Positive quarterly results and Wall Street records push prices up (slightly). European stock exchanges, but the markets' eyes are already focused on the data onUS inflation, due out at 14.30pm, with economists expecting an increase of 0,1% and 3,1% annually. In the meantime, however, the price lists are deceiving the wait with the German consumer prices, fell to 2,5% last month, confirming preliminary data and leaving the door open for another rate cut by the European Central Bank in September.
But there's more because good news also comes from London, where the new prime minister Keir Starmer celebrates his first week in Downing Street with more than positive data showing how the British economy grew in May faster than expected. According to the national statistics office, in fact, the UK GDP in May it rose by 0,4% on a monthly basis and by 1,4% on a yearly basis, double compared to consensus forecasts which expected a monthly increase of 0,2%. In the three months ended in May, it is estimated that GDP recorded an increase of 0,9% on a quarterly basis.
Stock markets 11 July: Europe rises modestly
While waiting to hear the news on US consumer prices, which are fundamental for the ECB's monetary policy, I Stoxx 600 it gained 0,3% in the wake of purchases in the construction and materials sectors.
0,3% salt Paris, pushed up by Vivendi (+3,2%) after JP Morgan included the stock in the "positive catalyst watch" list.
The inflation data supports Frankfurt, which marks +0,17%. Performance photocopy a Madrid, while Amsterdam travels at +0,22%. Outside the EU it is also timidly positive (+0,23%). London.
Slightly further back Business Square which consolidates the positions of the day before (+0,09%) at 34.336 points.
Regarding European equities, the following are worth mentioning:
- Dnb, Norway's largest bank, jumped 5% after reporting better-than-expected second quarter results and saying results were supported by a stable economy.
- Ambi in Copenhagen, which gained 4% to its highest level since February 2022 on the back of increased expectations for the full year and preliminary data for the third quarter beat consensus.
- Barry Callebaut in Zurich, falling 10,4%, although the Swiss chocolate maker reported a slight increase in sales volumes for the nine months to May, even as soaring cocoa prices put pressure on demand.
In Piazza Affari Mfe takes off, focus on Tim
Volatile session in Piazza Affari, with summer volumes on a scorching hot day. On the Ftse Mib the best is Campari (+ 1,14%), followed by St (+ 0,72%), Brunello Cucinelli (+ 0,71%) and Inwit (+0,66%). Among the worst we find instead Banca Mediolanum (-0,93%), Diasorin (-0,87%) And Ferrari (-0,83%).
In the middle are the banks, still under observation awaiting news on banking risk: Understanding (+ 0,38%), Ps (+ 0,28%).
Travels above parity Telecom Italy (+0,2%) after the 4,8% surge the day before. The shares were pushed by the S&P promotion which adjusted the rating to BB from the previous B+, after the sale of Netco. The outlook remained stable. Analysts are substantially positive on the shares of the telecommunications company, which should also have the sales of Sparkle and Inwit in the pipeline. Operations that should bring money into the company's coffers, which can be used for the relaunch. Meanwhile, S&P's promotion followed that of Moody's (from "B1"/negative to "Ba3"/positive) and could precede that of Fitch, which for now has a BB- rating.
Outside the Ftse Mib, the leap of Mfe-Media For Europe which is celebrating JP Morgan's promotion to 'Overweight', which is optimistic about the stock's prospects in the second half of the year and even more so for those of its subsidiary Prosieben. At mid-day, Mfe B shares rose by 9%, Mfe A by 4,3%:
The other markets
It is down slightly at 133 basis points lo spread between BTPs and Bunds, with the yield on the Italian ten-year benchmark remaining stable at 3,86%. Also substantially unchanged'EUR, with the exchange rate at 1,084 dollars, while among raw materials the price of Petroleum rises: the WTI is at 82,32 dollars a barrel (+0,2%), Brent at 85,35 (+0,3%). Declining gas at 30,6 euros per megawatt hour (-0,4%) on the Amsterdam platform.