Piazza Affari takes another step forward and closes up 0,54% at 26.139 points, in a European context with little movement and with Wall Street mixed, after the records of the last eighth.
The dollar consolidates its gains, while metals and oil collapse, consequently mining and energy stocks suffer. New York is also currently looking at the 1.000 billion dollar bipartisan plan for US infrastructure, with a possible vote tomorrow, after the details of the bill found support in the Senate over the weekend. In Europe: Frankfurt -0,09%, Paris -0,06%, Madrid -0,17%, London +0,13%. Zurich shines +1,01%.
A mix of factors influences the courses of an all in all placid day: the increase in infections from Covid in the USA and in China with the Delta variant; the downward revision of the growth forecasts for the celestial empires by the main American banks due to the coronavirus and the unexpected slowdown in exports; the possibility that the Fed's tapering is approaching after last eighth's data on jobs, while the data on US inflation in the month of July is expected in the next few days. A cocktail that above all shakes raw materials and the dollar. Spot gold, after falling below 1700 dollars overnight, seems to have slowed down the fall and is currently down by one and a half percentage points, around 1735 dollars. All metals are under pressure, today estimating more probable that the US central bank can initiate the withdrawal of stimuli more quickly. Silver loses more than 3%, as does nickel.
The percentage drop is important for oil: both Brent futures (68,34 dollars a barrel) and WTI (65,90 dollars a barrel) are down by more than three percent.
Black gold fears the resurgence of coronavirus infections together with the restrictions to contain them, the risk of limiting travel, mobility and growth and consequently a fall in oil demand. Even the UN assessments on the climate crisis cast a sinister light on the future of fuel consumption and the environment, while fires devastate many territories in this scorching summer and Italy is preparing to welcome Lucifer, a wave of extreme African heat which will envelop these whole peninsula.
The increase in the greenback also weighs on the commodities that are traded in dollars, which took off on Friday with the jump of over 900 new jobs in the US in July. Today the euro-dollar is little moved around 1,1735. In any case, the Piazza Affari session was positive, even if the volumes are contained given the period.
The best blue chip in the list is Unipol +3,67%, on which Equita has raised the target price to 6,40 euros with a 'buy' decision after the half-year results. “The stock continues to trade at particularly discounted valuations on NAV. Furthermore, the distribution of a 0,28 euro dividend next October is a further element in support of the assessments”.
Nexi recovers -1,97% after a few weak sessions. Pharmaceuticals performed well with Recordati +2,12% and asset management with Azimut +1,89%. In luxury Moncler +1,95% and outside the main price list Ferragamo +6,6% is appreciated. Among the oil stocks, Saipem rises by 1,38%. The declines of the big caps are less than a percentage point and primarily touch Cnh -0,9%; Pirelli -0,81%; Interpump -0,55%; Tenaris -0,55%.
Banks are mostly positive after recent gains. Among the regulated utilities, Terna stands out, +0,73% after reaching new all-time highs of 6,87 euros. Out of the main basket, the exhibition sector shines with Fiera Milano up by 8,57% and Italian Exhibition Group by 5,5% after the derogation from state aid to the sector by the European Commission passed. In bonds, the spread drops to 105 basis, while the yield on the ten-year BTP stops at +0,55%.
