Rally session a Business Square, in a context of general gains for the main European lists in the last session of the week. For the third consecutive day Milan is the queen of Europe, also driven by the acceleration of Italy's GDP (+1% in the second quarter and 4,6% annually), with the Ftse Mib which closed the day up by 2,16 .XNUMX%, despite the government crisis and the rather turbulent start of the Italian electoral campaign. The leap of Eni, which rallied nearly 6%, despite the slide by Leonardo (-7%).
The quarterly season, combined with the less aggressive Fed than expected, has also restored calm to the New York Stock Exchange which continues to gain ground, thanks to the brilliant quarterly results of Amazon and Apple and the oil giants ExxonMobil and Chevron. The Dow Jones, more cautious, rises by 0,22% to 32.602,63 points, the Nasdaq advances by 0,70% to 12.247,18 points while the S & P 500 scores a progress of 0,82% to 4.106,15 points. However, the macro backdrop remains challenging after yesterday's first reading of second-quarter GDP showed the US economy contracted by 0,9%, a second consecutive contraction that economists termed a technical recession.
Piazza Affari still queen of Europe
A day of strong earnings for Piazza Affari, up 2,16% and which brings the index of large Italian capitalizations firmly beyond the threshold of 22 thousand points. Thus continues the series of consecutive increases that began with the fourth week of July, which after the minimum reached during the middle of the month (at 20.420), is a rebound of over 8% but which leaves the heavy losses recorded by beginning of the year, with a drop of -18,75% from January and -8,22% over the year.
The European ones were also positive, thanks to the data on growth in the Eurozone (+0,7% in the quarter and +4% on the year) which made the specter of recession disappear. Well Frankfurt, showing an increase of 1,52%, toned Paris, which recorded a capital gain of 1,72%, e London which recorded an increase of 1,15%. Just above parity too Amsterdam with +1,17% and Madrid with + 1,06%.
The euro is weak, oil rising and gas falling
On the metal front, their maintains substantially stable position at 1.730,13 dollars an ounce. The price of wheat still rose: +0,81% to 897 dollars in Chicago for hard wheat, while the soft one reached 623 dollars (+0,7%).
Il exchange euro Dollar falls below 1,02. "Undoubtedly - said the vice president of the ECB Luis de Guindos - the depreciation of the euro was one of the factors behind the high inflation and the rise in energy prices denominated in euro". The same is true for Japan, where the yen is hovering at multi-decade lows against the US currency.
If the gas in Amsterdam it drops to 193 euros per megawatt hour with a drop of 2,67%, i crude oil prices - favored by worries about inventories and the drop in the dollar - they start to rise again: wti rises above 98 dollars a barrel (+2,13%) while Brent in the North Sea is above 109 dollars (+2,3% ).
Spread Btp Bund continues its descent
spread still declining despite the uncertainties related to the Italian electoral campaign and future government prospects. The differential between the yield of the BTP and that of the German Bund decreased, settling at +227 basis points (-6,61%), after a start at 232, with the yield of the ten-year BTP standing at 3,04% and the BUND at +0,76%.
Piazza Affari: quarterly protagonists
Piazza Affari was driven by the quarterly reports which in many cases were higher than expected. The best Ftse Mib stock of the day was Eni (+5,63%), thanks to a leap in net profit to 3,8 billion in the quarter and 7,4 billion in the six months. But eventually the six-legged dog was overtaken by Saipem (+ 6,33%) and Interpump (+6,24%). Also Mediobanca +2,30% and A2a +2,11% rise after the accounts, while nexi (-0,36%) slips, after closing the first half with revenues of 1,52 billion euro and confirming the guidance for the current year
Keep on running Enel (+2,81%), after yesterday the group, in addition to first-half results and confirmation of 2022 guidance, announced an agreement to sell the electricity transmission business in Chile.
The worst is Leonardo -7,64%, penalized by the failure to raise the guidance for the current year despite a maxi contract in Poland. Keep on running Moncler +4,37%, down from the +8% on the eve following the accounts. In general, the auto sector is also doing well – with stellantis which earns 2,62%, Pirelli 5,46% and Cnh Industrial 5,01% - and the banks - with ISanpaolo agreement which increases by 1,13% after the quarterly, Unicredit salt by 3,03%, Bpm bank advances by 3,54% and Bper is up 2,27%.
They move below parity Amplifon (-0,52%) And Atlantia (-0,013%).
