Volatile bags, while the I work in the US, corporate results for the quarter are largely better than expected and all indications are that central banks will move harder against inflation: on a day when recession looks more distant in light of macro data, but further hikes of rates seem closer (and also the consequent risks of recession, like a cat chasing its tail), the markets remain so uncertain between Bear and Bull.
European lists close in red e Wall Street, out of tune at the start, moves down after attempting a recovery, while the possibility of a Fed more aggressive it makes itself felt on Treasury bonds with stars and stripes that see falling prices and rising yields, furthermore confirming the inversion of the curve between two-year bonds and ten-year bonds.
In Europe, Business Square after grabbing the plus sign in mid-afternoon, it limits the damages in closing at -0,26%, 22.586 basis points, focusing above all on domestic affairs, after the new aid decree from the Draghi government and the good half-year results of the galaxy Unipol, starting from Bper +9,7% which surprised the market yesterday.
In line with Piazza Affari the rest of the continent with Madrid which drops -0,02%, Amsterdam -1,33% Paris -0,63% and Frankfurt -0,65% London -0,15%.
The euro loses ground against the dollar, with the greenback eyeing the Fed's next moves. The exchange rate is around 1,0166.
Bounce the Petroleum, which in recent days has hit its lowest level since February, with fears of a recession worsening after yesterday the Bank of England feared a possible phase of prolonged contraction following the increase in interest rates at highest since 1995. Brent is currently gaining 1,87% and trades at 95,88 dollars a barrel.
Fly work to the United States
The data on jobs in the USA arrived today to show things from a new perspective, with hirings in July (excluding agriculture) that were more than double what analysts estimated: 528 new payrolls, with the unemployment to 3,5%, a pre-pandemic low, as disclosed by the Department of Labor in its employment report.
The report, held in high esteem by the Fed, is the echo of a solid economy, holding its levee despite the quarters of contraction in GDP. Labor demand has declined in interest-rate-sensitive sectors such as construction and retail, but has grown elsewhere, while airlines and restaurants need more staff than they can find.
With jobs the new north star at the US central bank, today's data points to the course of rapid monetary tightening to halt inflation and this resurrects freshly buried recession fears. A prospect that weighs especially on the Nasdaq, which is particularly sensitive to interest rates.
In Piazza Affari the banks are doing well, but Mps is going down
Piazza Affari brings a fairly balanced session to port. The galaxy takes the lion's share Unipol e Bperfirstly, which closed the first half with a profit of 1,38 billion euro, thanks to the effects of the acquisition of Banca Carige. Results which have aroused the appreciation of analysts. Furthermore, the Modenese bank has selected Gardant to exclusively negotiate a strategic partnership relating to the management of the group's non-performing credit exposures, in terms of NPLs and UTPs. Gardant would operate in consortium with Amco, a Treasury company for the acquisition of non-performing loans.
The quarterly accounts of the shareholder also shine Unipol, which rises by 2,14%, while Unipolsai is in the red, -0,88%, despite a second quarter "better than expected for non-technical performance in P&C and better result in Life", writes Equita.
Among the banks they stand out Understanding + 1,74% Unicredit + 1,77% Bpm bank +1,69%, but it drops Ps, -6,74%, which trades around its lows after showing falling profits and below expectations in the second quarter, awaiting the 2,5 billion capital increase, an operation which observers deem not easy in this situation. Among the middleweights it is appreciated believe, +3,01%, after accounts that Equita defines as “much above expectations thanks to the interest margin and lower cost of risk”.
Among the blue chips, the results for the period favor the rise of Pirelli, +4,3%, which achieved a net profit of 233 million euros, up 77,1% from 131,6 million in the first half of 2021, thanks to a further improvement in operating performance. Revenues also grew beyond expectations.
Telecom shakes, +1,85% and the values of oil shares rise again Saipem + 1,52%.
The black jersey of the main list goes to Amplifon, -5,36%, followed by Diasorin -3,77% Campari -3,74% and utilities.
The bond is in green: lo spread between Italian and German ten-year bonds, it drops to 201 basis points (-3,92%) with yields of +2,91% and +0,9% respectively.
