After the positive closing of the eve, in the wake of a still very accommodating ECB, the European stock exchanges opened higher, trying to end the week in the best way, definitively dismissing the crash on Monday, which analysts had judged exaggerated.
L’however, attention remains high due to the evolution of infections, again on the rise in various countries and in view of the start of the Tokyo Olympics, the possible restrictive measures and the use of the Green Pass (in Italy the new rules have been enacted, in force since August 6 , which provide for the obligation to show it to enter a long line of indoor places).
Support can also come from overseas, where Wall Street futures go up, in the aftermath of the third close of earnings in a row and a series of positive quarterly, starting with that of Twitter. Thus, the FTSE MIB in Milan, the CAC 40 in Paris all increased, despite the decline in the manufacturing SME index, the DAX 30 in Frankfurt, after the rise in the manufacturing and services PMI indices, the Ftse 100 in London, the IBEX 35 in Madrid and the AEX in Amsterdam.
In Piazza Affari, industrial and oil wells
As far as stocks are concerned, while waiting for the quarterly season of the large Italian groups to kick off, almost all of the Ftse Mib is up (at the bottom, with very modest drops, are Nexi, Generali and Banca Generali). Among the best energy sources, returning from volatile sessions together with the trend of crude oil (Saipem, Eni and Tenaris good), but also Leonardo – Finmeccanica, with the industrial sector among the best in Europe in the first part of the session. Moreover, in the aerospace and defense sector, the French specialized electronics group Thales runs to Paris after having raised their 2021 sales estimates. Ferrari, Azimut and Pirelli & C. are also making good profits.
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Euro down for the week, dollar positive second octave
After a declining start to the week, in the wake of lower risk appetite, the dollar recovers and is on its way to close the second positive octave in a row. The euro, on the other hand, is down and is confirmed below the threshold of 1.18 dollars (it changes hands at 1.1766, against 1.1775 on the eve and down 0.3% in the week). After the decisions of the ECB, which confirmed, as expected, an ultra-accommodative monetary policy, the spotlight is now on the Federal Reserve, which meets next Tuesday and Wednesday: the fear is that it may tighten its strategy sooner than expected . “The uptrend of the Dollar Index (measures the trend of the greenback against a basket of currencies) shows tentative signs of stalling, but its overall resilience, regardless of risk appetite and whether the ECB has switched to a position more structurally dovish policy suggests that retracements are likely to be limited, “comments one analyst.
Spread up at 109 points, 10-year yield at 0.67%
Upward trend for the spread between BTp and Bund. In particular, the yield differential between the ten-year Italian benchmark (IT0005436693) and the same German duration, at the beginning of the day marks 109 basis points, three more than yesterday’s closing. The yield of the benchmark ten-year BTp rises slightly to 0.67% from 0.65% on the day before.
Oil slightly moved, but towards a positive week
Oil is not very moving, but the week is starting to end substantially flat after the sharp decline on Monday (September WTI futures gain 0.03% at $ 71.93 a barrel, Brent futures of the same maturity by 0.05% at $ 73.83). Gold down 0.2% to $ 1,803.4 an ounce.