After the July boom, i financial markets begin the month of August with small steps, also due to an economy showing signs of a slowdown in almost the entire globe. European lists close with a modest decline, notwithstanding Wall Street, weak at the start, is now moving into positive territory.
Square Business it saved itself from sales and maintained its leadership in Europe with an increase of 0,11% to 22.429 points. The secondary sector also shines, thanks to the return of government purchases in the single currency area and while the employment rate in Italy reaches a 45-year high. The spread with the German 215-year bond falling back to 5,79 basis points (-3%) and the BTP yield falling below 2,86% to 0,71% (+XNUMX% for the Bund).
Returning to equities, they are down slightly in the rest of the continent Frankfurt -0,03% Paris -0,18% London -0,12% Amsterdam -0,17%; more substantial losses a Madrid -0,83%.
Manufacturing slows down, but employment in Italy is at a high of 77%
The good performance of quarterly season in the US and in Europe it contrasts with a macro-opaque picture, made evident today by the higher-than-expected drop in manufacturing in China, Japan and in the Eurozone. Chinese braking particularly weighs on the Petroleum: Brent yields about 5% and trades below one hundred dollars a barrel.
In Italy, however, work shines, with the employment rate to 60,1% in June, a level records since 1977, while unemployment is confirmed at 8,1%, with the inactivity rate falling to 34,5%. Istat reports that, after the drop in May, the number of employed people is rising again thanks to the increase in stable employees and once again exceeds 23 million.
The biggest disappointment instead comes from Purchasing Managers' Index final (Pmi) of S&P Global which, in the single currency area, fell in July to 49,8 from 52,1 in June, slightly exceeding the preliminary reading of 49,6 and falling for the first time since June 2020 below the threshold of 50 that separates growth and contraction.
“The eurozone's manufacturing industry is sinking into an increasingly steep contraction, increasing the region's risk of a recession. New orders are already falling at a pace that, excluding the months of pandemic lockdowns, is the fastest since the 2012 debt crisis, and worse is likely to come,” he says. Chris Williamson, chief business economist at S&P Global.
According to S&P Global, production has decreased in all the countries examined (with the exception of the Netherlands) and that the decline is particularly worrying in Germany, France and Italy, the three largest economies of the bloc.
The ECB also estimates, for the bloc, a decline of 0,8% of GDP in the medium term due to the oil shock due to the war in Ukraine and assuming a permanent rise of 40% in quotations.
Il International Monetary Fund finally warns Italy saying that it must "reinvigorate the growth trend to strengthen public finances in order to achieve social and climate objectives".
The IMF forecasts growth for Italy at 3% this year and 0,7% next year with inflation expected at 6,7% in 2022.
Piazza Affari, crash of Exor after the farewell announcement
Piazza Affari confirms itself beyond the waterline thanks to fairly balanced purchases and sales in the various sectors.
The credit sector remains in the spotlight with quarterly results better than the estimates seen so far and in the wake of the numbers of Hsbc (+6,23%) in London; the bank has pledged to resume quarterly dividend payments from 2023 and to increase pay-out over the next two years.
In Milan they show respectable performances Bper + 1,07% Understanding +1,19%. In managed savings it is in money Post +0,98%. It goes down though Unicredit -1,25%.
At the top of the list it states Saipem, with a leap of 4,2%.
Shines Generali, +2,06%, which closed a session of earnings on the day of the board for the half-yearly accounts, which will be announced tomorrow.
It bounces Leonardo +1,49%, after the crash on Friday. The title is supported by the order of two AW139 helicopters by SonAir Airline Services, a company controlled by the Angolan national oil company Sonangol. The contract "includes a package of support and training services and includes options for an additional two helicopters".
The titles of the Agnelli stable close in no particular order: salt stellantis +0,89%, while the parent company is at the bottom of the list Exor -3,66%, after the announcement of farewell to Piazza Affari to move to the square in Amsterdam by mid-August. The day's balance is heavy also for Cnh -3,29% and Iveco -3,18%.
It suffers among the oil companies Tenaris -2,68%, while it is in great shape Saras +7,16%. Utility down with A2a -3,62% Italgas -1,7% and Ivy -1,96%.
Out of the main basket Gefran, +11,26%, announced a framework agreement for the sale of the drives business to the Brazilian group Weg for a total value of 23 million euro.
Freshman leap Energy + 18,75%.
