On the main European stock exchanges, after an uncertain day, the excellent prevailed in the end. Almost everywhere, but especially in Milan, where the excellent quarterly published today by some bigwigs – such as Terna, Stellantis, Iveco, Moncler and Poste Italiane – have allowed investors to turn away, momentarily ignoring the fears deriving from the increase in interest rates by the Fed and the entry of the United States into a technical recession.
The closure of the European stock exchanges
For the second consecutive day, Piazza Affari is the queen of Europe and closes the session with an increase of 1,36% to 21.772 points. The other European Stock Exchanges rose thanks to a sprint towards the end of the session: Amsterdam and Paris they earn 1%, Frankfurt stops at +0,8%. Instead, they close in the negative Madrid (-0,5%) And London (-0,09%).
Markets appear to have digested the US news 24 hours after theincrease in interest rates by 75 points from the Federal Reserve. According to what emerges from the first reading released by the Commerce Department, after -1,6% in the first quarter, in the second quarter of 2022 US GDP fell at the annualized rate of 0,9% compared to the previous three months, against estimates for an increase of 0,3%. The US economy is therefore officially in a technical recession. A reality that could affect the new moves of the Fed.
How is Wall Street reacting?
Sandwiched between not very reassuring macro data and the quarterly reports of the big Hi-Tech companies, Wall Street proceeds around parity, with the Nasdaq to mark the worst performance (-0,5%), weighed down by the expectation of the quarterly Amazon (-1,1%) ed Apple Lossless Audio CODEC (ALAC), (-0,8%), and by the reaction of investors to the accounts of Facebook (-6,6%), which recorded the first drop in revenues in its history. In deep red too Qualcomm (-5,9% after sales outlook disappointed the market. Opposite trend for Ford, which jumped 6,6% after reporting a 50% increase in revenue.
Biden will hold a press conference today on the conditions of the economy and of some companies crucial for the country's growth.
Piazza Affari celebrates the quarterly
The ranking of the best stocks of the Ftse Mib is dominated by the companies that have published the quarterly reports. And so: Moncler (+ 8%), Iveco (+ 6,6%), Prysmian (+ 5,59%), Azimuth (+ 4,95%). stellantis +4,92% after best semester ever. Within the galaxy Lambs also run Exor (+ 4,55%), Cnh (+ 3,36%), Ferrari (+ 3,89%).
Up too Terna (+1,96%), whose quarterly showed a double-digit increase in investments, but also an improvement in profits and revenues. Go down instead Poste Italiane (-0,8%) despite the strong growth in profitability.
After yesterday's run, the accomplishments are striking Saipem (-1,96%) And Unicredit (-0,97%). Down too Recordati (-1,16%) ed Eni (-0,96%).
Spreads and gas down, oil stable
On the secondary market it spread cools down and drops to 245 basis points from 249 yesterday. while the yield on Italian ten-year bonds it is at 3,26% from 3,41% of the last reference. Oil was stable, with Brent remaining above 106 dollars a barrel. The price of gas falls by 2,5% to 200 euros per megawatt hour.
