Volatility returns to the financial markets and European stock markets close down today, with Business Square in the black jersey due to the sales in heavyweight stocks in the oil, financial and auto sectors. Ftse Eb gives up 1,12%, while losses are a little less marked Frankfurt -0,89% London -0,78% Amsterdam -0,73% Madrid -0,65% Paris -0,24%. The Bears were awakened by new data from Beijing and the subsequent collapse of oil, political uncertainties on both sides of the Atlantic and the rain of selling on bmw (-10,97%), which revised downwards its estimates for the current year, due to persistent weakness in Chinese demand and problems with the integrated braking system (Ibs) by a supplier, which impacts one and a half million vehicles. After Volkswagen This is another bad sign coming from Germany.
Wall Street Mixed Ahead of Trump-Harris
Overseas, the trend is mixed Wall Street, while attention is turning to politics, ahead of tomorrow's inflation data. In the American evening, when it will be late in Europe, investors will also be tuning in to the first and only face to face TV among the candidates for the presidency of the United States, Donald Trump e Kamala HarrisThe outcome of the November elections will influence politics, economics and finance worldwide, while the Fed at the meeting on 17 and 18 September it will also have to evaluate these possible scenarios, when forecasting its future moves. A cut of 25 basis points is expected from this month's meeting, but a cut of 50 is not excluded. From ECB, which will be pronounced the day after tomorrow, news of a new cut of 25 basis points should arrive.
Among US stocks it runs Oracle infrastructures , +11,3% which also offers support to Nasdaq (+ 0,43%) and S & P500 (+0,12%) after the software company posted a better-than-expected quarterly result. Apple, on the other hand, fell, -1%, having failed to convince the market with its new products. The news that the Cupertino company lost a legal battle in Europe and will have to pay €13bn in back taxes to Ireland, as part of an EU crackdown on favourable deals between bloc countries and multinationals.
China is scary and oil is sinking
Today's instability has its roots in new signs of weakness in China, where the jump in exports against a drop in imports, for observers only means that the propensity to spend in the Dragon Country continues to decline. China's weakness weighs on Petroleum, which looks with obvious concern at the health of the economy of one of its largest buyers. Thus, Brent and Wti futures, after yesterday's clearing, are back in the storm and losing more than 3%.
The OPEC, in its latest monthly report, writes that global oil consumption will continue to grow in the remainder of 2024 and 2025, but with a slight downward revision compared to previous forecasts.
Gold buying is back: spot gold is currently trading above $2516 an ounce.
The currency market is moving with the Fed's choices in mind, but also the political scenario. If Trump prevails, this is the experts' assessment, the dollar could strengthen, due to the increase in duties and the risk of price increases, with consequences on monetary policy. At the moment the greenback is moving downwards (-0,45%), especially against the yen, after yesterday's recovery. Theeuro however it is doing worse and is trading down 0,08%, for an exchange rate in the 1,1 area.
The one also appears weak GBP, after better-than-expected employment data.
Piazza Affari, utilities hold, but much of the Ftse Mib collapses
At Piazza Affari they hold the utility, but the rest of the price list falls apart.
The few purchases were concentrated on Getting very + 1,38% Italgas + 1,18% Enel +0,4%. There were also some ideas on Prysmian +0,2%, Inwit + 0,36% Diasorin + 0,73% Azimuth + 0,23% Moncler + 0,14%.
The downside front is much more substantial, however. It starts with Saipem -4,54% and continues with Unipol -4,2% stm -3,52% Stellantis -2,73% Popular of Sondrio -3,2%.
Eni -2,26% Campari -2,12% Tenaris -2,12% Telecom -2,08% and Ps -2,02% completes the picture of the ten biggest declines among blue chips.
He did not play a defensive role Amplifon -1,91%, alarmed (like other stocks in the sector at European level) since Apple's announcement of Airpod Pro 2 launch that will help people with hearing loss. Jefferies says this shouldn’t cause much of a problem, as hearing aid companies are offering much more specialized products aimed at those with severe hearing loss. Over-the-counter devices, like Apple’s, should only serve those with mild hearing loss.
Stable spreads
The climate is serene on the secondary market, with the spread which remains at 141 points, while rates fall. The ten-year BTP falls back to 3,52% and the Waist of the same duration drops to 2,12%, in the belief that the ECB will not disappoint market expectations.
