Good news for the economy, but not for the stock market. The news of a day that promises to be full of news for the markets opened with the eagerly awaited figure for the Chinese GDP in the second quarter. Beijing's economy recorded a growth of 7%, above forecasts, which gave for certain a slowdown at 6,8%. The cuts in the cost of borrowing implemented from November onwards thus produced the effect desired by the government. But not from the Stock Exchange, this morning again sharply down: Shanghai -2,3%, Shenzhen -3,5%. the recovery of the economy distances the forecast of new monetary stimuli. Hong Kong loses 0,6%.
An important day also for Tokyo (+0,4%). The Bank of Japan has revised downwards its estimates of GDP (1,7% against the previous 2%) and inflation (0,7% against 0,8%) but has not changed its monetary policy indications.
IRAN DOESN'T SINK OIL. WALL STREET WAITS FOR THE FED
The central bank is also a protagonist on the US markets. Janet Yellen faces the first of the week's Chambers hearings tonight. In the meantime, the indices recorded a fourth consecutive session of gains: the Dow Jones index advanced by 0,42%, the S&P 500 by around 0,5% and the Nasdaq by 0,66%. Tech stocks in great evidence: the news of theChinese Tsinghua's $23 billion bid for Micron Technology chips.
Also dominating the financial scene is the impact ofIran nuclear deal on oil prices. After an initial decline, crude oil prices have recovered positions (Brent at 58,51 dollars + 1,1%). Reading the agreements, it emerges that the reopening of Iranian exports will not be immediate. Exxon closed up 0,8%. In Milan Eni -0,19%. Saipem rises by 1,4%.
THE IMF HOLDS BACK ON GREECE. MILAN -0,3% ONE SQUARE IN RED
A new field day is looming for the Greek crisis. Tonight the Athens Parliament will have to approve the reform package imposed by the Eurogroup. In Brussels, meanwhile, the laborious attempt to put together the resources necessary to launch the third aid plan for Greece continues, where the first protest strikes have exploded.
The cold shower, however, came from the Monetary Fund: the measures envisaged by the plan are considered insufficient. The Bank of Washington threatens not to participate in the financing of the operation.
The Milan Stock Exchange closed down yesterday, but far from the lows of the session: Ftse Mib index -0,3%, at 23.097 points. It had slipped as low as 22.886 points. It is the first session in decline after 4 straight days of strong increases, equal to 10,5%.
The other European Stock Exchanges were positive: Paris rose by 0,3%, equal to Frankfurt. Madrid +0,3%. Outside the euro area London +0,23%. The Btp/Bund spread stood at 123 basis points. The yield of the ten-year BTP is 2,08%.
CONSOB BAZTONA MANAGED SAVINGS
The setback in the asset management sector after the recall from Consob weighed on the result of Piazza Affari. The financial market regulator has called on fund market operators to be more transparent with regard to the calculation of performance fees. Azimut -7%, Banca Generali -8% and Mediolanum -8%. Fineco Bank is doing better -2,3%.
The Commission's observations concern foreign and foreign-invested funds which represent around 70% of the assets placed in Italy. Consob recalls that the selection of products to be offered or recommended to customers cannot be based on assessments of mere economic advantage for the intermediary, but must be aimed primarily at satisfying the interests of the customers served.
Positive signs are coming from the world of credit. The ABI communicated that in June the total outstanding loans of Italian banks to households and businesses represented a variation close to zero (-0,1%) compared to June 2014. This is the best month, as regards bank loans to households and businesses, since April 2012.
Setback on the price list after recoveries at the beginning of the week. The exception is Monte dei Paschi (+2%). Unicredit reduced its losses in the final closing down by 1% at 6,17 euros. Intesa -0,5%, Banca Popolare di Milano loses 1,4%.
Meanwhile, banking risk is heating up. Yesterday Bper (-1,24%) chose Goldman Sachs to assist it with the aggregation processes. Banco Popolare's board of directors (+0,13%) has mandated the chairman Pier Francesco Saviotti to identify an advisor. Mediobanca and Bofa Merrill Lynch are favourites.
BOLOGNA AIRPORT ALREADY IN ORBIT (+32%)
Interest in Fiat Chrysler (+0,6%) pending the Ferrari IPO. Prysmian jumped 1,41% on the announcement of a 550 million euro order in the North Sea. Among the small caps entry record of Guglielmo Marconi Airport in Bologna, which made its debut on Piazza Affari with an increase of 32,22%.
