European stock markets closed a timidly positive session, held back in the afternoon by the uncertain trend of Wall Street, on macro data that are partly better than expected and with a recovering dollar, after the recent lows of the year. Investors are moving cautiously ahead of the key event of the week, the speech of the Fed president Jerome Powell, tomorrow at Jackson Hole, where the annual symposium kicked off in these hours. The minutes of the last ones Fed and ECB meetings have strengthened the expectation of slightly more accommodating monetary policies in September, but the surprises, as we know, never end.
Business Square it is colorless, but luxury stocks are confirmed in money as they have been for some sessions now. Queen of the price list is Brunello Cucinelli +1,8%, while Moncler rises by 0,11%. They are fractionally up Prysmian + 0,42% Hera + 0,42% Generali +0,34%. It bounces among the banks Unicredit + 1,03%.
The credit sector at European level benefits from the leap in Deutsche Bank (+3,71% in Frankfurt), after reaching an agreement with most of the plaintiffs in the long-standing dispute over Postbank.
Thus the Dax it appreciates by 0,21%, while they are practically flat Paris, London and Amsterdam.
In New York the start appeared in tune, but soon the prices of Wall Street they have flattened out and at the moment they are all below parity (the Nasdaq is the worst, -0,67%).
Dollar recovering and gold falling; oil purchases are back
Accomplice of the uncertainty is perhaps the rise of dollar, after days of suffering. The greenback rises by around 0,5% against the yen, for an exchange rate of 146. Even theeuro it loses 0,35% on the US currency, due to a cross in the 1,11 area.
Among raw materials,gold and after repeatedly updating its all-time highs today it moves away from those peaks and is moving around $2.480 an ounce.
The script is reversed for the Petroleum, which after a series of negative sessions today finds appeal and the October futures of Brent and WTI gain over 1%, for prices of 77 dollars a barrel and 72,83 dollars.
Move back further gas, in Amsterdam, where the September future is below 36,500 euros. The European Commission announced today that it has filled its natural gas reserves to 90,29%, or almost 92 billion cubic meters, more than two months ahead of the November XNUMXst deadline.
US services activity in August exceeded expectations; macro and verbal data awaiting Powell
In a macro context that seems to support the expected September monetary easing by the Fed, today a preliminary reading of theSME services index stars and stripes, drawn up by Markit. The result is that activity expanded further (above 50) to 55,2 from 55 in July, higher than estimates stuck at 54. However, it did not do the same manufacturing activity, with the index falling to 48 points, from 49,6 in July.
The pulse of the economy's health was also taken in some important European countries. The upshot is that the Germany it still has a fever: manufacturing stopped at 42,1 points and services dropped to 51,4, below expectations. There French instead it benefited from the Olympics effect and services exploded to 55 points, even if manufacturing fell to 42,1 points, for a composite index above the threshold of 50 at 52,7.
Good news on the healthcare frontinflation for the euro area: Wage growth slowed to 3,6% in the second quarter of the year compared to last year, from 4,7% in the first three months. A trend that could confirm the ECB's expected cut next month. On the other hand, reading the minutes of the latest Eurotower meeting also reinforces this expectation, because bankers have indicated September as a good month to reevaluate monetary policy. The Fed bankers were even more explicit as, at their July meeting, they assessed by a "large majority" that a rate cut in September was "appropriate". The size of this cut and any subsequent reductions could be suggested by Powell tomorrow.
Piazza Affari, A2a and Stellantis down, mixed banks
On a day of substantial balance, on the Ftse Mib A2a .
Weakness also licks stellantis -0,95%, while the Minister of Business and Made in Italy Adolfo Urso asks for short commitments from the company regarding the Termoli gigafactory project, otherwise the government will move the public funds intended for the plant elsewhere.
After a morning of sharp decline, oil stocks limited the damage. Eni, -0,78%, announced that it has completed the sale of the subsidiary Nigerian Agip Oil Company (Naoc), active in Nigeria in the exploration and production of onshore hydrocarbons and in the generation of electricity, to Oando, the main Nigerian energy company. The 5% share in Shell Production Development Company Joint Venture (SPDC) - specifies the company in a note - does not fall within the scope of the transaction. Saipem, -0,34%, after yesterday's jump on the wait for new contracts.
The banks are still in conflict today. The big ones are doing well Understanding (+0,17%) and Unicredit, while they retreat Ps -0,92% and Pop from Sondrio -0,74%.
Out of the main basket Webuild achieved an increase of 3,31%, with the news of the award, in consortium, of a new contract in the USA with a total value of 466 million dollars, of which 35%, approximately 150 million euros, to the subsidiary Lane.
Flat calm on the secondary
The weather report on the secondary indicates calm sea: lo spread between ten-year BTPs and Bunds of the same duration it is confirmed at 140 basis points, even if rates rise slightly. The Italian stock at closing is indicated at 3,61%.
According l 'OECD Italian economic growth slowed slightly in the second quarter to +0,2%, from +0,3% previously. The German economy actually contracted by 0,1%, while the OECD area's GDP showed unchanged growth of 0,5%, as in the first quarter.
