Weak closure for European lists, after a final recovery driven by Wall Street: Frankfurt -0,49%; Paris -0,18%; Madrid +-0,12%; London -0,15%. Milan yields 0,23% to 19.330 points, at the end of a hit and miss session, where the Ftse Mib came to lose up to 2%, to then recover, turn positive and finally stop fractionally lower.
In the afternoon, the New York Stock Exchange gave a little boost, starting in green after yesterday closing an extraordinary quarter, with the Nasdaq earning with interest what it lost due to the pandemic. At the moment, however, the US indices are also proceeding in no particular order, because there are many reasons for uncertainty. Yesterday's daily record of infections (almost 47 thousand in the United States), the warning of the virologist Fauci and the recommendation to stay at home on July 4th; the Fed's forecasts on the timing of the recovery; the resurgence of US-China tensions with the entry into force of the security law and the arrests in Hong Kong. On the other side of the scale, however, today the hope of a vaccine weighs in favor of optimism.
Pfizer (+4,9%) and the German BioNTech (+4,8%) have in fact announced that a product under development has shown 'potential' and is well tolerated by humans, after the first stages of experimentation. Pfizer claims that, if the vaccine is approved, it will be able to prepare up to 100 million doses by the end of the year and "potentially" over 1,2 billion doses by the end of 2021. From the macro front, the ISM manufacturing index also did well, rising to 52,6 in June from 43,1 in May against expectations of 49,5. Among the leading American stocks, Tesla (+4,6%) is achieving a historic overtaking of Toyota and is on its way to becoming the most valuable car manufacturer in the world.
Among the raw materials, the intonation of crude oil is good, also following the weekly US inventories which are down more than expected. Brent crude rose by 1,7% to 41,97 dollars a barrel. Gold tarnishes and trades in sharp decline below 1774 dollars an ounce, after yesterday exceeding the threshold of 1800 dollars.
On the foreign exchange market, the euro appreciates slightly against the dollar and trades at 1,126. The data on US private sector employment for June, below expectations, does not seem to weigh much. The Adp report highlighted the creation of 2,369 million jobs, against forecasts of 2,5 million. In Europe, meanwhile, the PMI indices on the manufacturing sector show signs of improvement in June: 47,3 points from the previous 39,4 points in May.
As far as Italy is concerned, the Confindustria research office hypothesizes a new one modest recovery of industrial production in June (+3,9%), after the leap in May (+32,1%, which however was compared with a month of total lockdown). On a quarterly basis, Confindustria estimates that as at 30 June the contraction had reached 21,6% after the 8,4% drop in the first quarter.
In the business square today's best big cap is Nexi, +4,35%, in light of the agreement finalized yesterday with Intesa (-0,76%) on payment systems. Meanwhile, Prime Minister Conte returns to VAT and in a passage from the question time to the Chamber he says: "The hypothesis, on which one can also reasonably work, in my opinion is that of putting together two instances, giving a jolt to consumption through a possible relief from VAT for those who use electronic money”.
Good Recordati +2,18%; Inwit +2,24%; Campari +1,39%. Contrasted banks: Mediobanca +1,19%; Banco Bpm -2,26%, while talks continue of a possible marriage with Mps (-2,6%). The utilities stand out with Hera +1,26%, Italgas +1,16%, Terna +0,52%. Sales hit the automotive sector, as in Europe. Pirelli -2,52%; Cnh -2,7%; Fiat -1,77%. Banca Generali -2,33% and Stm -2,02% are down. Improve the spread: 169 basis points (-3,31%), with a yield on the Italian 1,26-year bond of XNUMX%.
