The many macroeconomic data of the day kept European stock markets on edge today, alarmed by persistent German inflation and declining consumer and business confidence. The close is weak, against a volatile trend of wall street, after the disappointment for GDP and private jobs, offset by the hope of a stop in rate hikes by the Fed.
Business Square it gains 0,09% and gnaws at a few points on the climb to 29 thanks to the support of the banks. Outside the Ftse Mib he shines Brunello Cucinelli (+6,72%) after quarterly data and thanks to better-than-estimated annual forecasts.
In the Eurozone they are slightly down Frankfurt -0,22% Paris -0,12% Madrid -0,31% Amsterdam -0,06%, while off the block London it appreciates by 0,14%.
The divergent expectations on the next moves of the Fed and the ECB are holding back the dollar and push the'EUR, which rises by around 0,5% against the greenback for a change over 1,093.
The same goes for government bonds. THE T Bond they sell prices up and yields down, while rates rise slightly in the bloc.
The weakness of the dollar favors the'gold and spot gold appreciates 0,5% above $1947 an ounce. The Petroleum instead it goes into the red after the US weekly inventories, which are also lower than expected. Brent loses 0,2% to 84,75 dollars a barrel; Wti 0,1%, around 81 dollars a barrel.
The data could push the Fed and the ECB in different directions
Signals are coming from the euro area that the fight against inflation is still far from being won and this could lead the ECB to continue its tightening. In Germany the consumer price index in August rose by 6,1% on an annual basis against an estimate by analysts of 6,0% and +6,2% in July. On a monthly basis, the increase was 0,3%, the same value expected by economists and identical to that of July.
Meanwhile, the consumer and business confidence of the block. The economic sentiment indicator passes to 93,3 in August from 94,5 in July, the picture below is down and worse than expected. What is most worrying is the decline in industry confidence, -10,3 from -9,3 in July, in line with forecasts, while consumer confidence dropped to minus 16 from minus 15,1.
On the other hand, in the United States the new signs of coldness from the world of work and from the GDP bring an olive branch to the Fed. Analysts are now practically certain of a stop in the cycle of increases in September and the probability of a new increase in November is lowered.
In detail, 177 jobs were created in the private sector in August, against the estimates of 194 and 324 in July.
Il second quarter GDP it also rose 2,1%, less than estimates at 2,4%.
Finally in July the trade deficit stars and stripes rose to 91,18 billion against the 88,83 billion in June and the 89,94 billion of the consensus.
Piazza Affari, MPS is doing well, utilities are weak
Piazza Affari has withstood this storm of economic emotions quite well thanks to the purchases of some banks. The best is Mount Paschi, +1,94%, in the company of Bper +0,96% and Bpm bank + 0,82%.
Among other blue chips it is confirmed in money Saipem, +1,98%, still in the wake of the completion of the Golfinho operation for the sale of FPSO for 73 million dollars.
Back among the best titles of the day Leonardo, +1,07%. Well Cnh +1,05% and nexi + 1,36%.
Cues on Campari + 0,78% Generali +0,66% and Telecom +0,67%, with the two government decrees under the magnifying glass of speculators.
In red Erg -1,18% and many utilities starting at A2a -0,68%. Letter for stm -1,02% and Recordati -0,9%.
Weakness for stellantis -0,31%, after the data on registrations and with the strikes looming in the sector in the United States.
Stable spread, rates go up
On the secondary government bond market, the yield differential between ten-year BTPs and Bunds is not far from yesterday's levels at 167 basis points (+0,51%), however, rates rise slightly: that of the Italian bond is indicated at +4,17% (from 4,14%), while that of the German stock at +2,5% (from 2,48%).
In the meantime, the Italian Treasury in the auction assigned the maximum amount offered of 10 billion euros, including the new 4,20-year BTP with a 4,24% coupon and which recorded a yield of 4,10%, the highest for three months, compared at XNUMX% at the end of July.