(Il Sole 24 Ore Radiocor) – The double knockout of the Chinese lists at the beginning of the week (-8% Hong Kong in two sessions, -4.8% Shanghai) bends the European stock exchanges and purchases move to other assets, causing the yields of government bonds, especially those of Main countries of the Old Continent, rewarding safe haven currencies (the yen in particular). Before the quarterly reports of the big American tech companies – Apple, Alphabet e Microsoft – and on the eve of the Federal Reserve, all the main indices have thus lost at least half a percentage point and sales have penalized especially the sectors related to cars, retailers and the tech sector. Second slowdown in a row from all-time highs for Amsterdam (-0.9%), the most penalized, while Piazza Affari lost 0.8% in the FTSE MIB index. But in Milan the + 3.2% at the end of Davide Campari stood out thanks to the acceleration in sales in the second quarter (+ 37% over six months) due to the trend in alcohol consumption favored by the reopening of the premises.
Lazy Wall Street, eyes on big tech and Fed accounts
Weak Wall Street pending the profits of the Big Tech and also the directives that will arise from the meeting of the Fed. The volatility of the indices shows on the one hand optimism for the solid results reported by companies and on the other strong concerns for the spread of the Delta variant of Covid-19, due to supply problems and a consequent cooling of economic growth. On the macro front, orders for durable goods grew by 0.8% in June, less than estimates, but it is record growth in house prices.
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In Milan it’s “spritz effect” on Campari, down the banks
At Piazza Affari, the accounts of Banca Generali, Telecom Italia (expected with closed markets) and Italgas approved, which announced that it had closed the quarter with revenues of 665 million (+ 3%) and a profit that had risen to 176 million (+ 14%). No impact from Covid for 2021. The Davide Campari group closes at the top of Piazza Affari after the numbers of the three months, with shares marking the third best performance of the Stoxx600. The luxury sector in the spotlight, after the French giant LVMH published first-half accounts above consensus in terms of margins on 26 July.
Meanwhile, the expectation is rising for the numbers that, with markets closed, will spread Kering and Moncler. Bernstein is positive on the whole sector, believing that LVMH is always a pioneer in the sector. But it was also the day of Bca Carige’s return to the stock market, after two years of hiatus: the stock, which did not make a price for most of the session, ended at € 0.6318. Weak also the main banking and technology stocks, which ended up at the bottom of the list, from Unicredit to Stmicroelectron. Outside the Ftse Mib, down Rcs Mediagroup and Cairo Comm after the surprise resignation of Gaetano Micciché from the board of directors of the group that edits the Corriere della Sera.
Spread closed slightly higher at 106 points
Closing up for the spread between BTp and Bund. The yield differential between the Italian benchmark ten-year BTp and the German equivalent duration ended trading at 106 basis points, up from the 105 points recorded at the close of July 27th. On the other hand, the yield of the ten-year benchmark BTp falls slightly, which is indicated at the end of the period at 0.63% from 0.64% on the eve of the day. Meanwhile, on the primary, en plein of the Treasury in the short-term BTp auction, with 3.75 billion worth of securities assigned at a rate that rose by 7 basis points compared to the June placement to -0.29%. The request was for 5.12 billion with a coverage ratio of 1.37. The securities, maturing on 30.1.24, recorded an allotment price of 100.74.