The European stock exchanges celebrate the tenth anniversary of Mario Draghi's whatever it takes, climbing to a seven-week high. To pull the sprint is Piazza Affari +0,6% preceded only by Amsterdam +0,8%. The list most linked to the stocks of the chips, benefited from the decisions of the US Congress (Stm increases by 2,2%). On the Italian market shines the excellent performance of Unicredit +6% after the quarterly together with the positive accounts of Saipem +2,16% they amply offset the effect of the downgrade of the S&P outlook (from positive to stable, rating BBB).
At the bottom of the platoon the German stock exchange +0,17%. German consumer confidence has fallen to historic lows. The Gfk index fell to -30,6 points in August. “Concerns about the interruption of supply chains, about the war in Ukraine and about the soaring prices of energy and food products – explained Rolf Buerkl of Gfk – are added worries about the supply of gas for businesses and families next winter”.
The Stock Exchange toasts the quarterly, gas above 200 euros
European Natural Gas slows down this morning, now +2% from the +12% of the opening. The price remains above the threshold of 200 euros per mWh. Gazprom has announced that, starting today Wednesday 27 July at 7:00, the capacity of the Nord Stream 1 gas pipeline directed to Germany will drop to 20% of the total. The
The delicate situation was reflected in the accounts of Deutsche Bank -3,1%: despite the increase in profits, the CEO Christian Sewing warned that “the months ahead will continue to be challenging. There is reason to believe that things will get even more difficult economically.' In reverse Mercedes-Benz+1,4% expects a significant increase in revenues and a slight increase in profits in 2022 compared to last year, after the company reported an 8% increase in adjusted second quarter profits to 4,9 billion euros.
Waiting for the Fed meeting in the afternoon, spotlights on Btp and Bund
While awaiting the decisions of the Fed, scheduled for 20 pm Italian time, the recovery of the bond markets continues after a long series of macro data which confirmed the slowdown of the US economy. The 2,80-year Treasury XNUMX%.
The 1-year German Bund falls below 0,97% to 3,3%. Germany placed 0,94 billion in a 1,22-year bond at an average rate of XNUMX% from XNUMX% at the previous auction.
Such calm contrasts with the fibrillation of the Italian paper: the yield on the ten-year BTP rises to 3,33% from 3,28% yesterday, while the BTP/German Bund spread widens to 245 basis points. We are at a level not seen since May 2020. For the first time since June 2020, the yield on the 6-month Treasury bill offered at auction was positive: 0,628% against -0,088% of the May placement.
Lo spread it is also the largest within the eurozone. Greece stops at 209, Spain at 119, Portugal at 111. These numbers give the exact dimension of the "country risk" perceived today by foreign investors before the political elections.
Wall Street futures positive, stocks in evidence
Meanwhile, i Wall Street futures they strengthen pending the opening thanks to the positive indications of some giants in the tech sector: NASDAQ +1,6% and S&P500 +1%.
In Europe, in addition to the tech sector, Reckitt Benckiser stands out +5,1% after raising its profit forecasts for the current year-
The shares of the French payments company fly to Paris Worldline +12,3% atop the STOXX 600 after first-half results beat estimates. Nexi takes advantage of it in Milan +7,67% as the best title on the Italian list.
In great evidence Iveco +4,07%After a very difficult first half (June -22%) the sector is showing signs of recovery.
Among the titles in red Fincantieri -7% which expects a slight improvement in debt by the end of the year. The company closed the half-year with a loss of 234 million. revenues up 16% to 3,5 billion euros. The negative net result was impacted by a review of the business portfolio and by non-recurring items for the period.
In decline generals-1%, JPMorgan cuts the recommendation from Overweight to Neutral, target from 23,50 to 17 euros
