After a few days on the run, the Bull reappeared today on the scene of the European markets, which close the last session of the week in progress, favoring the rebound at the start of Wall Street. Climate change was not recorded in Tokyo, however, which lost 0,63%, while the Olympic flame was lit in a deserted stadium.
Investors, hunting for good deals after yesterday's sales, therefore return to equities in the West and neglect bonds for a day, especially American and German bonds, which have rallied in the last four sessions. In addition, oil futures prices are rising and gold remains on the crest of the wave. The dollar yields, with the euro moving around 1,186.
In Europe, Milano regains the 25 points, rising by 1,67%, with the banks and despite the crash of Amplifon (-6,39%); they are also appreciated Frankfurt +1,75%; Paris +2,07%; Amsterdam +1,25%; Madrid +1,49%; London +1,31%. The sectors that recorded the greatest increases are those that have suffered the most in recent sessions. In the car Volkswagen makes a leap of 5,83%, with a brilliant first half: an operating profit of around 11 billion euros, thanks to a solid recovery in demand after the drop due to the impact of the pandemic. Based on preliminary data for the first half of the year, net cash flow from the automotive sector stood at around 10 billion euros. The automaker will release its second-quarter results on July 29.
Well the airlines, cues on luxury.
In Piazza Affari the banks, in particular, return to occupy the upper floors of the list Bpm bank +5,8%; Mediobanca +2,72%; Unicredit +3,26%. It is highlighted in the insurance Unipol + 2,72%.
Oil stocks rise again with Tenaris +3,14%. For Ubs it is a favorable moment for the sector thanks to the trend of the mining activity.
In industry: Cnh +3,44%; stm + 3,74%. stellantis, +2,81%, benefits from the analysts' appreciation of the group's line electrification strategy. According to Intesa Sanpaolo, despite the awareness of the risks of executing the plan, the synergies from the PSA-FCA merger put Stellantis in a solid position to benefit in terms of growth from the plans for the transition to electricity. In the context it revives Exor + 2,62%.
Leonardo, +2,73%, following the take-off slipstream of Airbus (+3,43%) in Paris, thanks to the delivery of nearly 300 new aircraft in the first half of the year and rumors about a new order in Pakistan.
Seek the ransom too Telecom, +1,37%, after the heavy losses of the last few sessions, also following the investigation launched by the Antitrust on the Tim-Dazn agreement for Serie A.
In luxury it goes up Moncler +1,84%, while Ferragamo lost 0,66%, after the rating cut by Goldman Sachs, which brought the rating to 'sell' from 'neutral'.
There are only three negative blue chips and Amplifon wears the black jersey (-6,39%). A similar fate befell the competitor Sonova in Zurich.
The Biden administration's executive order to promote competition in the American economy is believed to be at the origin of the crash. The hearing aid industry has also ended up in the crosshairs. "The lack of competition drives up prices for consumers - reads the document - families are paying higher prices for essential goods such as prescription drugs, hearing aids and internet services". Hearing aids are so expensive in the US that "only about 14 percent of the 48 million Americans with hearing loss use them." "The average cost is more than $5 per pair and is often not covered by insurance."
It stops in red nexi, -0,59%, which came close to an increase of 1,7% in the session. after press rumors according to which it is evaluating the possible acquisition of the merchant acquiring of the Greek Eurobank.
Very slight discount for Ivy -0,06%.
The closing is also in green for bonds: lo spread between 10-year BTPs and Bunds of the same duration down by 110 basis points (-1,04%). The rate of the Italian bond rises just, +0,77%. The German benchmark, a major safe haven, closed up -0,34%.
On the primary side, the Treasury has auctioned 12-month BoTs, maturing on 14-07-2022, for €7,5 billion, equal to the entire amount offered, against a request for €9,4 billion. The weighted average yield rose by 3 basis points compared to the last auction to -0,459 per cent.
At the last meeting of the ECB, according to what emerges from the minutes of 9 and 10 June, it was noted that the recovery of the eurozone still lacks solidity, compared to other major economies in the world. At the same time “the inflationary pressures recorded in some of these cyclically more advanced economies, particularly in the United States, could be precursors of future developments in the eurozone”. The meeting also assumed a reduction in the volume of securities purchased on the market, only to then decide to maintain a still very expansive orientation.
Yields on 1,35-year US Terasury rose today, which is currently around XNUMX%, after falling to their lowest since February in yesterday's session, conditioned by fears about the recovery linked to the rapid spread of the Delta variant of the coronavirus in the world.
The mists about the future have not yet cleared. "I think one of the biggest risks to global growth is that we prematurely declared victory against Covid," said Mary Daly, chair of the San Francisco Federal Reserve and member with voting rights, in an interview with the FT , to the FOMC, the monetary policy arm of the US central bank.
Pfizer appreciates 1,5% in New York after seeking authorization for a third dose of its vaccine.
Yet the appetite for risk returns.
In the currency field, the yen lost strength against the US currency.
The yuan remained stable after China's central bank announced a 50 basis point cut from July 15 in its liquidity buffer ratio that banks are required to maintain at the institution.
Among the raw materials runs the Petroleum. Brent moves around 75,55 dollars a barrel, up about 2% and US crude is chasing it, up 2,2% to 74,55 dollars a barrel. Divisions within OPEC+ have recently weighed on prices, fearing that a lack of agreement on easing restrictions could tempt some to abandon production caps altogether. Meanwhile, however, inventories of crude oil and fuel in the US have fallen, and demand for gasoline has reached its highest since 2019, according to data released yesterday by the Energy Information Administration, a sign that the economy is strengthening.
Well thegold for immediate delivery: +0,35%, $1809,30 an ounce.
