Nervousness returns to the markets. It will be the race of eight consecutive sessions that asks you to take a breath. It will be the approach of important data to outline the Fed's next monetary moves. The US indices are falling, weighed down by Nvidia, Intel and Boeing, but also by the energy sector in the wake of the dragging oil price decline. As a result, Asians are also weak. In Europe a slightly positive start is expected
Wall Street falls after 8 sessions of gains. Tesla benefits from new tariff rules
After eight days of increases, Wall Street closed down yesterday, while volatility began to increase again. Investors await the indications arriving in the next few days: today in the evening i Fed minutes and Fed Chair Jerome Powell's speech on Friday at Jackson Hole to get directions on the route monetary easing which should start in September. Also pay attention to the annual review of data on jobs in the USA between April 2023 and March 2024
The VIX Volatility Index is at 15,90, up 8%, after five consecutive declines. Last night theS & P500 it closed down 0,2%, after eight consecutive increases. Nasdaq Composites -0,3%.
The office consumer goods sector is in good evidence in the S&P 500. At the bottom of the ranking, significant declines occurred in energy sector, which reported a decline of -2,65%. In particular, stocks fell oil sector, after the price of crude oil in New York (contract expiring in October 2024) fell below $74 a barrel. Chevron and Exxon Mobil lost 1,45% and 3,33%, respectively.
Negative closure for Nvidia (-2,12% to 127,25 dollars), after the strong rise achieved in the previous six sessions. Bad too Intel (-2,46%). Boeing it lost more than 5%. Federal safety officials are requiring inspections of cockpit seats on Boeing 787 Dreamliners. Boeing also halted test flights of a new version of its 777 jetliner after discovering a damaged structural part. The new model has not yet been approved by regulatory bodies.
Palo Alto Networks +7,2%: The stock of the company involved in cybersecurity has approached its historical record. Management forecast fiscal 2025 revenue and profit above estimates, a sign of growing demand for its cybersecurity products as the digital threat landscape evolves. Boeing The plane maker has grounded its 777X test fleet after an inspection showed the failure of a key engine mounting structure, according to a report from Air Current.
Tesla benefits from the Commission's adjustment proposal on rates to be applied to imports from China and gains 0,41% on the Nasdaq: it should have duties of 9% for five years on Tesla brand vehicles manufactured in the dragon. The decision will have to be confirmed by the 27 countries by the end of October. The tax on the American manufacturer is lower than the 20,8% assumed in July and that for Chinese electric car companies.
Weak Asian stock markets. The strength of the yen is worrying
Asian stocks are weak this morning, in the wake of Wall Street closing below parity. Even in Asia, investors' attention is already focused on the Jackson Hole symposium. The losses of the main e-commerce should be noted JD.com which weigh on the Hang Seng index of Hong Kong, down 1%.
JD.com falls about 11%. Bloomberg reported that Walmart is planning to sell its stake in the e-commerce giant for $3,74 billion. Rival Alibaba Group loses 2%.
- Chinese indices CSI 300 and Shanghai Composite lost 0,2% and were close to six-month lows.
Il Nikkei 225 loses 0,2%, while the yen strengthens against the dollar, reaching two-week highs. Jefferies said in a recent note that the strength of the yen negatively impacts the earnings of Japanese companies, but the broker also clarified that the yen's persistent strength favors companies exposed to domestic demand. Tonight's data showed that the Japanese exports grew less than expected in July, while imports accelerated thanks to improving local demand. The index Australian ASX 200 fell 0,4%, while South Korea's Kospi lost 0,2%. Indian Sensex slightly weak, although in view of the recent records. PM Modi said India remains committed to reforms in an Independence Day speech.
European stock exchanges: what to follow today
Futures suggest a slightly positive start in Europe with the future on the Eurostoxx50 index at +0,14%. US futures were also positive (+0,13% on the Dow Jones and +0,11% on the S&P500).
BFor Bank. From the communications released by Consob on 20 August 2024 we learn that on 13 August 2024 Norges Bank reduced the stake held in the capital of BPER Banca to 2,902%, from a previous situation of 4,839% on 21 June 2024.
Enel. The sale of a share in 3Sun, the Etna Valley gigafactory that produces photovoltaic panels, is no longer on the table of the parent company. The asset, which the government also makes no secret of considering strategic, will remain under the control of Enel Green Power Italia (97%), with a residual 3% stake held directly by Enel Green Power.
stellantis. Investments planned in Belvidere, Illinois, will be delayed, but the automaker has confirmed its commitments and reiterated that it is not in violation of the union contract.
Moncler promoted by Bernstein to outperform (target price unchanged at 69 euros).
Recordati of which Jefferies raised the target price from 49 to 53 euros (hold rating).
