Raised closure for European markets, which improve in the afternoon despite the light discount of Wall Street after the records of the day before. In the last session of the week before the Ferragosto bridge, Piazza Affari continued to update the maximums since the mid -2007, in the absence of specific ideas and in a context characterized by volumes contained for the festive climate.
The main European indices
In the European stock market scenario money on Frankfurt, which records a rise of 0.79%, cautious trend for London, which shows a performance equal to +0.13%, and decidedly positive budget for Paris, which boasts progress of 0.84%.
The European bags have marked the maximums of two weeks thanks to the robust quarterly of the insurance companies, including the British Admiral and Aviva, which contribute to compensating the strong decline of the Dutch group of ADYEN payments after cutting the annual forecasts.
In Piazza Affari, the FTSE MIB finished the day with an increase of 1.11%, to 42,654 points, continuing the bullish trail highlighted by three consecutive earnings, triggered last Tuesday; On the same line, the FTSE Italia All-Share ends the increasing day of 1.03%. Consolidate the levels of the eve the FTSE Italia Mid Cap (+0.12%); Just above equality the Ftse Italia Star (+0.24%).
The best and worst in Milan
At the top of the ranking of the most important titles in Milan, we find Ferrari (+3.57%), Telecom Italia (+2.80%), Buzzi (+2.65%) and Leonardo (+2.36%). The worst performances, on the other hand, recorded themselves on Unipol, which closed at -0.66%. Moderate contraction for Moncler, which suffers a drop of 0.65%. Saipem undertone showing a file of 0.52%. Disappointing Bper, which loses just under the levels of the eve.
At the top of the ranking of medium capitalization qualifications of Milan, Newprinces (+3.04%), Ascopiave (+2.97%), LU-VE GROUP (+2.35%) and Comer Industries (+2.19%). The worst performances, on the other hand, were recorded on Fincantieri, who closed to -2.48%. Wiit Swiper, which shows a small decrease of 1.45%. Modest descent for Mondadori, who gives a small -1.22%. Pensosa Phogen, with a fractional drop of 0.93%.
The macro data released today
Looking at the most important data published today, in the United Kingdom, the 2nd quarter GDP rose, in addition to the expectations, of +0.3% t/t (from +0.7% previous): the main contribution was provided by public spending, with weak consumption and falling investments. In the Eurozone, the second reading of the 2nd quarter GDP confirmed the growth of +0.1% t/t, while in June the industrial output recorded a drop of -1.3% m/m, against -0.9% expected and +1.1% previous.
In the United States it emerged that production prices marked a +0.9% on a monthly basis in July, above +0.2% estimated by analysts, while requests for subsidy to unemployment in the US have fallen little more than the expectations in the last week.
Expectations on the FED
The “Risk-on” climate of the last few days is dictated by the increase in betting for a cut of rates by the Fed in September. A cut of 50 basis points is not even excluded after the declarations of the Treasury Secretary Scott Beesent in this sense, even if some US central bankers have dampened these expectations: Mary Daly “does not see the need” for a cut of this reach, while according to Alberto Musalem “it is not supported by the current state of the economy and prospects”.
In addition, the strongest data of expected production prices have dampened the expectations of investors of possible cuts in interest rates by Federal Reserve this year. However, the market continues to include a cut of a quarter percentage point in September.
The United States Treasury Secretary Scott Besent said today in an interview with Fox Business that the conditions now seem more favorable for a cut of interest rates and that the central bank could “start with 25 basic points and then accelerate”.
