"Today's inflation data could set the mood for the rest of the summer." Oanda's Craig Erlam admits that “that sounds like a pretty dramatic statement, but if we don't see a head rate drop, the wind could really blow the wind out of the equity markets, as it would be very difficult for the Fed to raise anything less than by 75 basis points in September”. The new energy alarm helps to explain the nervousness of the markets, at least in Europe: Hungary, Slovakia and the Czech Republic are without Russian gas, after Moscow stopped deliveries of oil to Europe through the Druzhba pipeline which passes through Ukraine. Drought is even more worrying: the levels of the Rhine, the first German commercial artery, are at their lowest. According to Bloomberg, the crisis in Europe's rivers causes damages of 80 billion euros. Meanwhile, given the crisis of hydroelectric plants due to lack of water, Norway has reduced its energy exports. Concerns that hampered the market rally. At least for now: if at 14 pm (Italian time) the data on consumer prices were significantly below the held 9,1%, the music could change.
Chinese inflation at two-year high
- Asian stock exchanges and futures hold back in anticipation. Tokyo loses 0,65%, more than the Asia Pacific index. Korean Kospi and Australia were also weak. Taiwan, still under pressure from Chinese manoeuvres, lost 0,75.
- The inflation in China it accelerated in July to 2,7%, its highest level in two years, mainly due to rising pork costs. Japanese wholesale prices increased 8,6% in July compared to 12 months ago, accelerating from June.
- In red Mazda Motor reported a 23,2% decline in revenue for the quarter compared to a year ago. The operating loss exceeds 141 million euros.
- The index Hang Seng of Hong Kong drops more than -2%. Lenovo Group, the Beijing-based Chinese giant active in the production and development of personal computers, tablets, smartphones, and other devices, reported results for the quarter that runs from April to June. In the period, revenues amounted to 16,96 billion, +0,2% on an annual basis, and in line with expectations, equal to 16,87 billion.
Chips in free fall on the Nasdaq, Musk still sells Tesla
- It was yesterday theMicron alarm-3,6%: the chip giant has sounded the alarm on sales for the next quarter, conditioned by lower Chinese demand. A similar message had arrived the day before from Nvidia. The sector index drops 4,8%
- The drop coincides with the launch of the chips support law: 52.7 billion to recover the gap accumulated compared to Asian producers.
- Elon Musk has sold Tesla stock for 6,9 billion. The billionaire raises cash to meet the purchase promise on Twitter in the event the judge imposes the execution of the deal, announced later withdrawn.
European stock futures down 0,5%
- In red the European markets; Milan -1,05%. The Btp/Bund spread rises to 213 points. Futures on European stock exchanges are weak. Euro Stoxx 50 -0,3%.
- The OECD super index which anticipates trends every 6-9 months drops to 99,2 points in July. In the Eurozone it went from 99,2 to 99. In Italy to 98,7 from 98,9 points.
Oil down: Brent at 96 dollars, Wti-
The wedding between Autogrill and Dufry is closer (and easier).
In Piazza Affari, in the pre-holiday climate, the merger between Autogrill +1,4% and Dufry. On Tuesday, for the first time since the announcement of the merger between the companies that will give life to the global travel shopping giant, the offer in shares (which offers Autogrill shareholders 1,58 Swiss shares) is cheaper than that in cash: due to the sharp rise in the Swiss stock in Zurich + 4%.
