Business Square dominates the European stock exchanges, pushed by the rally of the banks and the Intesa SanpaoloThe Ftse Mib closed at +0,98% at 41.637,73 points, the highest levels since July 2007. In the rest of Europe, caution prevails in a day of mixed quarterly results, while attention is focused on Fed, expected to confirm the rates but with possible signals on the economic outlook. On the trade front, the US-China negotiations remain at a standstill just days before the tariffs expire on August 1st.
Across the pond, US indices continued to perform in disarray after the GDP data showed a 3% increase in the second quarter (versus the 2,3% expected), after a 0,5% decline in the first quarter. This surprising result, but many economists believe it was affected by inventories and tariffs.
Shines Intesa Sanpaolo thanks to a half-year profit of 5,2 billion, exceeding expectations: "The best half-year ever", commented CEO Messina. Also doing well Leonardo The company closed the first half of the year with revenues up 12,9% to €8,9 billion, EBITDA up 15% to €581 million, and orders up to €11,2 billion. The group has revised its 2025 guidance upwards: more orders, more cash, and less debt. Amplifon collapses after the disappointing accounts and guidance cut for 2025. Bad too Recordati, which slows down but confirms the objectives. Sales still on Stellantis, despite positive signs for 2025 according to CEO Filosa. Meanwhile, confirmation of the double sale of Exor: Iveco to India's Tata Motors , Defense division at Leonardo for 1,7 billion.
The euro slips to 1,15 against the dollar, while the dollar/yen exchange rate falls to 148. Oil rises slightly: Brent at 71 dollars, WTI at 69. Natural gas falls in Amsterdam, returning to 33,5 euros/MWh.
Lo spread BTP-Bund bonds rose to 85 basis points, after yesterday's 15-year low. The yield on the Italian 3,54-year bond also rose to XNUMX%.
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