I investors' doubts , desire to make money before the holidays it remains, but at the end of the day i European price lists close "only" slightly down, after having touched heavy declines in the morning. What aided the recovery was theWall Street starts off in tune (which is continuing to rise steadily, Nasdaq +2,2%) from which, in the previous session, the volatility had started which also penalized Tokyo (Nikkei -0,84%).
What brought back some confidence was the trend in requests for unemployment benefits in the United States, in the week ending August 3, which remained at 233 thousand against expectations of over 240 thousand. A picture that removes the fear of a collapse in the job market and an imminent recession for the world's largest economy.
Weak Europe, Finecobank down in Milan
After yesterday's rebound and the turbulence of the first two days of the week, European stock markets thus closed an adjustment session, recording fractional declines.
Business Square appears perfectly aligned with the general trend and drops 0,28%, with Finecobank (-2,02%) in black jersey.
In the rest of the continent: London -0,26% Paris -0,26% Amsterdam -0,18% Madrid -0,4%. It stands out from the others Frankfurt, +0,38%, thanks to some better-than-expected quarterly reports such as those of Allianz (+ 2,13%) and Deutsche Telekom (+ 2,07%).
In New York it shines Eli Lilly, +7,75%, following quarterly results that highlighted the strength of sales of its weight-loss and diabetes drugs that surpassed $XNUMX billion. The competitor also recorded a good rebound on the Copenhagen stock exchange Novo Nordisk (+4,3%), down yesterday after the accounts.
Dollar recovering; T-Bond yields rise
Sul foreign exchange market US unemployment benefits help recovery of the dollar, which moves in progress against the yen (147,07). L'euro sees a cross slightly below 1,09.
Also T-bond prices appear to be decreasing, while yields are rising slightly. The lukewarm reception of the auction of the US ten-year bond yesterday also contributed to weighing on sentiment, after the drop in rates, on the widespread belief that the Fed will lower the cost of money in September. The possibility that the US central bank could hold an interim meeting for emergency intervention appears to have been averted. The remaining ones remain doubts about the carry trade, with the Japanese central bank having maintained an ultra-accommodative policy, while the other central institutions tightened their belts. On July 31, however, the Boj began to raise rates, while the Fed is about to move in the opposite direction. This evening, at 21pm Italian time, ideas could come in the comments of the president of the Richmond Fed, Thomas Barkin. THE money markets they currently see a 71,5% chance of a 50 basis point rate cut by the Fed in September, with the possibility of two more cuts by the end of 2024, according to CME's FedWatch tool.
Among raw material Gold purchases are once again intense: spot gold is currently gaining 1,4%, for a price above 2.416 dollars an ounce.
even the oil finds the right push, after many fluctuations and is moving upwards. The October 2024 Brent future is moving close to 80 dollars a barrel, while Texas crude is above 76 dollars.
Piazza Affari holds up with Nexi and insurance companies
Piazza Affari sees the main index supported by purchases on nexi, +1,17%, best blue chip of the day. They appear the utilities are also well tuned, which are considered defensive actions. Thus they gain ground A2a + 1,12% Ivy + 0,49% Italgas +0,29%. In energy it appears on the list of major increases Eni, + 0,37%.
Insurance securities also benefit from the good performance at European level: Generali + 1,12% Unipol + 0,44%.
Among the banks it is appreciated Bper +0,47%, which yesterday, after the quarterly report, had not adequately taken advantage of the sector's rally.
The accounting effect had also been penalizing for Interpump, which today gained 0,6%.
Also the page of more discounts fish a bit in all sectors. Together with Fineco, they retreat Campari -1,86% Bpm bank -1,5% Saipem -1,39% Ferrari -1,36% Moncler -1,14%.
Outside the Ftse Mib, De Nora Industries it dropped 5,78%, hit by Jefferies' demotion to 'hold' from 'buy' due to lower visibility on growth.
Slightly moved spread
The secondary also closed a session with a slight decline, with lo spread between Italian and German ten-year bonds which widens slightly to 145 basis points. The same almost flat trend for returns: the BTP, at the close, is indicated at +3,69% and the Bund at 2,24%.
