The hope of a Dragons bis and less aggressive central banks than feared until last week, are now offering Piazza Affari and continental stock markets the opportunity for a rebound.
The confidence climate seen on Friday in Europe strengthened in a global context of cautious optimism, between the good daily performance of Chinese stock exchanges and the harmonious start of Wall Street, where the big banks continue to publish their quarterly accounts. In particular, the profits of halved Goldman Sachs (+3,2%), but the data is better than expected and pushes purchases of the title. Even BofA (+1%), which also disappointed with a 33% decline in profit, appreciates on the New York Stock Exchange.
The closing for Business Square is up 1,13% to 21.169 basis points, thanks to the good performance of cyclical stocks such as banks, autos and oil, with the exception of Saipem.
The picture is similar in the rest of Europe: Amsterdam + 1,37% London + 1,03% Paris + 0,93% Frankfurt + 0,74% Madrid + 0,23%.
The euro it moved away from parity against the dollar and strengthened to a one-week high, around 1,016.
Among the raw materials runs the Petroleum, also supported by a weaker dollar, Brent +4,84%, above 106 dollars a barrel.
brake the gas, around 150 euros per megawatt hour, while the EU tries to distance itself as much as possible from Russia by trying to double supplies from Azerbaijan. At the same time Mario Draghi, in Algiers, announces that Algeria has become Italy's top gas supplier.
In the next few days it will be understood whether Moscow intends to reopen the gas tap, once the maintenance of North Stream has been completed.
Hot week and not just because of the Apocalypse
However, the European financial week and above all the Italian one could become incandescent in the coming days, in parallel with the increase in the warm weather brought about by the African anticyclone Apocalypse. Hoping that minds remain clear, despite the torrid climate (it seems that these heat waves create many problems for the mind) on Wednesday the parliament will listen to the words of the premier and will vote the trust starting from the senate, but the convolutions of the 5 stars (and not only) do not currently authorize forecasts. However, there is cautious optimism on the markets about Draghi's stay at Palazzo Chigi, hoping that the political context will not lead him to confirm his resignation.
Furthermore, on Thursday the ECB should announce the first rate hike for 11 years (25 basis points), but also the highly anticipated spread shield and the theme is linked to the Italian political crisis, since the Italian political situation could provide arguments to the contrary and put a spanner in the works for Christine Lagarde's anti-fragmentation programs.
Investors are currently maintaining a positive attitude, at least looking at the spread which closed today's session down to 212 basis points (-2,42%), with yields rising to +3,27% for the ten-year BTP and +1,16% for the Bund of the same duration.
For the Fed's monetary policy it will be necessary to wait for July 26-27, but the declarations of many US central bankers favor a rate hike of 75 basis points and not one hundred as had begun to hypothesize (the probability of this landing are down to 33% from 90% they had previously risen). This is a slightly more cautious attitude that is appreciated by the stock exchanges.
Piazza Affari over 21 thousand points; suffers Saipem
The good session leads the main stock exchange of Piazza Affari to once again exceed the psychological threshold of 21 thousand basis points, thanks to oil, financial and automotive stocks.
It starts from Tenaris +4,06%, followed by Bpm bank + 3,15% nexi + 2,68% Understanding + 2,57%.
In the four wheels it stands out stellantis +2,49%, which this morning, before the opening of the European markets, announced lexit from the jv in China with Gac. The automaker has announced that it will "cooperate with the Gac Group for an orderly termination of the joint venture set up in March 2010, which has been loss-making in recent years, and will recognize a non-monetary impairment charge of approximately 297 million euros in the results for the first half of 2022". This means that Stellantis will no longer produce Jeep-branded cars in China and will import Jeep cars destined for the dragon market from abroad. Also on the Chinese front, on Friday evening, Stellantis communicated that it had reached "an agreement relating to the 99,2 million ordinary shares of Stellantis owned by Dongfeng, which represent 3,16% of Stellantis' share capital".
The sales strike again Saipem, -7,07%, which drops to a value of 0,762 euro per share, against the subscription price of 1,013 euro for the new shares offered in the 2 billion euro capital increase, which ended with a major intervention by the banks of the consortium . Tomorrow is the first day in which the securities obtained by exercising the rights associated with the increase will be available.
