The euro zone lists closed higher on the day of the ECB meeting, which confirmed an ultra-expansionary monetary policy and averted the risk of a tightening.
Business Square rises by 0,53% to 24.805 points, with Atlantia (+2,3%) in the pink jersey and utilities are improving, but banks and oil stocks are mixed. To benefit from the decisions of Eurotower is above all the bonds. The yield of the 10-year BTP falls to +0,65% and lo spread with the Bund falling 111 basis points, with the German 0,46-year bond posting a closing rate of -XNUMX%.
They also appreciate in the single currency area Frankfurt + 0,59% Amsterdam + 0,72% Paris + 0,27% Madrid +0,61%, while in the rest of Europe they are in fractional decline London -0,42% and Zurich -0,43%.
THEeuro trading in the red against the dollar, around 1,176 and in the morning it also had to digest the news made known by Eurostat that the bloc's public debt broke through the 100% ceiling for the first time, reaching the first quarter of the year to 100,5% of GDP. At the end of the fourth quarter of 2020 it was 97,8%. The countries with the highest public debt are Greece (209,3%), Italy (160%), Portugal (137,2%), Cyprus (125,7%), Spain 125,2%), Belgium (118,6, 118%) and France (18,5%); the least indebted are Estonia (25,1%), Bulgaria (28,1%) and Luxembourg (XNUMX%).
The continental lists retreated in the afternoon, from the highs reached during the day, at the same time as the cautious start of Wall Street The New York Stock Exchange is currently traveling in no particular order, divided between brilliant quarterly reports and somewhat disappointing labor data. American Airlines, for example, reported an unexpected profit for the second quarter, breaking a streak of five consecutive quarters of losses, thanks to the recovery in travel demand and government aid. However, only the technology sector is driving the market increases, which records an increase of more than 10%, while both the energy and the financial sectors suffer drops of more than 4%.
On the macro agenda, today's expected data was the one on new weekly applications for unemployment benefits. The disappointment stems from the fact that claims rose by 51.000 to 419.000 after hitting 360.000 last week, the lowest since March 2020. Given that labor is the north star of the US central bank, there is a sense that the recovery is still irregular, also and perhaps above all due to the multiplication of Covid infections for the Delta variant. The pandemic, which the Fed seemed to want to put in the attic 5 weeks ago, is now inevitably reappearing in the assessments of investors and central bankers.
Today the president of the ECB Christine Lagarde, in the press conference at the end of the meeting, said that the recovery of the eurozone economy is underway but the pandemic continues to represent "a shadow". Therefore Frankfurt will be "patient", "none of us wants a premature squeeze".
The European Central Bank illustrated the new "guidance" which suggests support for the euro area economy for an even longer period, in line with its recent commitment to stimulate inflation which has remained below the 2% target for about a decade. The governing council therefore left rates unchanged, confirmed the Pepp program and was open to inflation above 2%, even if, on this last point, Lagarde specified, the board's decision was not unanimous. "It was taken by a very large majority", not unanimously, but "there was unanimity on the direction of the policy".
The session seems to be proceeding without major jolts for raw materials. L'gold spot is stable at around 1803 dollars an ounce, while the Petroleum it is in fractional progress. The Brent future, September 2021, rises by 0,75% and moves around 72,77 dollars a barrel.
In Piazza Affari, the stocks that eventually gained the upper hand are utilities. In the foreground there are Italgas +2,18%; Enel +1,88%; Ivy + 1,79%.
However, the best blue chip is Atlantia after the half-year results of the Iberian subsidiary Abertis disclosed yesterday and in line with expectations. According to Equita, these are "positive results thanks to the positive trend of heavy traffic which rose by 19% in the first half of the year and to the contribution of Spain, France and above all Mexico".
Oil stocks are mixed: Saipem +1,5%, but Tenaris ed Eni they lose respectively 1,12% and 1,09%.
The banks are also closing in no particular order: Bper +1,77%; Bpm bank -0,92%. It's secluded Mediobanca, +0,04%, after yesterday's exuberance, while the big Understanding e Unicredit they rise by 0,63% and 0,2%. The more effervescent it is Ps (+3,67%) which, together with the Monte dei Paschi di Siena Foundation, announced that it had reached a preliminary agreement regarding the out-of-court claims for compensation relating to the Antonveneta acquisition and the capital increases of 2011, 2014 and 2015. The agreement requires MPS to submit a transaction to the board of directors on 5 August on the accounts which definitively settles the dispute in relation to the payment of 150 million euros and commitments on the valorisation of the bank's artistic heritage. Thanks to the agreement MPS reduces the claims for compensation weighing on the bank by 3,8 billion euros.
Meanwhile warm up the engines Carige, which should return to trading on July 27, following the revocation of the suspension by Consob.
Losses for Leonardo -1,31%.
Among the minors he takes a leap Tinexta (+10,23%) after the acquisition agreement 60% of CertEurope. Intesa Sanpaolo analysts judge the operation very positively “which is very strategic for Tinexta. Thanks to this acquisition, the company will increase the internationalization process by entering the French market".
