European stock markets closed higher, but without much conviction after Wall Street, strong at the start, changed pace. The New York Stock Exchange seemed to be on the run from the Bear market, after the bad session the day before, with the S&P falling below the 4.000 threshold yesterday and down about 17% from last January's record. But at the moment, only Taurus is running away: the Dow Jones fell 0,3%, the S&P 500 fell 0,15% (3.984 points), the Nasdaq it's about parity.
Europe thus hits a rebound, but reaches the finish line below the session maximums: Business Square rises by 1,04% and grabs the 23.069 basis points by a hair's breadth, in line with Frankfurt +1,15%. They are more backward Amsterdam + 0,54% Paris + 0,51% London +0,35% and Madrid + 0,09%.
According to experts, today's improvement is not a symptom of a stable change in market sentiment, but rather represents a natural correction after the declines of the previous section. Wall Street volatility seems to confirm this reading. In fact, the hot topics of this period have not cooled off, starting with the war in Ukraine, which is stalled, according to US intelligence. For the record, it should be noted that Prime Minister Mario Draghi is in Washington today also to talk about the war and Italy's commitment to this painful match.
Investors are also waiting for inflation data to be released in the US in the next few days and relating to consumer and production prices. If the growth of inflation shows signs of a slowdown, we can hope for a potentially more accommodating US central bank and a recovery of the markets.
Government bond yields are down
While waiting for inflation data and stars and stripes, government bonds take a breather, prices rise and yields of T-Bonds fall. The 3-year Treasury is currently trading below 2,95%, at 4,5% (down XNUMX% since yesterday's close).
New York Fed Chairman John Williams and Cleveland Fed Chairman Loretta Mester both said they were in favor of interest rate hikes by 50 basis points at the next two US central bank meetings.
The pressure is also partially easing on government bonds in the euro area. However, the rate of the ten-year Italian BTP remains above 3%, at 3,01%, while the Bund falls back to +1%, for one spread which returns to the area of 201 basis points (+4,65%).
The words of the president of the Bundesbank Joachim Nagel, according to which the ECB should raise interest rates in July to prevent inflation from strengthening further, contributed to shaking spirits.
Fitch, on the other hand, believes the European central bank will raise rates by 50 basis points by the end of the year. "Following higher inflation, rising inflation expectations and intensifying price pressures since our March Global Economic Outlook, we now expect the ECB to raise both the rates on refinancing operations and the rates on deposits to 0,5% and 0% respectively in 2022, through two increases of 25 basis points each”.
On the subject of public debt, according to rumors, the European Commission is considering issuing new common debt to support reconstruction in Ukraine.
Bank purchases are back in Piazza Affari
In Piazza Affari, bank purchases are back, with the race led by Bper, +7,85%, which is the blue chip queen of the day after the presentation of a better-than-expected quarterly, profit almost double than expected, the acceleration on derisking and the willingness to tighten with Carige on schedule. Fly high too Unicredit +5,46%, after the losses of the day before. The Buy of Ubs contributed to the performance, which raised the target price to 15,4 euros (from 14,1).
Among the ten biggest gains of the day there are also Pirelli +3,91%; Inwit +3,87%; Terna + 2,6%.
Campari rises by 2,68% and toasts the purchase of Diageo, the brand of bitter Picon aperitifs. The shopping has a value of approximately 119 million euros and also includes the company's activities, as Campari aims to strengthen its position in France, which represents the group's fourth largest market. The acquisition – clarifies a note – was financed with available cash. At the end of June, net sales of the Picon brand, which generates almost 80% of sales in France, amounted to 21,5 million, with a contribution margin of 12,9 million.
In luxury he raises his head Moncler, +2,46%, while Ferragamo sinks further, losing 7,35%.
It closes the reductions of the main list Saipem, -6,6%. The attempt to proceed quickly with the planned capital increase of 2 billion would weigh on prices. CEO Francesco Caio told Il Sole 24 Ore that the company intends to speed up the sales and the increase, carrying it out by the end of the summer.
“In such a volatile market, due to the risks on the international economic scenario, it is not certain that they will be able to make the increase within the third quarter. This is not a very favorable period for the markets”, underlines Bestinver analyst Marco Opipari.
Sold the Leonardo -3%, which yesterday went against the trend. They also go down Diasorin -2,45% Iveco -1,65% and Ferrari -1,4%. In four wheels it is positive stellantis, +1,17%, which is Buy according to Berenberg, with a target price of 21 euros.
Oil down; little moved euro-dollar
Volatile seat for the Petroleum, which has shown various ups and downs. In the end, negative sentiment seems to prevail, with Brent losing 0,8% and trading at around $105,10 a barrel.
On the foreign exchange market theeuro-dollar it appears little moved and moves in the 1,053 area.
