August brought new records on European markets and US, which today however had to deal with the trend of inflation and other macro data on both sides of the Atlantic. The belief remains that the Fed and ECB will cut interest rates next month, but optimism about Jerome Powell's easing is diminishing. Despite some hesitation, however, the lists closed the fourth consecutive month of gains.
Square Business is the brightest and shows a rise of 0,53%, to 34.372 basis points, thanks to the good performance of the banks, which have now priced in the possibility of another 25 basis point cut by the ECB in a few weeks.
She's more cautious Madrid +0,4%, while Frankfurt e London flattened after Wall Street started. Paris yields 0,13% e Amsterdam loses 0,55%.
Oil stocks are suffering from sell-offs, with crude oil in the red.
Wall Street uncertain, but Intel is flying
The trend is uncertain at wall street, Nasdaq up +0,26%, after yesterday's losses following the drop in Nvidia and quarterly accounts of the AI microchip giant, never bright enough for the market. At the moment the stock recovers a modest 0,42%.
Il Dow Jones loses 0,24%, after having touched a new historical high during the previous day's trading.
Among the most effervescent titles there is Intel, +9,19%, following news that the company is exploring options that could include a merger or spin-off.
Eurozone inflation plunges; US PCE data expected
Good news from the frontinflation is coming mainly in the euro zone, where the preliminary reading in August fell to a three-year low of 2,2% from 2,6% previously, strengthening the likelihood of a further 25 basis point cut at the European Central Bank's meeting in September.
In the US the given Pce appears in line with the waited, +2,5% annual in line with the June increase and forecasts. Consumer spending accelerated slightly on a monthly basis to +0,5% from +0,3%. The picture, together with the better GDP data seen yesterday (+3%), consolidates the possibility that the Fed will cut rates by 0,25% for the first time at the next meeting and overshadows the option of a 0,5% cut. Thus, the T-bond prices.
Dollar Rebounds; Oil in the Red
The macroeconomic picture and expectations on the Fed's behavior fuel a recovery in the dollar, which is trading up 0,58% against the yen at 145,81 (Japanese inflation came in slightly higher than expected).
THEeuro gives up 0,16% against the greenback, for an exchange rate in the 1,106 area.
A stronger dollar penalizes thegold, which however remains well above 2500 dollars per ounce (2.505,12), while the PetroleumThe October contract of Texas crude oil fell 2,56% to $73,97 a barrel; the November Brent futures lost 2,07% to $77,19 a barrel.
Piazza Affari, financial stocks in the dust and oil stocks in decline
The price list Business Square sees financial stocks at the highest peaks today. Leading the blue chips is the Banca popular of Sondrio with a progress of 2,72%. Also good Bper + 2,43% Azimuth + 1,79% Banco bpm + 1,56% Unicredit + 1,29%.
The top ten also includes industrial stocks such as Iveco +1,97% and Interpump +1,48%. Maintains good intonation Telecom + 1,4%.
The declines are modest and are triggered by Diasorin -1,56% and Amplifon -1,35%.
Oil stocks are also weak, such as Saipem -0,78% ed Eni -0,89%.
Outside the main basket, the money is confirmed Juventus + 8,64% rewarded by purchases in the wake of transfer market news and new Champions League draw.
Spread slightly up. Record employment in Italy in July
A moderately negative session ends on the secondary market, where the spread between a 143-year BTP and a Bund of the same duration rises to 3,69 basis points, with the rate of the Italian bond at XNUMX%.
However, today's macro agenda brought out an excellent figure on employment rate in the Belpaese, which in July reached a record level of 62,3%. According to the Istat report, on a monthly basis, employment growth marked +56 thousand units; on an annual basis +490 thousand units. The unemployment rate fell to 6,5%, (-0,4 points) on a monthly basis, the youth rate to 20,8% (-0,6 points). This is the lowest level since March 2008 (when it stood at 6,4%).