The eurozone stock markets closed in contrast, after the decisions of the ECB, which announced a modest slowdown in pandemic purchases in the next quarter, saying however that "it is not about tapering". They celebrate government bonds in a more convinced way, while the single currency, after an initial strengthening, flattens out against the dollar and trades around 1,1852. Milano it appreciates by 0,13% to 25.909 points, in line with Frankfurt +0,11% and Paris +0,24%. I'm down Amsterdam -0,23% and Madrid -0,44%. Outside this perimeter it clearly loses altitude London, -1,01%, with the pound strengthening.
In the stock EasyJet is heavily negative after rejecting a hostile takeover offer and deciding on a capital increase that should bring up to 1,2 billion pounds in the coffers to finance the post-pandemic recovery.
Overseas wall street, putting the uncertain start behind it, it is making slight progress, encouraged by rumors about the Biden administration's new plans to counter the spread of the coronavirus, including, for example, vaccination obligations for federal employees. In the stock market she flies the title of Modern with the announcement of a possible single-dose vaccine (dubbed mRNA-1073) that combines coronavirus booster and flu protection. Moderna CEO Stephane Bance also reveals that the pharmaceutical company is enrolling patient volunteers for research programs for rare diseases and for a personalized cancer vaccine.
On the macroeconomic side, the better-than-expected data on weekly applications for unemployment benefits (-31, for a total of 310) stems pessimism. This is the lowest figure in 18 months, demonstrating that job growth is being hampered more by labor shortages than by cooling demand. These are numbers that also help to digest the Beige Book published yesterday by the Fed, i.e. the report drawn up every six weeks on the basis of information collected in 12 districts and from which it emerged that economic growth in the United States has slightly slowed down to “moderate” (previously, it was between “moderate” and “robust”), due to the spread of the Delta variant. An increase in employment was recorded in all districts; inflation remained “steady” at a “high” pace, with half of the districts reporting “strong” price increases. The report also highlighted an acceleration in wage growth, especially for low-income workers.
Meanwhile, the ECB raises its forecasts for euro area GDP growth in 2021 to +5% (in the most optimistic scenario, the blockade will recover pre-Covid levels in the third quarter), files those for 2022 to +4,6% and confirms 2023 to +2,1%. Inflation expectations are growing but in the medium term it will remain "well below our 2% target", says the president, Christine Lagarde. As expected, the Eurotower is leaving interest rates unchanged and announcing that asset purchases under the PEPP anti-crisis program will be conducted at a “moderately slower pace than in the previous two quarters”. The decision was made unanimously. It's not about "tapering", explains Lagarde, but "we are recalibrating" she points out "as we already did in December and March". Especially since the ECB keeps the existing QE unchanged. As far as pandemic purchases are concerned, the key meeting will not be that of October, but that of December. In short, there is still time and the solution could silence the hawks for a while, leaving the central banker's hands free, also in relation to the moves of the Fed.
The Italian secondary reacts positively to the Frankfurt decisions, where it spread between 102-year BTPs and Bunds with the same duration, it drops to 4,4 basis points (-0,65%) and the yield on the Italian bond falls to +0,37%. The Bund rate also fell to -XNUMX%.
After a painful morning, the stock turns positive in the afternoon and some banks change sign. Eventually they find their way into the top ten blue chips of the day Bpm bank +0,85%; Understanding +0,53%; Unicredit +0,5%. In other sectors it shines Saipem, with an increase of 2,86%. Well Prysmian +1,81%; Interpump +1,79%; Pirelli +0,78%; nexi +0,68%; Inwit + 0,62%.
Make a bounce stellantis +0,54%, after yesterday's losses. Generali positive confirmation +0,48%, with Del Vecchio and Caltagirone strengthening their share capital in view of the squeeze on the renewal of the board of directors (the first appointment in the nomination committee on 14 September).
a big cap the worse it is Buzzi, -3,21%, stopped in volatility at the start of negotiations due to a report issued by Exane which cut the construction group's rating from outperform to neutral and set the new target price at 24,5 euros. A move that comes after the stock has dropped more than 5% since last September 2, the day it embarked on its downward spiral. Today, in a presentation to Borsa Italiana, Buzzi reiterated the 2021 guidance which sees a recurring EBITDA probably not higher than that of 2020, a negative impact of exchange rates and higher energy and carbon dioxide costs. These are concerns that also share other major European cement operators such as Heidelbergcement, which was also in the red in Frankfurt. Throughout Europe, electricity and gas prices have exploded and the trend, which mainly affects energy-intensive companies (including cement factories), should continue at least until the end of the year.
Sales continue on Cnh -1,39%. Losses for Recordati -1,04% and Amplifon -1,05%. Outside the main basket, he stores a session to be framed Tod’s, +12,24%, in light of the better-than-expected half-year report.
Among the raw materials they are not very moved gold and oil. Spot gold appreciates by just over 10% around 1791,40 dollars an ounce; the November 2021 Brent future is practically colorless and trades in the area of 72,56 dollars a barrel.
