Bull timidly rears its head at the end of a troubled week, marked by the thud of the bond markets after Fitch's decision to cancel the triple A rating on the US debt market. Business Square travels a thread above parity +0,1% after three sessions in the red. Same script a London, buoyed by oil but weighed down by the -5% drop in shares of WPP's largest ad agency. TO Paris Crédit Agricole shines +3%. The recovery contributes to the Amazon rally +9% yesterday with price lists closed, confirming the good performance of consumption. Conversely, Apple's third-in-a-row drop in revenue (-2%) weighs on the fortunes of stm -1,1%-, one of the main suppliers of the Apple.
On Wall Street, the Nasdaq futures anticipates a start up 0,5%. The main event of the day is about, the US labor marketclosely monitored by the Fed. Analysts point to the creation of 200 new jobs in July, a slight decrease compared to 209 in June, and a stable unemployment rate of 3,6%.
Little moved the bond market. Treasury Notes hit 4,17%, a level not seen since early November, up from 4,10% yesterday. 4,27-year BTP at 2,62%. Bunds at XNUMX%. About the bond market the Financial Times writes this morning that “if the global economy is a machine, credit is the fuel that keeps it going, then banks and bonds are the engines of the system. After the disaster of 2008 much has been done to regulate and banks. Nothing or almost nothing for bonds. This could prove to be a serious problem, much more than has been admitted so far "
Euro dollar 1,095. THEinflation underlying in the euro area has probably reached its peak, suggesting a more general slowdown in price dynamics. The ECB said so in the update contained in an article released today.
In Piazza Affari the best title is Monte Paschi Bank +4.9%, it is the best blue chip, after i positive quarterly accounts.
Leonardo +2,4%, hits new multi-year highs. Equita raised its target price to 15,60 euros. Tenaris +2%.
Unicredit +1%. Italian banks may be interested in joining the Dutch ABN: the government in The Hague is preparing to reduce its stake.
The sector suffers health. The worst stock is Diasorin -3,2%, followed by Recordati -1,9%.
Positive Saipem +0,7%: announced yesterday after the market close the award of two new contracts for offshore E&C activities in Romania and Germany for a total value of approximately 1,8 billion euro.
Very volatile Salvatore Ferragamo +1,4% % bad start and then reverse course. The luxury group closes the first semester with revenues down 4,8% to 600 million euros, and net income at 21 million euros (-65,4% y/y). The operating result (EBIT) also fell by 50,8% to 47 million but according to Goldman Sachs it was better than expected.