Sitting subdued in Europe, an orphan of London, despite the record start of Wall Street
Business Square closes the day slightly up +0,07% and clinging to 26 thousand points, although the banks are down. The other European price lists are mixed: Frankfurt +0,19%; Paris +0,08%; Amsterdam +0,27%; Madrid -0,6%. The City, however, remained closed for a national holiday.
Overseas Wall Street sees the Nasdaq and S & P 500 to new highs and the Dow Jones trading on last Friday's levels. Last week's speech by Fed Chairman Jerome Powell contributed to restoring confidence in the New York stock exchange, prudent but effective in announcing a probable tapering within the year, without specifying when and without repercussions on interest rates, in a world in which the “Delta variable” still represents an unknown factor for the economy. The attitude of the central banker has stalled government bonds with stars and stripes, while we begin to look at the report on employment which will be released on Friday and on which the starting times of a reduction in stimuli could depend. At the stock level, the technology sector is doing very well, with Nvidia, Intel, Microsoft on the rise. It's in red though Modern, as Japan temporarily suspended another million doses of its Covid vaccine.
In Europe, some interesting macroeconomic data came out during the day. In particular, the confidence of businesses and households in the euro area fell in August, after the all-time high in July. Conversely, annual consumer price inflation in Germany accelerated to a 13-year high (+3,9%), although prices remained unchanged on a monthly basis. They are two sides of the same coin, two indicators of the recovery climate that will be able to guide the choices of the European central bank. In this regard, it should be recalled that Jens Weidmann, number one of the German central bank, has long been worried that ECB interest rates will remain low for too long, while German inflation, according to his consultants, will approach 5%. by the end of the year. Francois Villeroy de Galhau, member of the ECB board and governor of the French central bank, today recorded the Eurotower guidelines, according to which there is no hurry to make a decision regarding the future of the Emergency Purchase Program Pandemic (Pepp) at the next ECB monetary policy meeting in September as, unlike the US Federal Reserve, the ECB can adjust monthly purchases based on funding terms. Speaking to Bfm Business radio, the central banker also stressed that since the last ECB meeting in June, financing conditions in the bloc have improved, that the economies of France and the eurozone should return to pre-Covid levels by early 2022 or earlier, and that there is no risk of a sustained rise in inflation at this stage. Meanwhile, during the last week, according to what was announced by the ECB, purchases of BTPs in the Pepp area dropped to 11,54 billion from 16,58 a week ago. The total purchases made so far under the Pepp program rises to 1325,07 billion out of a total budget of 1850 billion.
Good news arrives for Italy from the OECD. According to the international body, in the second quarter, the Belpaese recorded the second highest growth in GDP in the area of the most developed countries. First is the United Kingdom with an increase of 4,8% against +1,6% in the previous quarter. For Italy +2,7%, from +0,2%. Overall, the picture drawn did not have major repercussions on bonds, which closed the session stable, with a spread between Italian and German ten-year bonds of 105 basis points ( -0,78%) and a BTP yield of +0,61%.
At the stock level, today's most effervescent blue chips are Interpump +2,27%; stm +1,57%, which updates its historical highs; Saipem +1,58%; Amplifon +1,19%; Enel +0,9%. Instead, they are driving the declines Unicredit -1,65% and Bper -1,17%; Tenaris -1,09%; Pirelli -0,89%; stellantis -0,85%. Cnh remains colorless after announcing, this morning, the acquisition of the Italian company Sampierana. to expand the construction equipment sector.
Out of the main list, the glaze loses its edge Juventus (-1,67%) with the officialization of Cristiano Ronaldo's exit and the home defeat in the championship. He takes a leap Saras, + 5,44%.
On the currency market the exchange euro dollar floats in area 1,18. Slight dips for the Petroleum. Brent for delivery in November 2021 loses 0,15% and trades at around 71,60 dollars a barrel. Modest fluctuations for metals.
