The warnings of the central banks slow down but do not turn off the upward thrusts that here and there support the advance of the Bull. Here then is the latest news from the Stock Exchanges: this morning it shines in the European lists the star of H&M +8% after the bills. The Swedish company, together with Zara/Inditex, represents a faithful index of the attitude of European consumers. Also in great evidence was Renault, led by Luca De Meo, which rose by 6% in Paris. The group, given the current level of performance above initial expectations, has updated its financial outlook for the full year 2023 and expects a consolidated operating margin between 7% and 8%, compared to the previous estimate of 6%. .
It also goes up in the wake stellantis +3,4%, the brightest title of Business Square. The automotive giant has ramped up the production of Jeep, ahead of possible strikes in the fall at some of its US plants. The auto sector +1,2% is the most popular in Europe.
Milan queen of Europe: German inflation is expected
La Milan Stock Exchange +0,84% at 12,30, again close to the bar of 28 points, is the best price list in the Old Continent ahead of Paris, which records, among other things, the renewal of licenses between Essilor/Luxottica e Jimmy Choo.
At 14 theGerman inflation on June. In June, German Länder inflation rose, suggesting an increase in the national index. Based on preliminary data, the consumer price index recorded an annual increase of 6,2% in North Rhine-Westphalia and Bavaria and 6,7% in Brandenburg. For the preliminary nationwide figure, Reuters expects 6,3% year-on-year, up from 6,1% the previous month.
In Spain inflation slowed sharply in June, settling at +1,6% year on year, from +2,9% in May, the consensus was +1,5%. Core inflation goes from 6,1% to 5,9%, the consensus was 5,5%. The German Bund trades at 2,35%. spread to 160 points.
On the currency front, the dollar US hit a more than seven-month high against the yen on Thursday after central bank leaders said reaffirmed the divergence in monetary policy, while the Swedish krona hit an all-time low after the Riksbank raised its interest rate modestly (+0,25%).
Banks to the rescue in Piazza Affari
In the list of Business Square Banks also rise to the fore. Among the others Mps Bank +2%, could be the pivot to create the third banking center from which the entire national system can benefit, lo claims the president Nicola Maione in an interview with Il Sole 24 Ore. They also run Bpm bank +2,6% and Unicredit +2,5% over 21 euros, on new seven-year highs.
Among the oil companies Tenaris + 2%, on which Jefferies has started hedging the stock with a Buy rating and a target price of 19 euros. Beats Saipem +2% which was awarded new contracts for 1 billion euro.
Brent and Wti are back up by 0,3%. Petroleum rallied yesterday following the decline in US crude stockpiles.
In negative ground utilities and Telecom but with variations of less than half a percentage point. Cdp (60% stake in OF) and Macquarie (40%) have written down the goodwill Open Fiber Holdings (controlling holding of OF) from Eu2.5bn to Eu327mn, in FY 2022 leading to an operating loss of almost 140 million .
Banks in turmoil a Wall Street. They go up before the meeting Bank of America + 2%. Wells Fargo +2% and the other big names: institutions have passed the Fed's annual exams, proving to be able to navigate a possible economic catastrophe.
