The bear rally stopped on Wall Street yesterday. Blame the Apple (-2,1%), victim of a rogue report published by Bloomberg: Apple , it reads, stands reducing the workforce expansion plan in view of a slowdown in demand caused by the recession. Such cuts have already been anticipated by Meta and Alphabet as well as by Netflix, which will announce the data for the quarter tonight. But he thought above all of curbing the mini-recovery of the US market, convinced that the Fed will limit the rate increase to 75 points IBM, punished after the Stock Exchange despite better-than-estimated results. But the super dollar, admitted Big Blue, will account for 3,5 billion dollars of lost revenues this year, a bad sign for the stars and stripes multinationals.
The setback of the US markets, in red despite the performance of Goldman Sachs, is reflected today on European futures in view of an interim session, waiting for a "Big Wednesday", to quote an old cult movie, in which it will be decided the fate of the Draghi government, on the eve of the ECB meeting.
Eurostoxx future -0,5%
The future of the EuroStoxx 50 index lost 0,5% this morning. L'euro dollar, yesterday in a strong recovery to 1,014, this morning was little moved at 1,0138. Lale Akoner, one of the strategists at BNY Mellon Investment Management told Bloomberg TV that the dollar will remain high through the end of the year.
Tokyo rises, Chinese price lists weak
In Asia, the Tokyo Nikkei is up 0,7%. The Bank of Japan, which will meet tomorrow, could cautiously initiate the first measures to support the yen
Weak theHang Seng of Hong Kong (-1%) and the CSI 300 of the Shanghai and Shenzhen price lists (-0,8%). China reported nearly seven hundred new cases of Covid19 yesterday, the highest figure since mid-May. Macau's large arcades yesterday entered the second week of lockdown due to the epidemic.
The Beijing authorities, in the face of protests, have established that the mortgage payment is not due in the event of non-delivery of the house.
*Investors on the run from the Indian stock exchange
Il Kospi of Seoul is down 0,3%. Mumbai it is at parity on the day of the rupee's new negative record also linked to the outflow of liquidity from the stock market: since the beginning of the year, foreign investors have withdrawn almost thirty billion dollars.
Milan (+1,13%) bets on the government. Spreads at 212
Positive session yesterday for the markets of the Old Continent which closed their doors before the slowdown of the US Stock Exchanges.
Milano (+1,13%) is betting on a positive ending to the political situation. The spread restarts from 212 basis points, with yields rising to +3,27% for the ten-year BTP and +1,16% for the Bund with the same duration.
“Algeria has become our country's leading gas supplier,” Prime Minister Mario Draghi said on a visit to Algiers. Also signed two agreements, 12 memorandums of understanding and a cooperation protocol on issues relating to renewables and major works.
Better than expected Goldman Sachs
The US lists closed in pale red: Dow Jones -0,69% S & P 500 -0,81% Nasdaq -0,84%.
In the second quarter of 2022, Goldman Sachs reported a profit of $2,9 billion, a smaller-than-expected drop (-47%). Revenue stood at $11,86 billion, down 23%.
Bank of America reported a profit of 6,2 billion dollars against 9,2 billion in the same period last year (-32%). Revenues increased to 22,7 billion (+5,6%), exceeding forecasts.
Il Treasury Notes ten-year contracts at 2,97%, two-year contracts at 3,15%. The spread between maturities closed slightly at -18 basis points, but the recession forecast remains prevalent.
Oil on the rise. Biden focuses on the price cap.
Joe Biden's mission to Saudi Arabia has not produced great results, at least in appearance. The Petroleum WTI trades at 102 dollars a barrel. Brent at $105,7. Iraq's Energy Minister Ihsan said in an interview yesterday that prices will remain around these levels for quite some time, even for a few years. OPEC+ meets again on 3 August.
“Discussions about Russia's oil price cap continue". White House spokeswoman Karine Jean-Pierre said this in a press briefing, responding to those who asked her if US President Joe Biden had asked Saudi Arabia to stop buying Russian oil. “There are conversations with G7 allies and partners about imposing a price cap and these conversations go on,” she stressed.
Featured titles: Moncler, Intesa, Leonardo
Moncler. Financial Times reports that in China there are 41 cities in lockdown, for a total of 264 million people. The closures should have an impact on luxury product consumption.
Intesa Sanpaolo. Fondazione Cariplo has increased its stake to 4,8% from 3,95%, with an investment of nearly 350 million euros. As of 15 July, the Bank purchased 0,73% of the share capital with the buyback plan for an equivalent value of 246,2 million euro.
Leonardo. Great Britain has announced that it is collaborating with Japan and Italy, already its partners, for the next generation fighter program; the joint conceptual analysis is expected to lead to more in-depth partnership decisions later this year. Citi raises the target from 11,1 to 15 euros and strengthens the Buy.
Brembo increased its stake in Pirelli to 5,2% from 4,99% on July XNUMXst.
Saipem. In the Consob update of the relevant shareholdings, Ubs holds 5,7% for savings management as of 11 July.
Industrial Driver's License. Bernstein adjusts the target price to 12 euros.
stellantis. The company announced the closure of the joint venture with GAC. The new partner could be Geely, Volvo's majority shareholder.
