The European Stock Exchanges find the impetus to close another positive session, favored by the progressive start of Wall Street and by the forecasts of the ECB which, in its bulletin, estimates strong economic growth in the third quarter for the single currency area, barring unforeseen events from the pandemic front. London remains outside the perimeter of gains (-0,02%), after the meeting of the Bank of England which left rates unchanged and offered a ledge to the strengthening of the pound. The board registered a disagreement on the appropriateness of maintaining the current Bond purchase programme.
Milan is the leader with an increase of 0,69%, which brings the Ftse MIb to 25.665 points. On the secondary side, the spread between the ten-year BTP and the Bund of the same duration decreased to 106 basis points (-3,67%); the rate of the Italian bond decreased to +0,52%, while the German closed at -0,54%. In Frankfurt shares it appreciates by 0,34%. Paris rises by 0,52%, Madrid +0,44%.
In New York, the focus is still on signals from the world of work, after the disappointing numbers in the private sector released yesterday. The day's number on new jobless claims for the week ending July 31 came in line with expectations (-14.000), while the Labor Department report reveals that layoffs fell last month to their lowest level since around 21, as companies try to retain their employees due to labor shortages.
Tomorrow will be the turn of the employment report, which could influence the choices of the Federal Reserve. Indeed, a disappointing report could help maintain an ultra-accommodative policy, placating fears of too rapid growth in the economy and inflation. But there are signs to the contrary. Yesterday Federal Reserve Vice Chairman Richard Clarida, one of the main architects of the new US central bank policy strategy, said that the conditions for raising interest rates could be met by the end of 2022 and a revision of the purchase program is possible titles to be announced later this year.
Meanwhile, the deficit in the North American trade balance has risen to record levels: +6,7% in June, 75,7 billion dollars, against expectations for a figure of 74,2 billion dollars. Thus, the prices of T-bonds drop slightly and rates rise, with the 10-year bond showing a yield of 1,2% (+2,35%).
In Europe, on the other hand, the ECB confirms its dovish face. In the Economic Bulletin, the central bank writes that the euro area economy "recovered in the second quarter of the year and, with the easing of restrictions, proceeds towards strong growth in the third quarter", there is therefore the possibility of a “return to pre-crisis levels” in the first quarter of 2022”. However, no news is expected on interest rates, because the rise in inflation appears temporary and tensions on prices will ease at the beginning of next year. Rates will remain low until inflation is stable at 2%.
Among the raw materials, the price of oil rose, also driven by tensions in the Middle East. Brent is fractionally higher around 70,80 dollars a barrel. Spot gold, on the other hand, fell, losing about half a percentage point and trading at 180,2,80 dollars an ounce.
In Piazza Affari the session was once again enlivened today by many quarterly reports, in particular those of non-performing banks such as Mps (+4,85%) and Carige (+12,78%). The Sienese bank remains at the center of attention for its possible future with Unicredit (+2,54%) and is in profit for the second consecutive quarter (net profits of 83 million euros), against expectations of a pale red balance sheet. After the clarifications provided yesterday by Minister Daniele Franco, the bank also confirmed that it had signed a confidentiality agreement with Unicredit "necessary for the initiation of the exchange of information via a dataroom", to which the bank in Piazza Gae Aulenti has access since last August 3rd.
Banca Carige also shines, halving its losses in the semester. However, doubts about its future remain and the bank writes in a note that a stand-alone scenario beyond 2021, "if certain circumstances occur, it would make it necessary to proceed with a capital strengthening operation and would confirm the uncertainties regarding the recovery times of the fiscal activities".
Banca Ifis was more cautious +0,79%, which in the six months recorded a profit increase of 31,5% to 48,3 million and revenue growth to an all-time high of 292,6 million euro (+37,5 %). Practically all the banks are positive on the main list, but the podium of the day goes to Ferrari, +3,34%, which yesterday began its recovery after the sales following the presentation of the numbers as at 30 June.
Asset management performed well, Banca Generali +1,4%. Inwit +1,32% is appreciated; Leonardo +1,23%; Post +1,29%; Atlantic +1,22%. Enel scores +0,64%, after signing contracts for the sale of 50% stake in Open Fiber, of which 40% to Macquarie Asset Management for a consideration of 2,12 billion euros and 10% to CDP Equity for a consideration of €2,12 billion and 10% to CDP Equity for a consideration of €530 million.
In the red Nexi -1,64%; A2a -0,74%; Pirelli -0,55%. Tenaris dropped 0,35% after the publication of the quarterly and half-yearly results and a return to assets, a profit above estimates and revenues better than forecasts. Interpump's earnings reset to zero, after a flight to an all-time high during the session in the light of the good performance of recent months, net sales up by 37,2% and consolidated net profit which rose to 74,5 million (from 30,2 million ).
