Positive European stock exchanges the day after ECB decisions.pread Piazza Affari, after fluctuating on parity, rises by 0,4%, but the tensions shaking politics and public finances in the electoral climate are signaled by the spread, around 238 points, above Greece (227). ECB decisions cause purchases on German Bunds. The 1,05-year yield falls to 3,32% on its lowest since the end of May. Some purchases on Italian government bonds return as a consequence, despite the uncertainty of the political situation: ten-year BTPs at 3,52% from XNUMX% yesterday evening.
The euro is down 0,7% to 1,015.
Despite positive spreads and rates Stock exchanges in Europe
Despite the rate hike with relative increase in margins, and the adoption of the Tpi, the new anti-fragmentation tool adopted by the ECB, Italian banks remain the Achilles heel of the Italian stock market, as always when debt tensions rekindle . Unicredit marks a new drop -1,45%, black shirt of the list. On the other hand, Banco Bpm and Intesa are in positive territory. However, Banca Generali is in strong recovery +3%, the best share, and Poste Italiane up by 2%.
Tim slips to the lowest ever
The shares and bonds of are also losing ground Telecom Italy in the wake of the rating cut by Moody's. the share, close to the historic lows, shows a drop of 1,1%% to 0,2182 euro. The January 2033 bond is trading down, with yields rising to 7,18% from 6,99%.
Salt instead Inwit +2,5%. The government has placed a series of requirements to the agreement between Tim and Ardian regarding the radio signal transmission towers. Saipem -3%.
However, the weekly budget is heading towards a positive result, between 1,5 and 2%. Not bad in the heart of a political crisis, even if the average of the European stock exchanges is much better: +3,70%. The political crisis and the prospect of elections in September have contributed to widening the gap with the rest of Europe: Piazza Affari is the worst stock exchange since the beginning of the year with a -22,3%, which compares with the -13,0% recorded by the Stoxx 600 index, with the -7,50% of the Spanish Ibex (the best in the euro area) and with the - 2,20% of the UK Stock Exchange's FTSE 100 Index.
The S&P Global manufacturing index falls below 50
On the macro front theS&P Global Eurozone Manufacturing index it fell in July to 49,6 from 52,1 in June. The consensus was 51. With this drop, sixth in a row, the indicator built on the expectations of the purchasing managers of the manufacturing companies in the Eurozone moves into the area that signals contraction, the one below fifty points. July's reading is the lowest since June 2020. It remains above the fifty mark, but falls more-than-expected to 50,6, the non-manufacturing index.
The front of the crisis linked to the Ukrainian war is calming down
- The price of wheat returns to levels prior to the Russian attack on Ukraine on the day of the agreement between Moscow and Kiev that unblocks exports through ports on the Black Sea. Soft wheat is traded at 784,5 dollars for each single contractual unit from 5 thousand bushels (-2,64%), like last February 16, a week before Moscow's attack on Kiev. The dynamics of durum wheat are similar (-2,32% to 841,25 dollars per 5 thousand bushels), just below the closing date of 18 February.
- Brent oil and WTI are also down 0,7%. Salt instead the natural gas European +3% at 160 euros per MWh.
- The renewed appetite for risk pushes Bitcoin up 1,5% to $23.400, a one-month high.
