Inflation is slowing down, the New York Fed informs with satisfaction: the forecast for next year drops to 6,2%. But the slowdown, according to consumers, will be much greater in the next three years. On the strength of these numbers, Jerome Powell is preparing to celebrate the central bank's hard line at Jackson Hole, the annual meeting of central bankers in Wyoming to be held on the last weekend of August.
This will be the occasion to announce a new increase to 75 points, but also the promise of a forthcoming change of course. But things may not be so simple: July inflation data will be released on Wednesday, a month of great euphoria for the labor market and wages, as revealed by government data. Meanwhile, the theme of high living costs is now competing all over the world for the first page of the war in Ukraine and of political current affairs, whether it is the laborious negotiations between the Italian leaders or the FBI blitz in Mar a Lago, the good resort of the former President Trump.
The New York Times, for example, unleashed reporters around Manhattan, discovering that a bag of potato chips in Times Square is sold for the "ridiculous" sum of 5 dollars. A few meters further on, in the Nasqaq headquarters, the alarm for Nvidia accounts holds -5,9% the giant of electronic chips predicts that inflation will induce consumers to be more cautious in the purchase of laptops and consoles for games. In short, everything revolves around the unknown price.
Asian stock exchanges: Softbank's record loss in Tokyo (-23 billion in a quarter)
In this context, the Asian Stock Exchanges mark time: the worst performance is recorded by Nikkei of Tokyo, -1%. Weighs the result of Softbank the Japanese financial holding company, which lost about 8% after publishing the data. The group, concentrated in hi-tech, in the quarter from April 1 to June 30, lost approximately 3.162,7 billion yen, equal to 23,4 billion dollars.
THEHang Seng in Hong Kong was up 0,1% on the back of tax cuts planned for real estate, a measure taken to alleviate the crisis in demand. The CSI 300 has little movement.
US stock exchanges: Wall Street flat. Towards the agreement between the big auto and semiconductor companies
On Wall Street, futures mark a rise of +0,2%. On Monday, the US lists closed with minimal changes: Dow Jones + 0,1% S&P and Nasadq -0,1%.
The heads of chip makers, automakers and US government officials are scheduled to meet today to outline the semiconductor investment plan. Joe Biden is expected to sign legislation to subsidize the US semiconductor industry and make the US more competitive with China. $52 billion in chip manufacturing and research is planned. The goal is to stem the shortage.
Borsa Milano the weakest. Ft: the spread holds thanks to the ECB
European futures have not moved much. On Monday Piazza Affari -0,62% was the weakest list in the Eurozone.
Lo spread between 10-year BTPs and Bunds with the same duration, it grew to 209 basis points (+3,55%). The Financial Times points out that the ECB is injecting billions of euros into the eurozone's weakest debt markets.
The Euro/Dollar cross trades at 1,019, on parity.
Gold little moved at 1.803 dollars an ounce. Crude oil at 90,83 dollars a barrel. Nigeria has approved the $1,28 billion sale of four Nigeria-managed oil fields ExxonMobil to local producer Seplat Energy: it is the first in a series of divestitures by international companies withdrawing from the Niger Delta.
In Piazza Affari: Stellantis-USA agreement, Intesa: buyback at 1,9%
Saipem is in talks with gas producer Novatek to close two contracts related to the $21 billion project in Russia, Arctic LNG 2.
stellantis. The automaker's Mexican division intends to resolve a complaint made by Washington in the coming days. The group's subsidiary made the announcement after it agreed to recognize an independent union, a move workers attributed to US lobbying in a recent trade deal.
Intesa Sanpaolo. As of 5 August, since the launch of the program on 4 July 2022, Intesa Sanpaolo has purchased a total of 379.577.562 shares, equal to approximately 1,90% of the share capital, at an average purchase price per share of 1,6986. 645 euros, for a total value of approximately XNUMX million euros.
That signed a new 200 million euro “Sustainability Rating Linked” revolving credit line with Cassa Depositi e Prestiti with a duration of 3 years, linked to two sustainability rating objectives in the Environment Social and Governance (ESG) area.
