They calm down, accomplice the 4th of July party, the hot spirits of Taurus. Even in Italy, where it does not appear "the assault on Generali", made possible by the new limits set by IVASS on the potential increase in Delfin's share: Francesco Milleri's team is too busy making money at Essilor Luxottica with new and old generation eyewear to concentrate too much on high finance.
Meanwhile, deprived of Wall Street propellant, iTaurus has the air of wanting to take a day off to enjoy the sensational results with which it has approached the threshold of the second semester. From tomorrow, with the publication of the minutes of the Fed, the pressure of the central banks will return for new rate increases, despite the evident slowdown of the economy in Europe and in the USA.
European stock exchanges, opening up. Milan +20% from January
However, the European stock exchanges opened with a slight increase. But the absence of American operators will affect traded volumes. Business Square (+1% yesterday) reached new highs since 2008 at 28.446 points, thanks to the push Generali +3,4%. Since the beginning of the year, the price list has risen by 20% and today at the opening it gains a further 0,3%
Elsewhere, too the Eurostoxx 50 index of the major blue chips in the Eurozone reached new highs since 2008 at 4.420 points.
The 2-year BTP at its highest since 2012
Il two-year BTP yield it hit the highest since 2012 just under 4%. 2,43-year Bund at XNUMX%. ten-year BTP at 4,12%, spread at 169 points.
The European Central Bank still has a long way to go in raising interest rates and is also expected to reduce its balance sheet in the coming years. The president of the Bundesbank said this, Joachim Nagelduring a financial event. “As I see it, there is still a long way to go,” she said. Nagel added that he is in favor "of a significant reduction in the Eurosystem's balance sheet in the coming years", after years of expansion through massive bond purchases and bank loans.
However, the deterioration of the economy could slow down the hawks: the Italian PMI manufacturing index, down to 43,8, is at its lowest since the days of the pandemic. The European index is also down, from 44,8 to 43,4 points, as is the American one, from 48,4 to 46,3.
Meanwhile, there was a lull in the rate hike tonight Australia: the central bank left the reference rate unchanged at 4,1%. In the statement, the governor mentions the possibility of resuming monetary tightening, should the need arise. The Sydney Stock Exchange rises by 0,5%.
Hold back Japan, today Yellen in China
Japan's stock retreats from 33-year highs hit yesterday, Nikkei -0,7%. The Hang Seng of Hong Kong +0,4%. CSI 300 of the price lists Shanghai and Shenzhen on equality.
The mission of the US Treasury secretary begins today Janet Yellen in China with the aim of easing trade tensions between the two superpowers. But to welcome it is the news that Beijing, in response to the new limits on the purchase of chips, has decided to suspend the sale of gallium and germanium, two metals indispensable in the production of semiconductors. Mining companies producing gallium and other raw materials are up.
Returning to the markets, slightly down the Seoul Kospi indexInflation fell to 2,7% for the fifth consecutive month in South Korea. BSE Sensex of Mumbai just below parity. In yesterday's part-time session in the USA the S&P500 index it closed up 0,1%.
In great evidence Tesla +6,9% after the increase in sales in the quarter, driven by the drop in list prices. The banks are doing well too.
Brazil accelerates: GDP will rise by 2,5%, the stock market is racing
Brazil's performance deserves special attention. There Sao Paulo Stock Exchange it gained 1,2%. Brazil's government has "substantially" improved its gross domestic product growth projection for 2023 from 1,9% to 2,5-3%. “Our growth scenario will be revised upwards,” Guilherme Mello, Secretary of Economic Policy at the Ministry of Finance, said in a press conference.
“Certainly today we are closer to a reality of growth of GDP between 2,5% and 3%", he added. According to Mello, “some things have changed, most for the better”, and “growth prospects have significantly increased”. “Since the beginning of the year we have said that growth would be higher than market forecasts. Reality proved us right”, added the secretary. The weekly bulletin of the Central Bank based on the estimates of the main market players instead forecasts a growth of 2,19% for the current year.
Saudi and Russia attack on oil prices
Il Petroleum is at yesterday morning's levels. Saudi Press Agency wrote that Saudi Arabia intends to extend the unilateral cut of 1 million barrels per day of crude oil in August. According to a statement by Energy Minister Alexander Novak, Russia is following along with a reduction of half a million barrels.
Il EU gas (Amsterdam) closed down by 8,5% at 33,9 euro/mWh. The Norwegian gas supply has returned to growth thanks to the end of some seasonal maintenance in the plants of the largest supplier of gas and oil on the continent.
Spotlight on Banca Generali, Enel and Technoprobe
The spotlight moves on General Bank. The complex match around Mediobanca/Generali could be unlocked with the sale of Banca Generali to Mediobanca, as requested by Alberto Nagel. Piazzetta Cuccia could pay in part with the sale of shares in the company. It is the thesis suggested by Republic while other newspapers bring up the forthcoming renewal of the Mediobanca board of directors.
The other leading companies:
- Enel: The Confidential writes that the president of Repsol is negotiating the acquisition of Endesa.
- nexi: Private equity fund GTCR is reportedly negotiating the purchase of a majority stake in Fidelity National Information's merchant acquiring business, the agency was first to talk tonight Reuters.
- Stellantis: noIn the United States, the former FCA brands closed the second quarter with a 6% increase in cars sold, to 434.648. In Italy, Stellantis recorded a drop in registrations in June of 11,23% against +9,19% for the whole market. The market share drops to 30,94%.
- Techno probe, among the world leaders in chip efficiency control, has presented a binding offer to acquire Harbor Electronics, specialized in the production of advanced printed circuit boards for the testing market, from the Shenzhen-based group Fastprint Circuit Tech for 50 million dollars.
