The climate of the financial markets remains volatile in the last session of the week, above all due to the bad news from China, the latest of which is the request for protection from US creditors by the real estate giant Evergrande.
The European lists thus close lower, even if far from the lows of the day, while overseas Wall Street, after a start in red, now moves mixed (DJ +0,14%). THE T Bond today they have changed sign compared to the last few sessions and at the moment they show rising prices and falling rates with the 4,23-year bond at 1,7% (about -0,16% compared to the previous day), restoring some charm to the equity market. However, the big tech and 'growth' stocks such as Apple, Microsoft, Tesla and Nvidia slipped between 2,56% and XNUMX% today as well. Stocks of Chinese companies listed in New York are down.
Europe in fractional decline
Business Square it lost 0,42% and slipped to 27.761 basis points, with negative banks and utilities defending the list.
In the rest of the continent they are retreating Frankfurt -0,65% London -0,63% Paris -0,38% Amsterdam -0,35% and Madrid -0,14%.
China and central banks remain the focus of attention
The strings that are holding the bull in these weeks are being pulled by China and the Fed.
For the China: Wall Street Journal writes that investors fear a domino effect, a "Lehman moment", a contagion that develops starting from the crisis in the real estate sector spreading to other sectors of the economy and mentions in this regard the difficulties of Zhongrong, those of Country Garden Holdings and of Evergrande. For the FT, however, Beijing is trying to regain investor confidence by revealing its capital market reforms, with lower commissions and longer trading hours.
On the front fed: the reading of the latest central bank minutes by investors left a bitter taste, where inflation was still at “unacceptable” levels, an adjective that seems to distance the hoped-for trend reversal on rates.
ECB letter arriving on extra profit tax
Speaking of central banks, it's coming to Italy a severe letter from the ECB about the tax on the extra profits of the banks, approved by the CDM last August 8th. The letter would express a "clear censure" of the provision which, according to the number one of the European Central Bank Christine Lagarde, could be "potentially harmful to the economy and credit". According to the ECB, it would also be wrong to intervene by authority on banks' interest margins, "because costs are not considered, and their ability to withstand any shocks is weakened".
For inflation meanwhile, the news is good for the block: according to Eurostat, in fact, the annual rate stood at 5,3% in July from 5,5% in June (a year earlier it was at 8,9%) and in the European Union at 6,1 .6,4% from 9,8% in June (it was 19%). Compared with June, annual inflation fell in XNUMX member states, remained stable in one and increased in seven.
Euroland's growth is also good, according to ECB chief economist Pilip Lane: the area's economy will continue to expand in the coming years, while a severe or prolonged recession is unlikely, especially since the pre-pandemic trend has not yet been recovered .
Dollar down slightly, bitcoin still peaking
On the currency market today the index of dollar is trading slightly lower against a basket of currencies, even as it heads into a week of gains. L'euro treats flat in area 1,087.
Lo yuan floating, after yesterday's crash that brought the Chinese currency to change to 7,3 against the US currency. For this reason, the central bank of the celestial empire, in defense of the currency, has fixed an exchange rate in the area of 7,2006 against the dollar, also placing 98 billion yuan on the market in seven-day repurchase agreements at an interest rate of 1,8 .XNUMX%.
Risk aversion has been penalizing since yesterday bitcoin, which now loses about 7% against the greenback and trades 26 thousand dollars in the area.
Among the raw materials, the Petroleum, with Brent at yesterday's closing levels at 84 dollars a barrel and Wti at 80,5 dollars.
Piazza Affari, utilities are doing well, financial stocks are falling
The banks of Piazza Affari pay a rather high price at today's sales: Ps is the worst blue chip of the day, down 3,98%. Other financial stocks also declined, such as Azimuth -1,62% General Bank -1,32% Finecobank -1,26% Unipol -1,24%.
Among the major declines of the session there is Saipem, -2,41%, after the previous day's gains.
The automotive sector is confirmed as weak Ferrari -1,62% and Cnh -1,32%.
The utilities above all defended the price list: Ivy + 1,24% Enel + 0,68% Terna +0,47%. In contrast to the prevailing trend also Diasorin + 0,65%.
Stable spread, decreasing yields
With the macro news, calm has returned to the European secondary as well and yields are falling. The spread between 172-year BTPs and Bunds of the same duration, it is stable at 4,31 basis points, but the rates fall respectively to +4,39% (from 2,59%) and +2,67% (from XNUMX%).
