"We are not entering a recession. In fact, I don't think we'll go into it." The president of the Fed, Jerome Powell, alternated reassuring messages like this with the announcement of new interventions to curb inflation, especially that of wages, if necessary. The somewhat confused “mix” likes Wall Street, which he scored yesterday a tremendous boost, starting from the Nasdaq, up 4,06% on the day when rates rise by another 75 points with the prospect of another upward adjustment on September 20th. Difficult to interpret the consistency of this rally. The strength of the economy has to do with it which, the president underlined, recruited 2,7 million workers in 2022: today the statistics should confirm that US GDP rose by 0,5% in the second quarter, denying the arrival of the recession. Congress then gave the green light to a law that guarantees exceptional aid to the chip industry. But it is not excluded that, before starting the descent, rates could rise by another hundred points. An anomalous boom, in short, which leaves more than one doubt. But which, at least today, seems capable of transmitting some optimism to the rest of the markets.
Futures on European stock exchanges anticipate an upward start: Eurostoxx 50 +0,5%. Asia-Pacific stocks are mostly bullish in this morning's finale. Japan + 0,2% China + 0,6% South Korea + 0,7% India +1,2%. Bucking Hong Kong, -0,6.
Climate agreement in the US Senate
The US futures moved little after a memorable session: Dow Jones + 1,37, S&P + 2,62% Nasdaq + 4,06%.
The Fed's move came together with the more than positive results of some big names: Microsoft +6,7% after forecasting double-digit revenue growth this fiscal year due to demand for cloud computing services; A (+7,7%) posted better-than-expected sales in a slowing advertising market.
Democratic Senator Joe Manchin, often at odds with the Biden administration's measures, has reached an agreement with Senate dem leader Chuck Schumer to support the package of measures that aims to invest 370 billion dollars against climate change and 288 billion to lower the cost of medicines, in the face of a significant increase in taxes for the richest.
The spread slows down to 236, Unicredit superstar
The bond market moved little this morning: the yield of XNUMX-year Treasuries drops to 2,79%, the XNUMX-year bund 0,95% German. When braking also the XNUMX-year BTP, to 3,31%. It also lowers the spread, to 236 basis points after yesterday touching a peak of just under 250 points following Standard & Poor's downward revision of the outlook.
The quarterly reports also characterized the performance of the European lists. Featured in Milan Unicredit, who closed his best semester of the last ten years, beating analyst estimates with net income of more than $2 billion, nearly doubling.
Skyrocketing natural gas: Moscow cuts again
Il natural gas closed yesterday evening up by 2,6%, at 205 euros per mWh, after reaching a four-month high of 228 euros. Due to the closure of another turbine, the German operator Gascade has announced that gas supplies through the Nord Stream pipeline have dropped by 20%.
Il Brent oil and WTI it rose by 0,7% at the opening of the session after Powell's reassurances on the state of health of the US economy. Gold up slightly to $1.736 an ounce. Bitcoin +1,2% to 23.044 dollars: yesterday the queen of cryptocurrencies scored the best session in a month (+8,5%) thanks to the resurgence of the desire for risk.
The Piazza Affari agenda. Record Ebit for Poste, expectations for Stellantis
The quarterly reports promise to dominate the session.
Post: Ebit in the first half has reached a record level, says a company note. Revenues in the period grew by 3,2% to 5,9 billion.
Moncler it closed the first half with revenues of 918,4 million euros, up 46% at constant exchange rates, compared to the same period last year.
Bper: Fitch has revised up the bank's rating outlook to 'positive' from 'stable'.
Ovs communicated the acquisition of the Les Copains brand, without providing details on the value of the operation.
Orser signed exclusive agreements aimed at acquiring 80% of Blampin Groupe and 100% of Capexo, both in France.
Waiting for the accounts of stellantis, which has declined by around 25% since the beginning of the year despite solid fundamentals. Following a meeting with Comau CEO Pietro Gorlier, the metalworkers' unions said in a statement that the spin-off of the company, which specializes in the development of advanced systems and products for industrial automation, remains Stellantis' goal in the short to medium term, but at the moment it is not a priority.
