Le resignation of Mario Draghi they are the first bad news that opens newspapers, TV and social media at all latitudes: it really didn't takeis the general opinion, from Brussels to Washington. Moscow, on the other hand, rejoices, in support of the thesis that sees an international common thread behind the alleged pentastellate follies. Now we look at the "extra time" evoked by the Northern League Giancarlo Giorgetti: on Wednesday the outgoing premier will report to the Chambers. And a surprise ending is not excluded, with his reconfirmation. This will probably be enough to curb the rain (rather, the hurricane) of sales which was unleashed yesterday in Piazza Affari (-3,44%) . The spread remains in tension after a slight drop and restarts from 220 points.
In this regard, the first details on the shield that the ECB is preparing to introduce filter: the Transmission Protection Mechanism it should provide for "light" conditions for the countries that will request it. But the approval of the ECB is conditioned by the hawks: their assent is difficult after the dismissal of the banker who guarantees the credibility of the Bel Paese.
After the storm, the markets allow themselves a pause for reflection, awaiting possible developments. The future on the Ftse Mib index rebounds, +1%, in line with the Eurostoxx.
Il ten-year BTP trades at 3,23%, but had risen to 3,40% during the session. The spread scales to 205 basis points.
Chinese GDP slows down: +0,4% in the second quarter
The problems of Italian politics are obviously not the only important news ahead of the session which will close yet another negative week.
Under the pressure of the anti-Covid closures, the Chinese economy practically stopped: + 0,4% GDP growth in the second quarter, even less than the modest forecasts. Meanwhile, the protest of savers hit by the real estate crisis is picking up speed.
The Hang Seng index of Hong Kong loses 1,2%. China's Shanghai Composite Index rose 0,2% while the Shenzhen component rose 0,3%.
Il Nikkei 225 earn 0,6%. Kospi of South Korea +0,3%. In Australia, theASX200 drops by 1,0%.
The quarterly results of US banks disappoint
Final in recovery for US price lists. Yesterday evening the three main indices finished the session in recovery: S & P500 -0,3% Nasdaq unchanged, Dow Jones -0,5%. Futures anticipate a start up 0,3%.
Particularly penalized were US banks, which started the earnings season by providing signs of a slowdown in profits: JP Morgan -3,5% Morgan Stanley + 0,5% Goldman Sachs (which will announce the results on July 18) -2%. Jamie Dimon said he is confident the US will avoid a recession. Meanwhile, however, JP Morgan increases the risk provision by 400 million dollars and suspends the buyback plan.
Expectations have faded increase in US interest rates by 100 basis points in July. The consensus has moved towards 75 basis points. Gov. Christopher Waller argued that a 75 basis point rate hike this month was appropriate, though he said it could be larger if the data warranted it. He was echoed by the president of the St. Louis Fed, James Bullard, one of the "hawks" of the central bank, saying that he preferred a readjustment for the same amount.
The cross euro dollar fluctuates at the start of the session around 1,0028.
Bond market slightly recovering, with the exception of the Italian one. The yield on the 2,95-year Treasury Note restarts from 1,17%. German Bund at XNUMX%.
Brent and WTI oil rebounded from five-month lows hit yesterday. At startup +0,8%.
The buyback of Anima is underway, 29,6% of Saipem to the consortium
The reaction of the stocks most sacrificed in yesterday's session is possible.
Saipem: 2% of the 70,4 billion euro capital increase was subscribed. The rest will be underwritten by the guarantee consortium.
Anima (-5,5%) initiates a 30 million euro buyback: the plan will concern 2,7% of the capital.
