Whoever is satisfied enjoys. Wall Street rewarded the quarterly earnings with robust increases Google (+5%) and of Microsoft (+4%), despite Alphabet, the parent company of the search engine, recording the lowest revenue growth in the last two years in the second quarter and the software giant announcing data below analysts' expectations: turnover at 51,87, 52,45 billion, less than the 500 billion forecast, profits held back by the revaluation of the dollar (XNUMX million less) and by the embargo on Russia.
The market response shows that traders, stressed by the wave of bad macro news and by the Fed's tightening (the further increase of 75 points is due tonight), are convinced that for now they have priced in the bad news which nevertheless continues to arrive: rooms for the IMF the risk of recession, soars above 200 euros per megawatt hour gas futures natural on the Amsterdam market in response to new supply cuts from Moscow. In short, there is no need to be happy. But the therapy of high rates is obligatory. All that remains is to grit your teeth.
Both Asian stocks and Eurostoxx futures (+0,4%) are in positive territory this morning. Yesterday Business Square (-1,04%) was the worst Stock Exchange in the Old Continent. The Monetary Fund has revised upwards (+3%) the performance of the Bel Paese's economy for 2022, thanks to oil and the stability of industry. According to Moody's, forecasts for Italy in 2022 drop from 2,3% to 2,2%, while in 2023 they drop from 1,7% to 0,8%
Nasdaq futures forecast sharp rise ahead of the Fed
Even Wall Street futures, subdued yesterday, today anticipate a solid upward start, Nasdaq +1,5% and S&P500 +1%, which should partially mend the bearish tear of yesterday's session caused by the shock of the earnings alarm from Wal-Mart: Dow Jones -0,71% S & P 500 -1,15% Nasdaq -1,87%.
It should be noted the fall of Coinbase (-22%), caused by the rumors of Bloomberg on an investigation by the Sec. Bitcoin +1% to 21.200 dollars.
Today all eyes are on Fed. Tonight at 20.00 Italian time, according to most economists, Powell should raise rates by 75 basis points, taking them from 1,50% to 2,25%.
Curbs the yield of the Bund. Spreads at 230
The bond market consolidates the progress of the last few days, after a long series of macro data which confirmed the slowdown of the US economy. XNUMX-year Treasuries to 2,80%, XNUMX-year bund German at 0,92%, XNUMX-year BTP to 3,22%, with lo spread at 230 basis points.
On the currency market, under fire the euro (1,0145 on the dollar), in the wake of the new surge in natural gas prices. The Swiss franc corrected slightly (-0,2%) after reaching a new all-time high against the euro.
The real estate crisis puts pressure on the yuan
Under pressure too yuanhit by the new Chinese real estate crisis. The boycott of landlords is being felt, who refuse to pay the mortgages on unfinished houses. The Csi Real Estate index loses 2%, in Hong Kong the sector index loses 5%.
Natural gas over 200, little movement for oil
Il European natural gas yesterday evening it closed up 13%, at 199,90 euros per mwh, after exceeding the 200 mark for the first time in four months. The historic record dates back to 11 March 2022, at 271,80 euros. Tension skyrocketing between Russia and Europe.
Read also - Gas emergency: EU agreement. Here is the plan for reducing consumption
Il Brent oil and Wti moved little: worries of a slowdown in global demand have returned to prevail.
Gold down slightly to 1.715 dollars an ounce.
Piazza Affari's agenda: Unicredit raises its guidance
Unicredit raised its 2022 guidance, after beating analyst consensus with its second-quarter results. “The group – reads a note – is well positioned to face a period of macroeconomic uncertainty, thanks to its solid Cet 1 ratio, improved capital-light business model and solid asset quality”. Exposure to Russia was reduced by approximately 2,7 billion during the quarter. The Bank asks the ECB for the ok to proceed with the second tranche of the 1 billion euro buyback.
Italgas. Medea, a group company 48,15% owned by the Marguerite II fund, has signed an agreement for the entry into the capital of Energie Rete Gas, the gas transport company of the Energetica Group, with a 49% stake. Fila signed the contractual agreements to refinance its debt to support growth for a total of 232,5 million euros and 133,1 million dollars, plus an Rcf line of 75 million against a current structured debt of 447 million euros and a Rcf of 25 million.
