After a week of increases, it was a negative day for the European stock exchanges, hit by profit-taking awaiting the quarterly reports of American big tech companies and the Federal Reserve's decisions on monetary policy which will be communicated tomorrow, Wednesday 28 July.
Concerns about the tightening imposed by the Chinese authorities on three key sectors such as technology, education and real estate still weigh on the continental lists, but also the renewed concern about the shortage of chips, after Intel (-3%) predicted that production and supply problems could continue into 2023, weighing down cars and smartphones.
After the drop recorded on the Asian stock exchanges, Europe is the worst market Milano (-0,83% to 25.086 points) followed by Madrid (-0,82%). Down by half a percentage point Frankfurt e Paris. Also declining London, which loses 0,3%.
International weakness is also contagious Wall Street, which continues a very volatile session waiting to find new confirmations in the accounts of the technological giants. Today it's the turn of three bigwigs of the caliber of Apple, Microsoft and Alphabet. While awaiting the Fed's announcements, on the macro front, durable goods orders grew by 0,8% in June, less than estimates. Instead, a new record for house prices has been reached. In May, in the twenty largest cities, the increase is 17% compared to a year earlier, while the national figure marks an increase of 16,6% on an annual basis, after +14,6% in April, the highest figure ever recorded . Compared to April, the figure was up 2,1% for the 1,9 cities and nationwide and XNUMX% for the XNUMX cities.
Globally, the International Monetary Fund has raised growth estimates, however, sounding the alarm on the risk of the variants of Covid: according to the chief economist Gita Gopinath "if new highly contagious variants emerge, the recovery could be derailed and this could weigh on global GDP by 4.500 billion dollars by 2025". As for Italy, after -8,9% in 2020, GDP is expected to grow by 4,9% this year (+0,7% compared to the +4,2% expected in April), the highest percentage compared to that of Germany, and by 4,2% (+0,6%) in 2022.
In Milan the spotlights are all on campingi, which tops the Ftse Mib with an increase of 3,16% after the publication of half-yearly accounts which show sales of one billion euros, (+37,1%) compared to the first half of 2020, an Ebit of 223,2 million (+88,7%) and a net profit of 156,8 million, up by +101,9%.
Utilities are also up: Snam (+ 0,84%), A2a (+ 0,88%), Terna (+ 0,96%), Ivy (+ 0,26%) and Italgas (+0,68%). Day of accounts also for the latter which closed the quarter with revenues of 665 million (+3%) and a profit that rose to 176 million (+14%).
Contrasted asset management with Finecobank earning 0,82% e General Bank which loses 2% despite having just finished the best quarter in its history, promising shareholders big dividends.
Meanwhile, after the stratospheric half-yearly report by Lvmh, today with the markets closed, the accounts of Moncler and Kering will also arrive to provide a complete overview of the state of health of luxury.
Going back to the stock market results, the Ftse Mib is at the bottom stm (-2,44%), weighed down by the uncertainty about the Chips. Bad too Unicredit (-1%) ed Enel (-1,47%). The other big names in the banking sector are also bad: Understanding (-1%), Bpm bank (-1,3%).
Outside the Ftse Mib today is the day of the return to the Stock Exchange Banca Carige. After a two-and-a-half-year absence, the stock returned to trading, but failed to gain price throughout the day. At the end, the shares recorded -57,88% at 0,6318 euros.
Moving on to the other markets, the spread it stands at 111 basis points (+1,65%) The yield on ten-year BTPs, on the other hand, is down. On the primary side, in the auction of short-term BTPs, the Treasury assigned 3,75 billion securities at a rate that rose by 7 basis points compared to the June placement to -0,29%. The request was 5,12 billion with a coverage ratio of 1,37.
on the currency theeuro/dollar is below 1,18, while the price of the Petroleum remains substantially stable (Brent +0,15% to 74.61 dollars a barrel).
