The European lists close another interim session and close mixed, after a small acceleration in the last hour of trading following Wall Street which, while moving cautiously, is positive. The S & P 500 it updated its intraday record, driven by financial stocks, starting with American Express. Also trades at record levels Nasdaq.
Business Square it appreciates by 0,12% to 26.060 points, with the main list split in half, between banks in green and utilities in red.
In the rest of Europe Frankfurt it is the worst performer, shedding 0,32%, with German business morale falling in August for the second consecutive month, amid the rising number of Covid-19 cases and supply bottlenecks. According to a survey by the Ifo institute, the figure fell to 99,4 points, from 100,7 the previous month against a 100,4 points expected by analysts. German investors were also depressed by an opinion poll published on Tuesday on the upcoming federal elections in Germany, which showed that, one month after the vote, the centre-left Social Democrats (SPD) had overtaken Chancellor Angela Merkel's conservatives for the first time in 15 years. According to Reuters "the change was seen by analysts as a bit negative for the markets".
Of the opposite sign Madrid +0,3%; Paris +0,18%; London +0,32%. The purchases of travel and leisure stocks provided a moderate boost to the upside.
In Piazza Affari there is evidence of this trend with Rest, +4,59%. According to analysts at Equita, 'interesting ideas came from an article in the Sole 24 Ore on air traffic' for the restaurant company. In the first half of 2021, revenues from the airport channel for Autogrill amounted to €457,9 million and those from the motorway channel amounted to €429,2 million. In addition, Ryanair's CEO made some comments on the resumption of air traffic, giving indications of 10,3 million passengers in August compared to 9,3 million in July and 5 million in June and Lufthansa would plan to reopen the routes to the United States from late summer and to Asia from 2022.
On the main list of the Milan Stock Exchange the most important losses are for Terna -3,85%; Snam -3,36%; Italgas -2,32% after downgrades by RBC which cites weak forecasts on future returns of regulated utilities.
Instead, the banks shine, illuminated by the idea that soon there will be news and weddings: Bpm bank +3,49%; Unicredit +3,14%; Bper +2,09%. Oil stocks remain positive on average, with crude oil currently showing little movement.
Saipem +1,39%, despite the cut of the target price to 2,5 from 2,7 euros by Barclays.
Out of the main basket goes down the Juventus, -0,78%, after the go-ahead from the board of directors for a capital increase of up to 400 million euros to be offered as an option to shareholders. The shareholders' meeting for approval is scheduled for October 29, but the majority shareholder Exor (-0,14%), which holds a 63,8% stake, has already expressed its support and is therefore ready to put 255 million euros on the plate. The board also asked Exor to make a payment towards a future capital increase of 75 million, "in order to strengthen the capital and financial structure of the company pending the execution of the capital increase". The payment is expected "in the next few days".
The closure is in red on the secondary: lo spread between Italian and German ten-year bonds it rises to 108 basis points (+3,15%) and the BTP rate rises to +0,66%.
Today the ECB published an interview with Reuters by its chief economist Philip Lane on its website, from which it emerges that in the euro area it is still too early to discuss the end of the pandemic purchases (which are designed to go on at least until the end of March) and that governors will have plenty of time to address the issue during the fall. "Regardless of when the end of the PEPP comes, this will not be the end of the ECB's role in terms of quantitative easing - argues Lane - This is why we don't need much time to think about it". The main task for the ECB meeting on September 9 will be the decision on the pace of bond purchases during the next quarter. The bloc's economy has gone beyond expectations in the second quarter of the year but bottlenecks in the supply chains and risks related to the Delta variant remain. Furthermore, the increases in inflation are of a temporary nature and as such destined to fade over the next few months in the face of a labor market where there is no strong increase in wages.
On the other hand, the vice president of Eurotower, Luis De Gundos, announced today that Frankfurt could again soon revise upwards its macro forecasts for the euro zone.
Still on the subject of central banks, the Jacskon Hole symposium remains in the foreground, which begins, electronically, on Thursday and the anticipation is rising for the key speech by Fed chairman Jerome Powell, in which ideas will be sought to understand the timing of an initiation of withdrawal of stimuli.
The currency market is flateuro-dollar, around 1,174.
Among the raw materialsgold it is in the red, down almost 1%, around 1786,35 dollars an ounce.
Future Brent (November 2021) up fractionally (+0,5%), to 70,75 dollars a barrel.
