Business Square takes a breather and rebounds, +1,84%, together with the other European stock exchanges, comforted in the afternoon by the sustained performance of Wall Street
The markets today neglected the data on the slowdown of the Chinese economy due to the lockdown and concentrated on the good news, such as the freezing of the resignation of Mario Draghi, the quarterly report beyond expectations by the American bank Citi (+11%) and the increase of US retail sales in June.
Strong rebound in Europe
The recovery is brisk in Europe. The Ftse Eb climbed up 20.933 basis points after yesterday's sell-off, which was anomalous since political chaos caused by the tearing of the 5 stars and the consequent visit of Mario Draghi to the Quirinale. The President of the Republic Sergio Mattarella rejected the premier's resignation, so, to find a new balance, there is now time until Wednesday, when Draghi will go to parliament. Investors are betting on a recomposition of the crisis, even if a certain amount of uncertainty remains in the background, given that the Milanese stock market is more backward than Frankfurt + 2,76% Paris + 2,04% Madrid +1,89% and Amsterdam +1,85%. Outside the eurozone, London rises by 1,77%.
Stable spread, but is the shield at risk?
Waiting for news on the future of the government the spread stabilizes between Italian and German ten-year bonds at 217 basis points (-0,41%), with yields slightly down to +3,24% for the BTP and +1,07% for the Bund. But beware of the apparent calm, as an interesting analysis by Reuters clarifies today. Yesterday the secondary sent a clear warning to politics and the government crisis could also complicate "the delicate project conceived by the ECB to support the most indebted countries of the euro area even before it sees the light". In fact, the so-called anti-spread shield makes sense if the gap between the yields of the countries of the bloc is unjustified, otherwise it will be difficult to face the criticisms of those who are hostile to this instrument such as the president of the Bundesbank Joachim Nagel.
Euro recovering, oil rising, gold falling
The session is positive for the euro, which recovers 0,7% against the dollar and trades around 1,088.
Raise your head the Petroleum: Brent shows an increase of 2,7% and trades around 101,8 dollars a barrel.
What the two trends have in common is the weakening of the dollar, due to the declarations of many Fed hawks, in favor of a 75 basis point rate hike at the next meeting, against the 3,75 estimated by some analysts after the new inflation peak at stars and stripes. However, the president of the St. Louis Fed, James Bullard, does not lower his pens, according to which interest rates should reach 4%-3,5% by the end of the year, up from XNUMX% previously assumed.
Spot gold drops, 54,3 euros per gram, while Brussels wants to include in the new sanctions against Moscow also imports of Russian gold.
Piazza Affari, Saipem in free fall, RCS flies
The title does not find peace Saipem, -29,92%, which after yesterday's recovery is now on the ground again, at 0,82 euros per share and therefore below the price of 1,013 euros of the new shares offered in the 2 billion capital increase that the banks have had to cover for 29,6%. It is precisely the intention of the banks to sell a portion of securities on the market that is causing the prices to fall.
Political uncertainty ballast Telecom, -3,42%, still grappling with the single network issue. He suffers Campari -1,07%.
On the other hand, many industrial stocks appreciated, especially in the automotive sector. The top of the list is conquered by Interpump, +5,6 followed by Pirelli + 5,57% Iveco +5,56%. In light Enel +3,41%. Well Leonardo, +2,36%, on which Moody's confirmed the racing and improved the outlook to positive from stable.
It's positive Generali, +0,69%, which he appointed by co-optation Stephen Marsaglia director of the company in place of the outgoing Francesco Gaetano Caltagirone.
Outside the main basket they shine Rcs (+ 15,08%) and Cairo communication (+13,46%) after the news of theunderstanding with Blackstone on the Corriere della Sera headquarters in Milan. A note explains that the agreement reached "involves a mutual waiver of all actions and RCS has agreed to pay a contribution of 10 million euros to the costs incurred by Blackstone". The publishing group will purchase, at the price of 59,9 million, the building in Via Solferino, the historic headquarters of Corriere della Sera, part of the Solferino-San Marco-Balzan real estate complex that is the subject of the dispute.
