Take your pick: recession or recovery is almost equal. At the end of yet another hot week on the food front geopolitics, while missiles rain down on the coasts of the Yellow Sea and in the Ukraine, signs of caution are multiplying. On the interest rate front, starting from the alarm of Bank of England, with the highest increase in the last 27 years, according to the ECB on the need for new hikes in September. Above all, however, it is striking the collapse of oil: 94 dollars for Brent, 88 for Wti, a strong sign of recession. But also, the optimists reply, the confirmation that inflation is slowing down dramatically. To the benefit of the recovery of the Nasdaq which continues its recovery. Nor should the tension between China and the USA: tonight, despite the maneuvers of the people's army a few miles from the beaches of Taiwan, the chip giant Tsmc (+1,8%) recovered its losses. In short, it is not easy to move in such an elusive market. In search of a compass, markets are watching closely today's US labor market data due in the early afternoon.
Tokyo rises, but Toyota profits collapse
The bag of Taiwan it is the most tonic of this morning with a +2,2%. For the time being, China has limited itself to a massive demonstration of force to protest Nancy Pelosi's visit to Taipei.
The CSI 300 index of Shanghai Shenzhen salt of 0,4%. Hong Kong flat. In this index the Chinese e-commerce giant Alibaba it lost 2%, after reporting flat revenue in the quarter ended June, but the results were slightly better than expected.
They also go up Alone e Tokyo (+0,4%). In significant decline (-17,9%) the profits of Toyota.
European futures up, Btp at 2,92% (also thanks to the Pepp). In Europe, EuroStoxx 50 futures gained 0,3% this morning. The main index of Milano (+0,3% yesterday), at the start of the session yesterday it reached its highest level since 10 June.
Bond market in consolidation, towards the third week of widespread progress. The ten-year BTP treats at 2,92% with the spread at 212 basis points.
However, the call of the Economic Bulletin of the ECB to a "normalization of rates in the near future" has aroused considerable apprehension. The good performance of Italian paper during the electoral campaign has so far also depended on purchases by Frankfurt based on the Pepp programme: 9,76 billion at the end of July.
Euro-pound cross flat at 0,8430. The UK currency lost 0,7% yesterday as the Bank of England warned the country was heading towards recession: the economy will start contracting in the last quarter of 2022 and will be in recession, the largest after the global financial crisis, throughout 2023.
The Nasdaq rises again, Blackrock to the rescue of Bitcoin
futures on Nasdaq Composite rises by 0,2%: last night the index gained 0,4%, closing on the highest levels since the beginning of May. futures onS & P500 + 0,3%.
Among the liveliest titles it should be noted Coinbase. The popular cryptocurrency trading platform closed 10% higher after edging up to 44% gains on news that the company and BlackRock will partner to provide institutional investors with access to cryptocurrencies, starting with Bitcoin.
Il Petroleum it rebounds slightly, from yesterday's -2,5% which brought the respective prices to their lowest since February. At these levels, he closed the week with a loss of around 10%, the worst since the beginning of April.
Flat US natural gas, European natural gas just under 200 euros per mWh.
Hot titles: Stellantis rating rises, record scores for Intercos
Fitch has upgraded Stellantis' long-term senior unsecured ratings to BBB from BBB, with a stable outlook.
Unipol announced this morning a net profit of 684 million in the first half, from 652 million a year earlier.
Bper closed the first half with a net profit of 1,38 billion euro: the accounts incorporate the extraordinary items associated with the acquisition of Banca Carige.
believe closed the first half with a net profit up 14,2%, to 155,7 million euro.
Pirelli closes the first semester with double-digit growth in revenues and profits and revises its full-year revenue guidance upwards.
Record results for Intercos, multinational cosmetics: adjusted net profit amounted to 20,8 million, +54,4%. There net financial position is equal to 125,1 million, an improvement of 49,3 million compared to 30 June 2021.
