Only Milan is not participating in the rise in European stock exchanges, driven by the effect of the words of Fed chairman Jerome Powell. The main index of Piazza Affari is slightly down (-0,1% around 21.950 points), while Paris (+0,5%) and Frankfurt (+0,8%) are rising. Madrid was also positive. London +0,7%.
Of note is the record fine of 4,3 billion euros imposed by the European Commission on Google for abusing the dominant position of its Android operating system. This is the highest fine ever decided by the EU.
The dollar appreciated at 1,162 against the euro. It is at the expense their, which fell to a 13-month low at $1.227 an ounce.
The news that the Clearing House, the interbank structure that acts as a clearing house in the trading of securities, has increased the margins on Italian bonds pledged contributes to explaining the slowdown in the Italian stock market. For securities from 2 to 4,75 years, the increase in margins exceeds one percentage point, for Cct it exceeds three percentage points. The move was explained by the increase in volatility, which occurred in recent weeks.
The banks lose their blows: Where's Banca -1,6% Intesa Sanpaolo -1% Unicredit -1,7% like Bpm bank.
the yield of the reference 2-year BTP rose up to 0,64%%, before falling back to 0,59%. Spread Btp-Bund stable at 214 points,
The short end of the US yield curve is also under tension: the yield on the 3-month Treasury is at 2% for the first time since 2008. The yield on the 2-year Treasury is 2,61%, a new high since 2008. The 2,86-year Treasury trades at 2,97%, the thirty-year at 3%. The alert levels are over XNUMX%.
The euro zone's annual inflation rate rose to 2% in June from 1,9% in May. In Italy the figure is equal to 1,4%.
Brent oil remains below 72 dollars a barrel. salt Saipem (+1,5%): JP Morgan raised the target price to 4,50 euros from 4,3, Socgen to 5,25 from 3,89. The company has extended the program for raising capital on the market by one year, through the issue of bonds,
Retrace Rai Way, down 4% after the flight (+21%) in view of a possible merger with EI Towers. Yesterday evening the Rai subsidiary issued a press release on the subject that triggered the purchases yesterday. “Rai Way's position with respect to the consolidation of the sector does not change. The company confirms the industrial rationality of an aggregation project which, moreover, could not disregard the involvement of its assets".
The automotive sector is on positive ground (+1,5% for the European Stoxx). There will soon be a summit between Jean Claude Junker and Donald Trump on mutual reductions in tariffs on car imports. The maxi trade agreement reached yesterday between Japan and the European Union also concerns the automotive sector: in exchange for the zeroing of taxes on wine and cheese arriving in Japan, Europe removes the obstacles to the importation of Japanese vehicles.
Fiat Chrysler Approximately +1% at 16,90 euros. Cnh Industrial + 2%.
They go up Sogefi (+ 2,3%) and Piaggio (+ 4%). Pininfarina -1%. This morning the Vietnamese VinFast announced that it will present the first two cars produced in the country as a world preview at the Paris Motor Show in October. The design is by the Turin company.
Takes flight stm (+2,6%): the manufacturer of machinery for the chip industry, Asml, expects a result for the current quarter that is higher than analysts' expectations.
Tonight, in the aftermarket on Wall Street, Texas Instruments announced the ousting of CEO Brian Crutcher, guilty of violating internal codes of conduct. The data for the quarter, communicated together, are better than expected.
Worth noting is the leap of Astaldi (+7,3%) with strong volumes traded (over 2,1 million pieces).
Several reports from brokers. Prysmian +0,2%: Credit Suisse lowers the target price. sapphire -2,5%: Moody's revised its rating downwards. Cheetah -1% and De 'Longhi -2%: KeplerChevreux cut the judgment in both cases. Tod’s +1,5%: Jefferies initiates recommendations with a target price of 57 euros, Hold judgement.
