The spectrum of new taxes on banks he wanders around theEurope and this time it peeps out London, worsening the climate in the sector in the Old Continent with the price lists which, in the afternoon, also suffered the backlash of the losses of US tech and an inflation that must be interpreted from a Fed perspective. The last session of August thus ends with a fractional decline on this side of the ocean, while across the Atlantic Wall Street moves downwards, after the records of the day before and the expected PCE data on theinflation in July in line with estimates (+2,6%), but still above the Federal Reserve's target. The Hamlet-like doubt therefore remains as to what Jerome Powell will do in September, especially since if the rates will be cut (as Powell himself hinted at Jackson Hole) the price rally could start again due to the weight of the tariffs.
Square Business loses 0,59% and closes the day at 42.196 basis points, with Prysmian (-2,3%) in the black shirt, weak banks and strong defense stocks in a geopolitical context that does not tend to improve.
Even the macro data of the day do not give a particularly bright picture of Italy: theIstat confirms GDP estimates in the second quarter, down 0,1% from the first and up 0,4% year-over-year. According to preliminary data, August inflation appears to be slowing, up 0,1% month-over-month and up 1,6% year-over-year, but with shopping cart prices rising to 3,5%.
London limits the damage to 0,32%, but the authoritative voices that have been raised to ask for taxing the extra banking profits, generated by the high remuneration of the reserves deposited at the Bank of England, have worried the credit giants such as Hsbc (-0,95%), Barclays (-2,24%), LLOY (-3,38%), NWG (-4,79%).
Paris scores -0,76%, Frankfurt -0,53% Amsterdam -0,76% Madrid -0,94%.
Wall Street, in the red with Nvidia, Dell and Marvell
Wall Street is in the red, dragged down by the Nasdaq (-1,1%) where Dell and chipmaker Marvell dropped 5,8% and 13% respectively after quarterly forecasts that disappointed expectations. The queen of AI chips, Nvidia loses 3,63%, following an article an article of the Wall Street Journal, according to which the Chinese e-commerce giant Alibaba (+9% on the US market) has created a more advanced chip, capable of handling a wider range of AI tasks.
The day is also influenced by the now legal clash between the White House and the Fed governor Lisa Cook, while tariffs are not helping the US trade balance, which in July saw the deficit widen by 22,1% compared to June, 103,6 billion against estimates of 90,2 billion.
Meanwhile, the exemption on small incoming shipments ends today, while Brazil is seeking an agreement with Washington to exempt coffee from the 50% customs duty, while also studying countermeasures.
Dollar down slightly
On the foreign exchange market the dollar US inflation appears to be declining slightly, after US personal consumption expenditure (PCE) inflation—one of the Fed's key indicators of price pressures—held steady in July at 2,6%, in line with expectations and at the same level as June. On a monthly basis, the index rose 0,5%, also in line with expectations. The core index rose 2,9%, as expected, albeit accelerating from June's 2,8%. On a monthly basis, the increase was 0,3%.
The euro The yield is back at 1,17 (+0,2%). Today's data isn't helping US bonds either, with T-bond prices falling and yields rising. The 4,225-year yield is at 0,43 (+XNUMX%).
Among the raw materials, the o is appreciatedro and for immediate delivery is showing a price of $3433,86 an ounce, up 0,5%.
Il Petroleum Retreats: Brent -0,72%, $67,49 a barrel; WTI -0,76%, $64,11 a barrel.
Piazza Affari: Leonardo and Fincantieri perform well
Defense stocks appear to be the most dynamic on the Milan Stock Exchange: on the Ftse Mib, Leonardo (+0,77%), while outside the main basket it appreciates Fincantieri (+ 5,06%).
In the lean session, among the blue chips, oil stocks are appreciated: Eni + 0,41% Saipem + 0,21%.
Some banks also find space on the positive page of the price list: Banco bpm +0,13% and Banking Mediolanum + 0,12%.
In the financial sector, however, the red is on Azimuth -1,92% and Ps, -1,47%.
The biggest declines of the day follow US tech with stm -2,23% and Prysmian.
Back off Campari -2,19%. It's still slipping. Telecom -1,06%, sharply correcting since yesterday following the comments of Iliad's CEO who ruled out weddings in Italy. Today, ANSA reports that Blackrock potentially has a stake of more than 5% in TIM. According to rumors gathered by the news agency from financial circles, the American fund has a 3,585% stake, plus a potential 1,1% stake and other long positions totaling 0,414%.
Brunello cucinelli arrives at the end of the race with very short breath (-2,06%), despite the initial enthusiasm for the half-yearly record accounts announced last night.
Among the mid caps, the following closed a brilliant session: former Mediaset titles, Mfe A (+2,91%) and Mfe B (+1,84%), following the gains of the previous day and the success of the ProSieben operation.
Spreads up
The session also ends negatively on the secondary market: spread between BTPs and Bunds, both on the 89-year bond market, rises to 3,62 basis points, with rates at 2,72% and XNUMX% respectively.
