The Bundesbank rejects the shield of the ECB, the Eurotower (according to the FT) would be studying a squeeze on the extra profits of the banks that are going down: thus Business Square, already timid in the session, collapsed completely in the last few minutes and closed colorless, -0,05%, at 21.343 basis points, in a contrasted European context lacking the stimuli coming from Wall Street, at rest for Independence Day .
Bundesbank hawkish and spreads on the rise
The Italian secondary sector suffers the most, especially after the words of the president of the German Central Bank, Joachim Nagel, according to whom the ECB should focus on fighting inflationpossibly with more rate hikes, rather than trying to lower borrowing costs for southern European countries.
"I would caution against using monetary policy tools to limit spread widening, as it is virtually impossible to say with certainty whether it is justified or not."
According to Reuters, Nagel had spoken out against the expected anti-fragmentation tool, the anti-spread shield, at the meeting of the Governing Council of the ECB on 15 June.
After the news the spread between ten-year Italian and German, already hesitant, it widened, closing at 190 basis points (+3,21%) with a yield of the BTP of +3,24% and that of the Bund of +1,34%.
Europe divided between oil companies and banks
It was above all energy and banking stocks that divided the scene in Europe on this sultry day. The first went up, crowning London (+0,89%), queen in Europe, with BP in the dust, 4,41%. The latter have lost share and disoriented the lists of the euro area: the closure is weak a Frankfurt –0,23%; in fractional upwards a Paris +0,4% and Amsterdam +0,6%; practically flat a Madrid, -0,08%.
At the origin of the sales in the credit there was an article of Financial Times according to which the ECB is studying a way to prevent banks from making billions of extra profits thanks to the rate hike and after the ultra-cheap loan program launched by Eurotower during the pandemic.
On the currency market the euro dollar is flat in the 1,04 area.
Among the raw materials salt the oil: Brent +1,8%, $113,65 a barrel.
the gas runs, +8%, 160 euros per megawatt hour (in Amsterdam) after a new supply alarm in Germany.
Swooping sentiment and flying inflation
The general mood remains very vulnerable, pending important appointments during the week, such as the reading of the minutes of the last meetings of the Fed and the ECB and data on jobs in the US in the month of June.
Evidence of investor concerns is there the sentiment of the month of July in the euro area processed by Sentix. The index falls much more than expected, to -26,4 (to its lowest since May 2020) from 15,8 in June. According to the researchers, this state of affairs justifies the expectation of an "inevitable recession". The dynamics would be similar to 2008, but instead of a financial collapse this time there could be a collapse in energy supplies.
Inflation imeanwhile keep running. After the record rise in consumer prices, seen last week, data on industrial production prices was published in Europe today: in May they increased by 0,7% in the euro area and by 0,8% in the EU in April after +1,2% and +1,3% respectively. Compared to a year earlier, the increase is +36,3% and +36,4%.
Healthy Business Square. Ferrari sprints
Diasorin, +3,72%, leads the rises of the blue chips of Piazza Affari, in a sector, that of health, considered defensive. Amplifon also did well +1,88%. The sector is tempting Exor (-0,46%), which bought 10% of the Merieux institute. According to Banca Akros, the investment in the Agnelli safe confirms the attractiveness of the health sector and in particular of the diagnostic sector, given that the French company controls 60% of bioMerieux, which is one of Diasorin's main competitors.
I'm in big dust also oil stocks such as Eni +2,41% and Tenaris +3,65%, while Saipem is in the abyss with the rights to the capital increase (-82,35%) and in heavy decline also with the shares -6,94% .
Bene Telecommunications +1,91%.
In the Agnelli stable, Ferrari +2,39% is celebrating with its victory in the Grand Prix, Iveco +1,22% and Cnh +0,68% go up, while Stellantis loses 1,3%.
The lower part of the list is occupied by banks such as Intesa -2,4% and Banco Bpm -1,85%, but Unicredit is saved +0,07%. Retract Stm -1,87%.
Down -0,31%, Nexi announced today that it has joined forces with Alpha to create Nexi Payments Greece which will supply the Greek market with innovative solutions dedicated to merchants as well as products and services for accepting payments.
