It's still Nvidia to influence global stock markets: after the post-data decline, the title of the queen of all global tech stocks is back on the rise in the afterhours, providing support to Asian stock markets. But today will be the day dedicated to inflation, both in Europe, with some fears that it will fall more than expected, and in the US. In both cases, they will be decisive signals for the monetary policy of the ECB and the Fed.
Wall Street closes little changed, but Nvidia rises again in the after-hours
US futures are anticipating a 0,3% rise, helped by Nvidia's rebound around 1% in after-hours trading after it closed down 6%, also dragging the Nasdaq Composite down (-0,20%). Apple and Nvidia they would be in negotiations for Investing in OpenAI as part of an operation ChatGPT parent company fundraiser up to $100 billion. This is reported by the Wall Street Journal and Bloomberg, which also names Nvidia. The venture capital firm Thrive Capital is also said to be ready to invest about $1 billion in OpenAI, leading the financing round. Microsoft, OpenAI's largest investor with over $10 billion invested, is also expected to participate in the funding round.
In general wall street, After a positive start led by the better-than-expected US second quarter GDP data that eased recession fears, it closed little changed, with Dow Jones to +0,60%, S & P500 unchanged. Attention today is focused onUS inflation. At 14:30 p.m., the Personal Consumption Expenditures (PCE) price index, the Fed's preferred indicator for measuring inflation, will be published for the month of July. Estimates are for a slight increase on an annual basis to +2,60% (from +2,50%) for the overall figure and to +2,70% (from +2,60%) for the “core” figure.
Asia buoyant. Japanese electronics production surges
Asian stock markets are all rising on the back of the recovery in the price of Nvidia in the afterhours, at the end of a month with a predominantly negative tone. The Chinese indices The CSI 300 and Shanghai Composite rose 1,7% and moved away from six-month lows, but the August balance sheet remained in the red at -3% due to continued capital outflow. The Hang Seng Index rose 1,8% for a monthly balance sheet of +2,5%. Strong results from several technology heavyweights spurred a wave of buying at what were considered “cheap” prices.
Il Nikkei 225 rises by 0,5%, in August -1,5%. Data onTokyo inflation were slightly above expectations, signaling that the private spending is further strengthening thanks to higher wages. The industrial production in Japan rose in July after falling the previous month. The Industry Ministry, NHK reported, said the overall index for July rose 2,8 percent month-on-month. Manufacturing rose across the board, with 14 of 15 categories posting gains. In particular, production of electronic equipment for information and communications was particularly strong with a + 7,5 %, backed by a large-scale order for radar equipment. machinery for manufacturing then recorded a 7% surge driven by demand for semiconductor manufacturing equipment from China and Taiwan. The Kospi in South Korea rose by 0,6%. L'Australian ASX 200 up 0,4%. Both are set for limited losses in August. The Indian Sensex Index touched a new all-time high at 82.637 points at the start of the session, as optimism over India's economic outlook spurred buying. Up 0,5% for the entire month of August. Nippon Steel and other Japanese steelmakers have urged Tokyo to consider the possibility of limit imports of low cost steel from China, the world's largest steelmaker, to protect the Japanese market. China's steel exports rose 24% to 53,4 million tons in the first half of 2024, reaching 100 million tons
The other variables
The yield of Waist 2,27-year is at XNUMX%, while that of the construction sector 3,65-year is at 138% with the spread at XNUMX bps. TheEuro dollar is at 1,107 with the greenback recovering as the hypothesis of a 50 basis point cut in September fades. Petroleum: Brent and WTI +0,3%. Gold -0,3% to $2.514. Last Tuesday it reached a new all-time high of $2.531. Bitcoin at $59.000, -1%. Treasury Notes ten years at 3,86%.
European Stock Markets: What to Watch Today
European stock markets are set to open just below parity in a session dominated by a flurry of macro data, with inflation data, which may have fallen more than expected, dominating the scene. The Eurostoxx50 future is down -0,10%. The FtseMib in Milan closed up +0,9% yesterday, at its highest level in over a month. Frankfurt's Dax is up +0,70%. The EuroStoxx 600 index gained 0,5%, coming close to the all-time high of early July, and in particular the Stoxx Insurance index reached levels it hadn't seen in twenty-three years.
Aquafil It approved the new 2024-2026 industrial plan, which foresees an EBITDA of between 90 and 96 million euros at the end of the period, and proposes a capital increase in option of up to 40 million to accelerate the implementation of the strategic initiatives of the plan and seize any opportunities for consolidation in the sector.
Juventus It has reached an agreement with Liverpool FC for the definitive transfer of the rights to the sporting performances of the footballer Federico Chiesa for a fee of 12 million euros, payable in four financial years, in addition to variable bonuses of up to a maximum of 3 million. Carraro: exploits the Indian boom, lists the local branch in Mumbai (Il Sole 24 Ore, page 22)
In Cassa Depositi e Prestiti the study work is starting to support Italgas in the acquisition of 2i Rete Gas, which will unite the two largest Italian operators active in gas distribution. In via Goito they are reportedly working to outline the methods of support for Cdp Reti in view of the capital increase - which should be around one billion euros - that Italgas will need to partially finance the deal.
Ferrari reached a new all-time high of 445,40 euros on Thursday.
Generali closed at its highest level since mid-May, in the area of its highest prices since 2008.
Today's macro data flurry: inflation dominates
The overall data will be released today at 11.00 of the Eurozone, expected by market consensus at 2,2%, from 2,6% in July. But it could be lower after the sharp decline seen yesterday in August in Germany (down to 2%, from 2,6% in July) and Spain (down to 2,4, from 2,9% in July). In both cases, the values were lower than expected, driven by base effects and the trend in energy and food. German inflation fell to its lowest since March 2021. Analysts indicate that the cost of living in the euro area in the coming months could fall more than Frankfurt expected and end up below the 2% target. This will influence the next moves of the ECB board.
Other data on the agenda: 08:45 France: Consumer prices, annual (expected 1,8%; previous 2,3%), monthly (expected 0,5%; previous 0,2%). Household consumption, monthly (expected 0,4%; previous -0,5%). GDP, quarterly (expected 0,3%; previous 0,3%), Producer prices, monthly (previous -0,3%), Producer prices, annual (previous -0,6%). Spain: Retail sales, annual (prev. 0,3%). 09:55 Germany: Unemployment rate (expected 6%; previous 6%). 10:00 Italy: Unemployment rate (expected 7%; previous 7%). 11:00 Italy: Consumer prices, monthly (expected 0,3%; previous 0,4%), annual (expected 1,2%; previous 1,3%). 12:00 Consumer confidence (expected 99,2 points; previous 98,9 points), 12:00 Business confidence (previous 94,2 points). 14:30 Usa: Personal Spending, MoM (expected 0,5%; prev. 0,3%), Personal Income, MoM (expected 0,2%; prev. 0,2%), 15:45 p.m.: Chicago PMI (expected 45; prev. 45,3), 16 p.m.: University of Michigan Consumer Confidence (expected 00; prev. 67,8)
