Quarterly reports push purchases on the European Stock Exchanges and Milan is online. However, tension remains high in Taiwan where China has begun military exercises, launched missiles, triggering the island's defensive reaction. Eyes also on Bank of England (BoE) which has decided to raise rates again: 50 basis points, bringing the rate from 1,25 to 1,75 per cent, a step deemed necessary to cool down inflation which reached 9,4% in June. It is the highest level since 1995.
European stock market indices are on the rise
The Milan Stock Exchange is among the best and marks a 1,1% increase at the end of the morning; the Car 40 rises by 0,8% in Paris, the Dax 40 by 1,07% in Frankfurt while the Ftse 100 in London is flat awaiting the BoE decisions. Of note are Lufthansa and Zalando (+4,7% and +10% respectively in Frankfurt) and Crédit Agricole (+4,7% in Paris).
The Milan Stock Exchange rewards Tenaris
In Piazza Affari it is still the day of quarterly reports. Tower above all Tenaris +2,4% after the quarterly significantly higher than forecasts by analysts and with strong growth in revenues and profits. Diasorin also did well +3,3%
Also purchases on banks: B for Bank +1% waiting for the accounts while Banco Bpm records a drop of 0,3% after the data released on Wednesday with the Stock Exchange closed. Positive Banca Mediolanum +2,9% which revised upwards the operating profit targets, utilities did well. At the end of the list Tim-Telecom Italia -1,3% later second quarter accounts published on Wednesday evening with the Stock Exchange closed.
Spreads down, Oil stable
The BTp-Bund spread drops to 207 points. The yield of the ten-year benchmark BTP also fell, trading at 3%, from 3,03% of the previous reference. Oil moved little: the Brent at $96,77. The price of the gas at 191 euros per MWh. The markets have "digested" the decision to increase oil production by 100.000 barrels a day starting in September by OPEC+, the cartel of producing countries to which Russia is also a member.
