The expected rebound in European stock markets today has arrived and who has suffered the most in recent sessions, how Business Square, shows the best recovery. The Ftse Mib closes with an increase of 2,33% at 31.831 basis points thanks to purchases on banks, with Ps (+6,72%) queen of the list, after the strong gains of the day before (in contrast to the sector) following the first half of the year accounts and the promotion to "buy" of Citi. In the rest of the continent they closed with solid progress Paris + 1,91% Frankfurt + 1,66% London + 1,76% Amsterdam +2,24% and Madrid +2,02%. A clear improvement, despite the investors we also had to deal with results for the period that were not always as convincing as those of the giant Novo Nordisk (-6,71%). The obesity drug maker reported a quarterly operating profit that fell short of expectations and cut its annual profit forecast.
In a summer climate, which tends to erode volumes and contribute to volatility, a boost of optimism has arrived in Europe from the East as well as the West: Tokyo managed to achieve a gain of 2,51%, practically eliminating the figure in two sessions Black Monday which had shaken global markets; Wall Street it started well but stumbled towards the end and ended up in negative territory. Disappointing were some notable stocks which presented below-expected quarterly results such as Disney (-1,51%), Super Micro computers (-17,47%) or airbnb (-14,79%). However, the situation seems to be moving towards stability and even the Vix, the fear index, is decreasing by around 23 points from the peak of over 65 (highest since 2022) on the first day of the week.
Pushed for optimism by central banks; the yen is falling
Risk appetite found inspiration today in central banks, first among others the BoJ which reduced the expectation of further rate increases in the short term.
The deputy governor of Bank of Japan, Shinichi Uchida said that the institute it will not raise interest rates with unstable financial markets. After the increase decided on July 31st, in fact, the surge in the yen had triggered the disinvestment of "carry trade" positions (literally financial speculation on interest rates), an investment strategy which consists in borrowing capital in a convenient currency for investing in financial instruments in other currencies and in any case with a return higher than the cost of financing.
The statements of the Japanese deputy governor made themselves heard on the yen. dollar saw the exchange rate rise to 147,94, by more than 2%. At the moment the cross is at 147,46.
Encouraging statements then came from the ECB. For the governor of the Finnish bank and member of the Frankfurt board, Olli Rehn, European Central Bank can continue cutting of rates if the disinflationary trend strengthens in the short term. The banker believes that the recent sell-off in the markets is mainly due to an overreaction to uncertainty and low liquidity rather than to fundamental economic issues.
Yesterday too Fed had sent Message reassuring, above all by removing the specter of the feared American recession.
In this context theeuro-dollar it is balanced in the 1,092 area.
Oil rises with the crisis in the Middle East. Gold stabilizes
Among the raw materials the Petroleum tries to move away from the lows of many months, fueled by fears about the weakness of demand due to the performance of the Chinese economy and the latest US macroeconomic data. The counterweight is the risk of conflict Middle East increasingly intense and contagious.
Also weighing on the black gold yesterday was the news that the crude stocks, gasoline and distillates of the United States are increased last week, according to market sources who cited data from the American Petroleum Institute. Today, however, the US Energy Information Administration released data that says something different, namely that inventories fell more than expected. Thus, Brent and WTI futures appreciate by around 3%, respectively around 78,70 dollars per barrel and 75,60 dollars per barrel.
Also the price ofspot gold it is approaching $2.400 an ounce again, after four sessions of decline.
Green wave in Piazza Affari; Giorgetti reassures the banks
After days of passion, the main list of Business Square was hit today by a green wave. Banking stocks, which were particularly penalized, showed significant increases, with Unicredit (+ 4,72%) and Understanding (+2,77%) among the best blue chips of the day.
Ex-popular women are more cautious. Bper, after a few oscillations against a uninspiring quarterly, closes with an increase of 1,11%.
The words of the economy minister also strengthened sentiment Giancarlo Giorgetti on the fact that there will not be a tax on extra profits.
There are also in the top ten of the day nexi + 3,71% Finecobank + 3,59% Banca Mediolanum + 3,14% Unipol + 2,61%. Post rises by 2,55%, after announcing a second tranche of the buyback program, with an outlay of up to 41 million euros for a maximum of 2,3 million shares, equal to 0,18% of the capital.
It stands out among industrial stocks Prysmian +3,78%, while Interpump it lost 0,27%, due to lower-than-expected accounts. The stock had lost up to 4%.
Among the utilities it stands out Ivy, +3,24%%. Well Telecom + 2,88%.
Falling spreads and rising rates
The return of purchases on shares has penalized government bonds, which today see rising rates.
The ten-year BTP reaches 3,69%, but the yield of the Bund for the same duration rises more to 2,24%, for one spread sharply down to 145 basis points.
