Piazza Affari closes on a high note today (+2,21%) a week to remember (in which it gained over 4%) and gets 33 thousand points, thanks above all to the banks. The Milanese price list, which returned to trading after the Ferragosto holiday, recorded lively volumes today, trying to recover lost ground compared to other stock exchanges, which gained significantly yesterday following the higher-than-expected July retail sales data in the United States. A framework which has removed fears of recession in the world's largest economy and which has strengthened the possibility of a 25 basis point cut by the Fed at the September meeting, rather than 50 points.
Then in today's session there is so much gold that glitters: spot gold has in fact reached a new historic high of 2.499 dollars an ounce.
Furthermore, since on the markets not every bad thing has a silver lining, among the most effervescent European stocks of the day is Bavarian Nordic, title of the pharmaceutical company that works on monkeypox vaccine and who, in Copenhagen, scored a gain of +17,83% awaiting regulatory approval to use its products on adolescents.
Mixed Europe, Frankfurt does well with Bayer
- other main European lists they close a contrasting session, which however places the week among the best of the year, after the turbulence of the last week.
Frankfurt rises by 0,81%, also thanks to the surge in Bayer, +11,24%, rallying after an appeals court in Pennsylvania rejected a charge that the German chemical giant's Monsanto unit violated state laws by failing to place a warning on cancer on his Roundup weed killer.
In the rest of the continent they are positive Paris +0,35% and Madrid + 0,57% Amsterdam it is flat and London loses 0,45%.
Wall Street is moving cautiously towards Jackson Hole
In New York, at the end of the morning, the main indices moved cautiously and practically flat. THE'S & P 500 and the Nasdaq however they should close the best week since October, while the Dow is headed for its best weekly result since December.
The ones who created some disturbances in the first hours of exchanges were the July data on bricks and mortar. Building permits fell 4% to a seasonally adjusted annual rate of 1,396 million, the lowest in four years, below market estimates. New residential construction sites fell by 6,8% to 1,238 million. Both figures are lower than analysts' estimates.
In August, however, Americans are proving to be more optimistic than previously thought. The preliminary reading of the confidence index drawn up monthly byUniversity of Michigan it is equal to 67,8 points, after 66,4 points in July and expectations for 66,6 points. In short, investors' hearts beat with macro data, waiting for some new indications from Jerome Powell on what the Federal Reserve will do in September. The occasion will be next week's Jackson Hole symposium.
Gold on shields
Among raw materials continues to move on the gold shields, which has reached new highs and is currently rising sharply both in immediate delivery and in the December 2024 future. The decline in the dollar and the belief that the Fed is close to a rate cut contribute to pushing the precious metal.
At this moment it is spot gold gains 1,3% to a price of $2.488,52 an ounce; while the December contract trades at $2.527,20.
On the contrary they travel in negative i oil futures. Texas crude oil loses 1,7%, to a price of 76,84 dollars a barrel and Brent moves around 79,80 dollars, with a loss of 1,5%.
On the currency market, the dollar index lost around 0,2%. However, the euro is trading below 1,1, which it recently reached.
The macro picture fuels purchases on theUS bond, with T-Bonds seeing rising prices and falling rates. At this moment, the 3,877-year yield retreats to 3,924% from XNUMX% yesterday.
Piazza Affari, Mediobanca and Unicredit shine
The main list of Piazza Affari appears dominated by purchases of financial securities, without however neglecting the newfound liveliness of stm, + 3,37%.
It is queen of the price list today Mediobanca +4,3%, followed by Unicredit + 3,68% Unipol + 3,67% Bper + 3,45% nexi + 3,2% Pop from Sondrio + 2,98% Understanding + 3,1%.
Stocks in the auto sector also moved positively, such as Ferrari +3,08% and stellantis +1,92%. Apparently the latter was not affected by the lawsuit brought against it by some US shareholders in a Manhattan federal courthouse. The accusation is of having kept the value of the stock artificially high with "excessively positive" assessments on some operational and budgetary elements before publishing disappointing results which caused the prices to fall.
He didn't attend today's stock party alone Erg -0,17%.
Spread rising and debt towards 3.000 billion
The secondary closes a volatile session, while the Italian public debt is moving towards 3 trillion, touching the new record of 2.948,5 billion.
After swinging, it spread between ten-year BTP and Bund of the same duration it stops at 140 basis points, with a rate of the Italian bond of 3,63%, against 2,23% of the German counterpart.
