After a bubbly morning Square Business, halves the gains in the afternoon, but saves the rebound, while the other European lists close contrasted in line with the mixed performance of Wall Street. In fact, in New York the DJ is in red, ballasted by J&J(-3%), while the Nasdaq and S% P 500 are in progress thanks to the leap of Nvidia (+4%), after HSBC raised the target price of the chip giant to $780 (which will publish the accounts this week).
The performance of yields on US government bonds weighs on the stock, with the 4,35-year bond today at 2007%, the top since XNUMX.
Milan best in Europe with banks
In Europe, Milano it is the best and it appreciates by 0,81%, just missing the 28 thousand points, despite the optimism of the banks, attracted by the press hypothesis that the tax on extra profits can be recovered through a tax credit.
They are cautious Frankfurt +0,21% and Paris +0,47%, while suffering moderate losses London -0,01% Amsterdam -0,2% and Madrid -0,07%.
Uncertainty remains waiting for Powell
After three octaves of weakness in Europe and fifty days with a below-average close in the United States, the financial week thus restarts without much boost, with investors disappointed by the extent of the measures decided by the Chinese central bank (which weighed on Asian stock markets) and waiting for the words of Jerome Powell a Jackson Hole, the symposium of central bankers that the Fed organizes every year in Wyoming, dedicated in this edition, from Thursday to Saturday, to "structural changes in the global economy".
The number one of the US central bank will intervene on Friday 25 August (around 16 pm, Italian time) and what he will say will be filtered to understand how long the Fed will keep interest rates high. A hypothesis that seems to expand over time, after the minutes of the last meeting read that US inflation remains at "unacceptable" levels. There will be no Q&A section following Powell's speech.
La China instead it cut its key one-year lending rate by 10 basis points, leaving the five-year rate unchanged, against expectations of a 15 basis point cut for both.
Yields on T-Bonds rise, gas flames
In the limbo that precedes the appointment in Wyoming, the dollar appears stable, after five consecutive weeks of increases.
The euro trades slightly higher and the exchange rate moves close to 1,089.
Yields on US government bonds are rising again, in particular on ten-year and thirty-year bonds which, reaching their highs for several years in the middle of last week, have overshadowed interest in equities.
The Petroleum, with Brent (+0,53%) at 85,25 dollars a barrel; Texan crude rose 0,1%, to 81 dollars a barrel.
Instead, the price of the gas in Amsterdam, over 40 euros per Mah, with an increase close to 11% due, apparently, to threats of strike by workers in some Australian plants.
Piazza Affari banks, oil and cars support the list
Cars, oil and banks today support the main list of Piazza Affari. Leading the index is Saipem, +4,98%, which celebrates the increase in the target price by Morgan Stanley and the confirmation of the "overweight" rating.
The automotive industry shines with Ferrari +2,25% and stellantis +1,77%, even if Iveco (-1,8%) And Pirelli (-0,64%) lose shots.
The lion's share goes to financial stocks. Among the best there are B for Bank, + 2,87%, Unipol + 1,45% Unicredit + 1,44% Ps + 1,15% Understanding +1,16%. Instead, back off nexi -1,18%.
Well the luxury, with Moncler +1,44% who trust in Chinese care for the economy.
In recovery stm + 1,03%.
Weakness for utilities, A2a -0,45%, Ivy -0,15%.
Outside the main basket, the speculative appeal on was slightly attenuated during the session immsi (+3,79%) and the subsidiary Piaggio (+0,88%) after the death of the main shareholder Roberto Colaninno.
Spreads not moved, but rates are going up
In the bond market, the spread between 10-year BTPs and 10-year Bunds remained flat, at 172 basis points (-0,13%), but rates rose. The closing ten-year Italian bond is indicated at +4,39% (from 4,31% on Friday) and that of the German bond at 2,68% (from 2,59%).
On the macro front, the state of health of the German economy is worrying, with the Bundesbank forecasting GDP stagnation in the third quarter. In addition, inflation is slowing down (which is good news from an ECB perspective): in July producer prices fell more than expected both in terms of the economic situation and on an annual basis (-1,1% on month and -6% on year) . This is the fastest rate of decline since 2009.
As far as Italy is concerned, Economy Minister Giancarlo Giorgetti, at the Rimini Meeting, said, among other things, that the maneuver will be complicated and "it won't be possible to do everything".
