The latest call for caution came from the survey of Bank of America customers, ie the most important and influential managers on the planet. From their answers emerges the propensity to park capital in liquidity (19% of the total, just over double a year ago) while waiting for good employment opportunities. Without getting too many illusions, however: 88% of managers believe that next year the Stock Exchanges will go up, yes, but only by single digits. Nothing to do with the recent rally: just yesterday the S&P index celebrated the 100% increase since March 20 last year. But the picture bears in mind that the overweight compared to bonds remains very high. Germany remains the number one choice, followed by Italy. Compared to July, the percentage of those expecting a further acceleration of economic growth is down.
Soffia hoped for an insidious air arriving from the East on the European price lists. The new decline of the Chinese Stock Exchanges, combined with the uncertainty triggered by the collapse of Kabul, pushes down the European lists. Piazza Affari is not saved -1%, the worst market but still above the threshold of 26 thousand points, the peak climbed with great difficulty before August 0,45th. The other squares are no better. Frankfurt hesitates, which loses 0,25%, substantially weak London, which records a decrease of 0,56%, and moves below parity Paris, showing a decrease of XNUMX%. Numbers that justify a certain caution, without however suggesting imminent collapses. Several investment banks consider a correction in the autumn probable, propitiated by the gradual exit from the purchases practiced by the Fed. But the sales, analysts say, will serve more than anything else to create space for new increases, once the pandemic has subsided.
A multi-coloured picture in which, however, the +9% of BHP stands out, the Anglo-Australian raw materials giant which this morning announced the aggregation of its oil division with Woodside Petroleum, the start of a $5,7 billion potassium hydroxide project in Canada, justified by CO2 certificate incentives. In this context, the delisting of the stock, the most important of the London Stock Exchange, was decided. From now on, the company will only be listed in Sydney.
In Milan, in a thin market, the sales of bank stocks began to run mid-morning. Under fire the most speculated securities in terms of risk: Bper and Bpm lose more than 2%, -2,1% also for Unicredit. Rates are under pressure, awaiting the publication of the Fed's minutes tomorrow. The spread is just over 103 points, the Bund at -0,49%, -2 basis points. The 1,23-year Treasury Note traded at 1,27%, from 0,49% yesterday. Bund at -2%, -XNUMX basis points.
Among the industrialists, sales on Pirelli stand out. In slight red Stellantis and Leonardo, both at -1,77%. Among the few increases, it is worth mentioning Diasorin +0,95% and Interpump +0,88%.
