: Paris drops 0,83% with luxury shaken by Chinese data; Frankfurt -0,43%; Madrid -0,63%; Amsterdam -0,65%.
From the Chinese front, the slowdown in growth in July of retail sales (+8,5% from +12,1% in June) and production (+6,4% from +8,3%) is alarming, with growth of unemployment (5,1% from 5%). These are all worse percentages than expected. "Given the combined impact of sporadic outbreaks of COVID-19 and natural disasters in some regions, the economic recovery is still unstable and uneven," said National Statistics Bureau spokesman Fu Linghui.
From the US front, the disappointment comes from the Empire index on manufacturing activity in the New York region in August. The index, calculated by the Fed, in fact dropped by 25 points from the record level of 43 in July to 18,3 points, against expectations for a softer drop to 26-28 points. In any case, it is still an expansive phase, which is given by the zero line.
The machine is turning, but at a slower pace than estimated and this is reflected in oil, which fears for demand and is trading at a loss for the third consecutive session. China's oil refining data also fell last month, falling to its lowest on a daily basis since May 2020, as independent refiners cut production in light of smaller quotas, high inventories and falling profits . China is the world's largest importer of crude oil. So it happens that the future Brent October 2021 yields about 1% and trades around 69,90 dollars a barrel.
Instead, it is appreciated spot gold. +0,4% to 1787,17 dollars an ounce.
However, the lion's share is played by government bonds with stars and stripes, whose prices are rising, while yields are falling. The 1,247-year rate is currently 3,9, down 2022% on the previous close. All while waiting for Fed Chairman Jerome Powell to speak in a virtual meeting with teachers and students tomorrow and for the central bank to publish the minutes of the last meeting on Wednesday. in general, between public comments and rumors reported by CNBC and the Wall Street Journal, the hypothesis of a reduction in Fed aid within the first half of XNUMX is becoming increasingly concrete.
In Piazza Affari, the effects of the general situation are seen above all on energy stocks: Saipem -2,37%; Tenaris -2,25%; Eni -1,39%.
The Chinese slowdown is felt on luxury, com Moncler -1,97% and Ferragamo -3,74%.
Letter also for industrialists after the recent gains: Cnh -1,87%; stellantis -1,44%; Leonardo -1,63%; Buzzi -1,72%. Exor loses 0,92%. The shareholder of Fiat, which together with Peugeot has given birth to the Stellantis group in recent months, following the operation has become the first shareholder of Faurecia with a stake of approximately 5%.
Today the French auto parts supplier Faurecia If, gained 12% in Paris, following the announcement of the acquisition of a majority stake in the German automotive lighting group Hella, beating the bids of rivals with a 6,7 billion euro offer.
The title Hella, which hit record highs last week in anticipation of a deal, fell 3,4%.
In Milan, banks starting from are in the red Bpm bank -1,61%. Also Unicredit it lost 1,3%, although Morgan Stanley raised the target price of the stock to 13 from 12,5 euro. Bucking Mediobanca +0,22%:
They hold utilities and pharmaceuticals: Italgas +0,78%; Amplifon +0,49%; Diasorin +0,65%; Recordati +0,56%; Ivy + 0,46%.
