European stock markets open the week cautiously; Milan opens weakly at -0.25 at 33,564 points, as does Frankfurt which loses -0.33%. Paris is positive at +0.09. The London Stock Exchange is closed for holidays.
There is therefore caution, after the markets had reacted positively to the speech of the Fed chairman last week. Jerome Powell in Jackson Hole, which heralded an imminent interest rate cutInvestors are also awaiting new inflation data, due on Thursday or Friday, from the ECB and the Fed.
Piazza Affari positive with Azimut and Tim
Among the companies that recorded the best opening performances there is Telecom Italiawith an increase of 2.53%; last week Pietro Labriola’s company had also opened in the green.
Nexi follows, with a rise of 0.55% and Tenaris with a gain of 0.47%, while Azimut saw an increase of 0.32%. A2a also recorded an increase, with a +0.25%. Poste Italiane, Ferrari, Eni, Campari and Inwit had more modest increases, respectively of 0.24%, 0.19%, 0.18%, 0.10% and 0.09%.
The banks instead they open in the negative: Bpm Bank has seen a decrease in 0.56%while Bank Mediolanum has suffered a decline in 0.46%. Further declines were observed for Bper Bank (-0.42%), Unicredit (-0.37%), Moncler (-0.36%), Intesa Sanpaolo (-0.35%) and Saipem (-0.34%). The most significant decline was recorded by Prysmian, which lost 0.87%. Interpump Group followed with a decline of 0.78%, while Diasorin recorded a loss of 0.53%.
What to expect this week
European stock markets are preparing for a cautious start to the week, after the wave of euphoria that led the lists to record strong increases last week (with Milan even reaching +5.9%), awaiting next Friday’s speech by Fed President Jerome Powell, who announced an imminent interest rate cut.
But that’s not all on the horizon: with the September meetings between the Fed and ECB leaders approaching, investors are waiting for the publication of the new data between Thursday and Friday. inflation data on both sides of the Atlantic, hoping that they will confirm the return of consumer prices towards the central banks’ targets. On Wednesday, attention will then turn to the quarterly results of Nvidia, the company that has become the symbol of the revolution ofartificial intelligence and which has seen incredible growth in recent months.
There is great anticipation for these data: if positive, they could give further impetus to the stock rally and demonstrate how predominant the AI theme still is, but if they were negative they could raise questions about the future of this technology and thus lead to a chain reaction for other companies specializing in chips and AI.
Spread at 137 points
The spread between BTPs and Bunds opened stable, after Federal Reserve Chairman Jerome Powell’s announcement that he would cut interest rates caused yields for Eurozone bonds to decline yesterday. The yield spread between the benchmark 10-year BTP and the corresponding German bond stood at 137 basis points, the same as the previous day. The yield on the benchmark 10-year Italian BTP also remained unchanged, at 3.56%.
