The picture of the day of the markets, at the closing of the Old Continent's stock exchanges, is still rosy, despite the floods in New York, the infections from the Delta variant, the unknowns about the next moves of the central banks and the choices of China. President Xi Jinping today announced a new stock exchange in Beijing to encourage Chinese companies to list domestically rather than overseas.
European stocks closed slightly higher, while Wall Street squealed at the opening dragged by Apple; Nasdaq and S&P500 reach new highs in the first few minutes. Support for purchases comes from oil and related securities, following the OPEC+ decision to proceed as planned with the reduction of the cuts and in light of the higher-than-expected drop in US weekly inventories.
Business Square it appreciates by 0,2% to 26.233 points and is also among the best thanks to Mario Draghi who, at the press conference, instilled security and optimism after the recent squabbles in the majority. He goes down it spread: the yield differential between 10-year BTPs and Bunds with the same duration falls by 105 basis points, with a decrease of 2% and a contraction rate for the Italian bond to +0,66% (from 0,7% yesterday). The Prime Minister reiterated that Italy continues to grow, as seen also by the GDP trend in the second quarter, but that we cannot let our guard down because "our product has fallen as it hasn't been seen for decades" . It is "a rebound, whoever fell the most bounces the most". So "The real challenge will be to be able to maintain the growth rate considerably higher than it was before the pandemic, that's where you see the ability of the Italian economy to become structurally more solid". As for the Green pass, this will be extended and there will be a control room to determine how. Meanwhile, the vaccination campaign is proceeding quickly, towards the end of September 80% of the population will be immunized, "already today we are 70% completely vaccinated". The decision to get immunized "was embraced with great enthusiasm by young people", whose massive participation "allows us to face the opening of schools with a certain tranquility and with less uncertainty than last year". There is also a third dose on the horizon.
Looking at the blue chips, it stands out on the Ftse Mib today stellantis +1,69%, which he announced the acquisition of First Investors Financial Services Group for 285 million dollars, aimed at the development of the financing business for the purchase of cars in the United States. Cnh +1,22% is also in evidence in the Agnelli galaxy.
The rally continues Diasorin, +1,26% and oil stocks appreciate: Eni +1,3%; Tenaris +1,1%; Saipem + 1,06%.
On the opposite bank Telecom -1,42%; Terna -1,31%; Snam -1,27%; nexi -1,06%. Between the banks it is pale red Understanding -0,5%.
In the rest of Europe they are practically flat Frankfurt, Madrid and Paris; good London +0,22% and Amsterdam + 0,42%.
A New York we proceed quickly with purchases on big tech, with the exception of Facebook, after the 225 million euro fine to Whatsapp by the Irish authorities for violation of the General Data Protection Regulation (GDPR) of the European Union.
In terms of macroeconomics, what is most pressing is the Stars and Stripes employment report due out tomorrow, due to its reflections on the timing of a possible tapering. Meanwhile, weekly requests for new unemployment benefits fell to 340 from 354 in the previous week against 345 expectations. Furthermore, layoffs plummeted to a 24-year low in August suggesting that the job market is progressing despite the increase in new Covid-19 infections.
The prices of US government bonds continue to rise and rates fall, as if the conviction prevailed that in the end Jerome Powell will maintain a prudent attitude.
Il dollar is weak even today, while theeuro it appreciates at 1,186 with a debate on a start of discussion on pandemic purchases which is also taking shape within the ECB in view of the September meeting.
Cryptocurrencies are on the rise, starting from Bitcoin which, after having bypassed the 50 thousand dollar quota, is currently trading below but not far from that threshold.
Salt as anticipated the Petroleum. Brent grows by about 2,5% above 73,35 dollars a barrel. Texan crude pushes even more and trades around $70,50.
