The timid attempt at a rebound in European stock markets, seen in the middle of the day, clashed in the afternoon with the negative trend on Wall Street, where Apple Lossless Audio CODEC (ALAC), (-3%) drags with it big tech and the Nasdaq (-1,2%). The stock of the Cupertino giant is still moving weakly today due to press rumors according to which China wants to extend the ban on the use of iPhones to companies and state agencies.
The closure is thus decreasing again in the euro zone, awaiting the meetings of the central banks in the coming weeks, while the economic picture of the bloc deteriorates (this had for a few hours sparked the hope of a more cautious ECB) and the US one turns out to be better than expected (with fears that the Fed will keep rates high for longer).
Euroland in decline and weak single currency
Business Squarei fell by 0,2%, to 28.155 basis points with financial stocks in the red. Frankfurt yields 0,14% e Amsterdam 0,77%. They are flat Paris (+ 0,03%) and Madrid -0,03%. Off the bat London it appreciates by 0,2%.
Il dollar is strengthened andeuro struggles to maintain a change at 1,07, while the Petroleum floats and Brent remains above 90 dollars a barrel. The returns of T Bond they remain quite high, with the 2-year one even exceeding 5%, weighing on the performance of the tech sector, and then retreating.
Volatile indices with a chiaroscuro macro picture
The volatility of the indices is linked to a chiaroscuro macroeconomic picture on both sides of the Atlantic, with central banks increasingly determined to move based on the data. The health of the Chinese economy also tips the balance towards risk aversion and weighs on the currency of the celestial empire. Today the onshore yuan fell to its lowest level since 2007 against the dollar, reflecting the decline in Chinese exports in August (-8,8%), the last indicator in chronological order to raise signs of concern for the performance of the country's economy.
Even from Europe the news is not good. Eurostat revised flash estimate of GDP down in August, to +0,1% from +0,3%. L'Italy it even loses 0,4% (against 0,3% of the flash estimate), even though it grew more than the others in the first quarter (+0,6%). There Germany marks zero growth, after two quarters of decline, furthermore German industrial production fell by 0,8% in July against an average analyst estimate of 0,5% and a negative figure of 1,4% in June. On an annual basis the decline is 2,25%.
In Use iHowever, recent readings from the services and manufacturing sectors have shown prices traveling in the wrong direction, as well as productivity and labor costs in the second quarter (final reading) showing higher-than-expected data. Finally, new weekly claims for unemployment benefits were much lower than expected, -13.000 to 216.000, with estimates at 230.000.
moral: The odds of the Fed raising rates are rising by 25 basis points in November (to 47,2%, according to the Cme Group), while 91% of analysts bet on another stop in September (with rates remaining at 5,25%, 5,5% currently). Essentially, there is a fear that rates will remain high for longer than hoped.
Piazza Affari clings to utilities and Telecom
Piazza Affari then turns its attention to the utilities, which today defend the price list together with Telecom.
Leading the blue chips is Ivy +3,22%, followed in the sector by Terna + 2,75% Snam + 1,93% Enel + 1,74% A2a + 1,69% Italgas + 1,64% Erg + 1,38%.
Telecom +2,08% remains in the money in this period always on developments for the network. According to Equita, press rumors according to which the government is working to insert the provision on NetCo as an amendment to the Asset decree of 7 June contributed to fueling the purchases today. “This would speed up the approval process, as the decree must be converted into law by September 9th”. Well Generali, +1,36%, on which Barclays raised the target price to 19 euros. salt Recordati + 1,47%.
The declines are instead led by Finecobank -5,74%, despite the excellent collection in August (648 million against 343 million a year ago). According to experts, the above-expected outflows in deposits, which led to a negative balance of 517 million, were the main factor. The launch of the new Btp Valore on the part of the Treasury it would also contribute to pessimism about asset management securities.
Apple's performance is felt up stm, -4,06%, while the banks remained negative. Ps -2,67% Bpm bank -2,03% Bper -1,37%. Weakness also for two industrial stocks such as Iveco -1,56% and Interpump -1,55%.
Outside the main basket the seat is to be framed for Olidata +14,8%, a company active in the ICT sector, which was awarded a contract in Enel worth approximately 5 million euros thanks to its subsidiary Sfera Net.
In luxury Tod’s +3,76% celebrates better-than-expected half-yearly accounts.
Declining spread waiting for the new Btp Valore
The disappointing data on the European economy helps the secondary market, in the perspective of a prudent ECB.
Lo spread between the Italian and German ten-year bonds it narrows slightly to 171 basis points (-1,84%) and the rates also drop a little, to 4,33% for the BTP and 2,62% for the Bund.
On the primary will come a new Btp Value and will be on offer between 2 and 6 October.
