Business Square today closes a volatile and negative session, -0,51% (dragged downwards by stellantis, -3,33%) in line with the majority of European and other price lists Wall Street, at the start of a key week in many respects, including central bank meetings, quarterly reports and macro data. Geopolitical tensions also remain in the background.
Selling prevailed in the final hours of trading across the eurozone: Paris it closes down by 0,98% and still appears weighed down by luxury stocks, while the eyes of the world are on the French capital for the Olympics; they retreat Frankfurt -0,49% Madrid -0,42% Amsterdam -0,28%. Out of the block he is saved London + 0,09%.
The expected rebound of the continental stock markets today therefore failed, despite the gains recorded by the stock markets in Asia and the recovery of Wall Street in the last session of the last octave. At the moment, on the other hand, the New York Stock Exchange is also slightly down (DJ -0,4% S & P 500 -0,17% Nasdaq -0,2%) and appears unwilling to respond to investors' many doubts about the possible start of a correction in the tech sector, for stocks that have made huge gains in recent times.
A fiery week began today for the markets
The climate is also heating up on the markets this week.
In fact, on the agenda there are meetings of three important central banks: first of all, the Federal Reserve, which should not touch rates, but could provide, at the end of the meeting on Wednesday, new indications on a possible intervention in September, much awaited by the market. Also on Wednesday, the speaker will take the floor BoJ, which could intervene in the opposite direction, slightly raising the cost of money. It will be there on Thursday Bank of England to provide answers, but to know what he will do you would need a crystal ball, as general UK inflation has fallen and the labor market has shown signs of tiredness, but inflation in services and the rise in wages are still act.
The quarterly reporting season is getting even more lively these days both in Europe and in the USA. Above all, four of the so-called "magnificent seven" (Microsoft, Meta, Apple and Amazon), after the disappointing numbers of Tesla and Alphabet last week (in today's session the two stocks made clear progress).
Among the US companies that presented their quarterly results today is McDonald's, which is the DJ's best stock, despite disappointing results and declining customers.
Finally, on the macroeconomic front, the July US jobs report and the Eurozone inflation data are highly anticipated this week.
Oil falling, dollar rising
Il Petroleum does not flare up with the growing tensions in the Middle East and while waiting for OPEC+ to evaluate its future moves, the Brent and WTI contracts retreat, losing around 1,5% for prices respectively around 79 dollars and 76 dollars per barrel.
On the currency market, the dollar, which prevails over the euro with an exchange rate around 1,082.
As far as bonds are concerned, the prices of US Treasury securities appear to be rising sharply today, while yields are falling.
Piazza Affari: STM bounces, but Stellantis goes down
In Piazza Affari, the bounce of the price is not enough to keep the price list afloat stm, +1,09%, after last week's heavy losses caused by the accounts and estimate cuts.
In fact, the collapse of is weighing on the main index stellantis, which does not stem the bleeding after the disappointing quarterly report presented last week. The stock was downgraded by Deutsche Bank, which indicates Hold (hold in portfolio) rather than Buy (buy).
The red zone of the price list is then occupied by Campari (-2,86%) suffering for some time and close to the presentation of the numbers.
The quarterly report goes haywire Diasorin, which after a bit of swings closes flat. They retreat nexi -2,11% and Banca Popolare di Sondrio -1,98%. In general banks are negative, with the exception of Unicredit + 0,13%.
Among the few blue chips in green, however, it stands out Leonardo +1,41%, on the eve of the half-yearly accounts and on the prospects of a closer collaboration with Airbus with which the Italian defense group has signed a Memorandum of Understanding (MoU) to extend synergies on the NH90 military helicopter. The brokers also cite the news, announced on Friday, of a contract signed with Intermarine (Immsi group) for the supply of naval units for the search and clearance of mines to the Italian Navy, worth 1,6 billion euros, of which add approximately 1 billion in options for completing the program.
Tomorrow they will also present the quarterly report Understanding (-1%) And Post (+ 0,29%).
On Wednesday it will be the turn of Telecom (-0,04%), which will do so with markets closed and will meet analysts on August XNUMXst. It's on the rise Eni +0,98%, which is “outperform” for Rbc. They go up Recordati +0,87% and Snam + 0,78%.
Stable spreads
There are no big surprises in the secondary, which closes with one spread stable between 10-year BTPs and Bunds of the same duration at 137 basis points, for yields of 3,7% and 2,33% respectively.