The European financial week regains some color, with i price lists which closed slightly today progress (with the exception of Paris, -0,24%) despite the trend uncertain on Wall Street.
The climate appears serene, although the news arriving from the Russian-Ukrainian front is rather worrying. According to the IAEA (International Atomic Energy Agency) there are traces of drone attacks in Kursk, near a power plant, which increases the risk of a nuclear accident. The tensions are reflected moderately on the price of gas, which rises above 38,600 euros.
Square Business it appreciated by 0,52% to 33.778 basis points, in a context of still low volumes for the summer holidays. What gave a boost to the main list were above all the four-wheel titles starting from Ferrari +1,7%. Oil stocks, however, retreated, with crude oil falling after gaining around 7% in three sessions due to tensions in MO and the Libyan stop.
in the rest of the continent Madrid + 0,55% Frankfurt + 0,34% London + 0,21%.
Wall Street cautious, but consumer confidence increases
Overseas Wall Street at the end of the morning it had already changed sign several times, but still moved not far from parity, with investors being the same cautious in taking a position waiting for Nvidia's accounts (+1,24%) tomorrow evening and the PCE data on July inflation, which will be released on Friday.
Tesla (-1,7%) extends declines from the previous session after Canada said it will impose a 100% tariff on Chinese electric vehicle imports. He goes down Amazon (-1,4%), weighing on the discretionary consumer goods sector.
On the macro front, the US consumer confidence index calculated by the Conference Board rose to 103,3 in August from 101,9 revised upwards in July, exceeding the 100,9 estimated by consensus.
The German economy is stagnant
In Europe too, the framework of theinflation, while today the Germany showed the trend of second quarter GDP, down 0,1% on the previous quarter and stable compared to the same period a year ago. All as expected, even if German weakness does not help morale and consumer confidence drops to -22 points from -18,6 points in the previous month and on expectations at -18.
Currency, the pound shines
The currency market occupies the scene GBP, which rose to the highest since 2022, against the dollar (currently 1,3236) due to the different attitude shown by the leaders of the Fed and the BoE at the Jackson Hole symposium. The former opened up to a rate cut in September, the latter remained cautious, fueling purchases of Her Majesty's currency. Meanwhile, however, British Prime Minister Keir Starmer announces a "painful" public budget for October. The new government accuses the Conservatives of leaving "a black hole" in public finances. Thus “those with the strongest shoulders will have to bear the greatest burden”.
THEeuro-dollar appears little moved at the moment, at 1,1169.
Today the hawkish Klaas Knot, governor of the Dutch central bank, said that the ECB may gradually reduce interest rates until inflation reaches the 2% target, by the end of 2025 at the latest. Knot noted that excessive public spending hinders Eurotower's work.
Among raw materials, realizations penalize the Petroleum, with Brent and WTI futures losing more than 1,5%. The price of North Sea crude trades below $80 a barrel, around $79.
The price of thegold, around 2515 dollars an ounce.
Piazza Affari, good Ferrari, Campari, Erg; cautious banks
In Square Business The automotive sector is the brightest, in a similar European context where the tire manufacturer Continental gains 3,96% thanks to UBS's promotion to "buy" from "neutral". In Milan they are in evidence Ferrari, Pirelli + 0,7% stellantis + 0,58%.
There are also three of the best blue chips of the day Campari +1,28% and Erg +1,17%. Enel it appreciated by 0,92% also thanks to the positive opinions of Goldman Sachs which revised the group's target price upwards to 9,2 from 9 euros.
Three banks are in light Understanding, +1,01%. Well Generali + 1,08%.
The black jersey of the day goes to Brunello Cucinelli -1,89%, in a fashion sector penalized by concerns about China. Moncler it dropped 1,04%.
Oil's setback affects oil stocks: Saipem -1,64% Tenaris -1,17% Eni -0,23%.
The enthusiasm for it has already died down too Telecom, -0,17%, which this morning was still in full swing on the hypothesis of the sale of a stake by Vivendi and a possible stew. The Messenger However, he wrote that the French shareholder would be interested in selling only the entire package, with a valuation request of around 2 billion. For Equita "from what emerges today, the impression is confirmed that the solution for Vivendi's exit from Tim's capital is not yet within reach and that the most probable path to rerating the stock passes through the implementation of the strategy announced last last March."
Spread stable, rates drop at auctions on short-term securities
The session was also dyed green on the secondary, where the spread between 136-year BTPs and Bunds of the same duration closed slightly down at 2,92 basis points (+XNUMX%).
In the morning auctions, the Treasury assigned 2,5 billion 2-year BTPs maturing on 28 August 2026 and a yield of 2,89%, down 21 basis points from the previous auction. The coverage ratio was 1,54 times the amount offered.
