Will it be what is known in the jargon as the "dead cat bounce", or will the markets end the week on the rescue? What is certain, for now, is that, after Fitch canceled the triple A rating for the USA, in a couple of days the bond markets returned to the level of last November, wiping out a year of increases: the 3,50-year USA, for stuck at 4,187% or a little more for months, it shot up to 103% under the pressure of the US Treasury's offer of 200 billion new bonds at auction. For this reason, today the markets are looking with some apprehension at the data on the US labor market due out in the afternoon: numbers that are too positive compared to forecasts (4,2 new jobs, +XNUMX% in wages) could push the Fed to tighten rates , already supported by the offer of new securities. In short, the Bull faces one of the most demanding tests this morning.
Futures up after three days in the red
The European stock exchanges announced a rise with the future of the EuroStoxx50 index +0,4%. And so it was with the Ftse at +010% opening in Milan but immediately very uncertain. Despite the fragile beginning, Mps takes off after the half-year (+4,5%).
Yesterday the Ftse Mib closed down by 1% at 28.702 points. From the intraday low of 28.469 points, it rebounded by 0,8%.
The European stock markets closed with losses for the third consecutive day, with a discrete recovery in the final which bodes well for today's session.
The BTP rose 4,26%. Bund at 2,59%, from 2,52% yesterday.
Panetta preaches caution. Rates stopped in September
ECB Governing Council member (and next Bank of Italy governor) Fabio Panetta proposes prudence in monetary policy, even keeping rates at current restrictive levels for a long time, rather than repeatedly raising them. Even some of the "hawks" seem to agree on the decision not to touch rates in September.
The British central bank raised the bank rate by a quarter of a percentage point to 5,25%. The board believes risks around the inflation forecast are tilted to the upside, albeit to a lesser extent than in May.
Among the data expected for today, there are the orders to German industry June (estimates -2%) and retail sales of the euro zone in June (estimates +0,2%).
Cloud helps Bezos, services save Apple
Jeff Bezos certainly offered a hand to Taurus. THE Amazon accounts +9% after the Stock Exchange, once the quarterly has been announced. Second quarter earnings per share were nearly double what analysts were expecting. Sales of Amazon Web Services, the cloud division that has been slowing lately, rose more than expected, +12% year over year. “We've started to see more customers focusing on innovating and introducing new workloads to the cloud,” said CEO Andy Jassy.
Much less brilliant Apple -2% after the accounts in the night. Apple accuses a decline in revenues for the third consecutive quarter which closed with a net profit up 2,3% to 19,9 billion dollars and revenues down 1,4% to 81,8 billion. Weighing is the slowdown in iPhone sales, which fell by 2,4% to 39,7 billion, below analysts' expectations. The services division, on the other hand, continues to grow, with revenues rising to a record 21 billion with subscriptions to streaming TV and software on the App Store.
Interim session yesterday on Wall Street, with the Nasdaq able to hold its positions in a day of sharp increase in bond yields, the tech index lost only 0,1% capable of holding its positions in a day of sharp increase of bond yields, compared to the almost +40% accumulated since January XNUMXst.
today Nasdaq futures opens at +0,5%.
Morgan Stanley advises India
A breath of optimism comes from Asia. Morgan Stanley brought India's shares to Overweight. Mumbai Stock Exchange climbs 0,3%.
Chinese markets are also up. China's stock markets rose this morning in the final session: Hong Kong's Hang Seng gains 1%, -1,9% the provisional weekly balance. CSI 300 of Shanghai and Shenzhen price lists +0,7%, +1% per week at these prices.
Beijing promises aid to banks and real estate
La Chinese central bank he reassured overnight that he will provide monetary support to the economy and will help banks keep exposure to sectors under control at this moment in a critical phase.
Zou Lan, the head of the monetary policy department of the People's Bank of China, spoke of "countercyclical adjustment", the formula used by the leaders of Beijing to indicate interventions to support the economy, the Pboc will continue implement existing policy instruments and will create new structural lending instruments if needed.
Slightly up the Tokyo Nikkei, -1,7% per week.
Brent ($85,30), wtf ($81,70). Oil slightly up from +2,3% yesterday evening. The acceleration in the final session came when it became known that Saudi Arabia extended its voluntary cut of 1 million barrels per day by another month until the end of September.
Copper rebounded more than one point on stimulus signals from China:
New contracts for Saipem, Mps better than expected
- Monte Paschi Bank it closed the second quarter with total revenues of 972 million euros, against analysts' estimates of 890 million. Operating profit of 425 million, in line with expectations. CET1 ratio fully loaded at 15.9%.
- Saipem has been awarded two new contracts for offshore E&C activities in Europe, specifically in Romania and Germany, for a total value of approximately 1,8 billion euros, a statement said. The first contract relates to the Neptun Deep Gas Development project in Romania, in the Black Sea, for which the award procedure by OMV Petrom has been concluded. A second contract has been awarded to Saipem by Gascade Gastransport GMBH for the transportation and laying of the “Ostsee Anbindungsleitung” gas pipeline in the Pomerania Bay. Completion of the works is scheduled for early 2024.
- Inwit The electromagnetic limits will soon be included in a decree, writes IlSole2Ore. If there are no hitches, Italy will raise the ceiling on electromagnetism by a lot, in order to adapt to European levels.
- Salvatore Ferragamo closed the half year with sales down by 7,2% at constant exchange rates, double-digit decreases both in North America and Asia. Revenues, reports the company, amounted to 600 million euros, substantially in line with analysts' expectations, from 630 million a year earlier. Ferragamo's first-half operating profit almost halved compared to the first six months of last year, reaching 47 million. This morning Stifel cuts the target price to 14 euros.
