Last trading session of a week under very high tension, but the lists are trying to rebound and Milan is also trying to recover after Thursday's crash. The resignation of Mario Draghi, the difficult political situation, the postponement to the Chambers: the Milan Stock Exchange is hoping for Draghi Bis or in any case for a solution that will save them from the nightmare of early elections. Despite everything, European lists reward cars, energy and technology and try to set aside inflation at historic highs in the US, the rise in interest rates, fears of recession. The euro attempts a timid climb against the dollar to 1,00586 (+0,4%).
Positive bags but there are concerns
However, there is no lack of concern and the slowdown in China's GDP is particularly worrying. Asian stocks fell to a two-year low after Beijing saw second-quarter GDP grow by just 0,4%, the worst figure since the beginning of 2020 due to the "zero tolerance" policy on Covid. Chinese savers are having difficulty paying their mortgages and the real estate crisis, with Evergrande on the brink of default, is always around the corner.
The almost certainty that we are heading towards a slowdown in demand and a drop in consumption also weighs. Car registrations data for June saw the European Union drop to its lowest level since 1996. According to the Acea data -16,8% in the month and -13,7% in the half year.
European stock exchanges, the rebound prevails
In Piazza Affari, the Ftse Mib is positive at the end of the morning +1% at an altitude of 20758. Operators hope that in the end Mario Draghi will be convinced to stay or in any case that elections will not arrive before next year. The other markets are moderately optimistic: Paris +0,69%, Frankfurt +1,75%, London +1,05%
The spread jumped up to 230 points during the morning but then benefited from the general climate and narrowed to 216 points.
Moody's confirmed Leonardo's ratings, respectively Ba1-Pd for the Probability of Default and Ba1 for the Corporate Family, but improved the outlook from "stable" to "positive". The improvement, says the rating agency, reflects the company's solid performance during the pandemic period, the favorable dynamics of the sector and the good visibility on revenues and earnings in the next 12-18 months, the improvement of credit metrics and above all a positive trajectory over the next 12-18 months, a strong commitment to restore the rating to investment grade level.
On the Stock Exchange, the stock rose by 2,5% when the Ftse Mib rose by +1,4% and the Stoxx600 of the Aerospace sector grew by +1,8%.
Also good Is in the, + 2,65% to 4,9 euros, that on Monday cut the dividend and closes the Blue Chips' dividend season. Stands out Pirelli &C +3,09%
Saipem -27,7% collapses after the guarantee syndicate banks, which intervened to subscribe for almost 30% of the 2 billion unsold capital increase, announced the placement on the market of a package equal to 20% of Saipem's capital. In red Moncler -3,63% and Telecom Italia -2,13%.
Banks, financials and cyclicals remain the stocks most exposed to volatility.
