After Black Monday, stock purchases are back, but European government bonds remain rallying, together with the dollar, a sign that risk appetite is still suffering from the dangers of the Delta variant of the coronavirus and its consequences on mobility and recovery, while other viral mutations are pressing (we are already talking about the epsilon variant), in an alphabetical race that is not exactly reassuring. The plus sign reappears in front of oil futures.
The European stock markets thus hit a partial rebound, at the end of a volatile session, which found its center of gravity after the bullish start of Wall Street, back from the worst session of the last nine months. Stars and Stripes banks are recovering, shares in the health sector and those of airlines are on the rise. Amazon, on the other hand, moves in the negative, after the return to earth of Jeff Bezos and his New Shepard spacecraft built by the Blue Origin space company.
Piazza Affari re-emerges from the abyss of the day before with a rise of 0,59%, which brings it back above 24 points (24.107), thanks to the recovery of oil companies, banks and industrialists. Among the blue chips, Saipem +2,68%, Banco Bpm +2,17%, Cnh +2,01%, Moncler +2%, Buzzi +1,96% stand out. Among the best big caps of the day there are also the two largest banks: Intesa +1,94% and Unicredit +1,36%. The major reductions are for Amplifon -1,74%, Atlantia -1,33%, Stm -0,78%, Ferrari -0,6%; Telecom -0,59%.
Outside the main basket, Bialetti leaps by 16,67%, with the industrial plan for 2024. Ovs also does well +8,57%. Piquadro celebrates the 2% jump in revenues in the first quarter with an increase of 78,6%. On the other hand, the debut is disappointing for Advanced Logistics for Aerospace (ALA) on the Aim, which marks a drop of 1,5% compared to the placement price of 10 euros per share
At the continental level, some better-than-expected quarterly results are helping to calm the climate, at the start of a season of accounts also in Europe. UBS gained 4,8% (Zurich +0,89%) after posting a 63% increase in second-quarter net income, helped by a booming wealth management business.
In the rest of Europe Frankfurt appreciates by 0,58%; London +0,54%, Madrid +0,68%, Amsterdam +0,13%. Paris is the best, +0,81%, with luxury stocks up. In particular, Louis Vuitton continues to go shopping and rises by 0,8%. The French giant has announced the definitive agreement for the purchase of the majority of Off-White, the company that owns the homonymous brand.
On the other hand, Electrolux collapsed (-6,4%) on Nasdaq Stockholm (+0,7%), after the quarterly accounts were slightly below expectations, above all due to problems with the supply of raw materials, against the backdrop of poor visibility caused by the pandemic. The home appliance giant owns the Aeg brand. The dollar strengthens and the euro is down at 1,175. Bitcoin is losing share, trading below $30 for the first time since June 22, down by more than 2%.
Oil is on its way up again: Brent moves up about 1% to 69,30 dollars a barrel. Goldman Sachs, meanwhile, reduced its estimates for North Sea crude oil to $75 a barrel in the third quarter. This is a $5 cut from previous expectations due to the impact on demand from the increase in infections from the Delta variant of Covid-19. Spot gold is flat, near $1810 an ounce.
The bond rally continues in Europe, with the 0,45-year Bund yield slipping to -10%. The purchases also reward Italian paper, which is generally used to suffering more in periods of risk aversion, given the country's large public debt and low rating. In the final, the 0,69-year BTP marks +114% and the spread with the German security rises slightly to 1,02 basis points (+XNUMX%).
After a matched start they changed sign instead US securities and the XNUMX-year Treasury, which hit a 5-month low yesterday, is moving slightly up by over 1,2%. According to Unicredit analysts, the current level of US rates is too low for the picture of economic recovery and tapering from the Fed that is emerging and is a good selling opportunity.
Speaking of central banks, finally, the wait for the ECB meeting on Thursday and for the words that the president Christine Lagarde he will say in the press conference at the end of the meeting, especially after the publication of the strategy review last week, with the objective of inflation which is no longer "close to but below 2%", but is 2% with a "symmetrical" approach .
