(Il Sole 24 Ore Radiocor) – After a cautious start and the subsequent attempt to recover, after mid-session the European stock exchanges, returning from a few uncertain days, slow down and move to alternating current. Investors, who initially did not give weight to inflation data, jumped in the Eurozone to 3% trend in August, the fastest growth since November 2011, now assess the possible repercussions on the economy and on the moves of central banks. This while uncertainty remains about the choices of the Federal Reserve: President Jerome Powell has anticipated a cautious approach to tapering, or the reduction of stimuli, but the markets are waiting for more precise indications, which may come after the crucial data on American employment of Friday.
The mixed closure of the Chinese markets on which the indices weighed also weighs SMEs on Chinese manufacturing and services at their lowest since the beginning of the pandemic (the manufacturing PMI index fell to 50.1 points in August, the lowest since February 2020, and that of the non-manufacturing sector, which measures activity in the construction and services sectors, collapsed to 47.5 points, signaling a contraction for the first time since March 2020).
Thus, the FTSE MIB in Piazza Affari finds and then loses again 26 thousand points, but it is still starting to close the month of August with an increase of about two and a half points, after theIstat confirmed the acceleration of the GDP. Also uncertain are the CAC 40 in Paris, the AEX in Amsterdam and the IBEX 35 in Madrid and the DAX 30 in Frankfurt, while London lags further behind.
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Confirmed the leap of the Italian GDP in the second quarter
In the second quarter of 2021, Italian GDP increased by 2.7% compared to the previous quarter and by 17.3% compared to the second quarter of 2020. This was announced by Istat, specifying that “the preliminary estimate of GDP released on 30 July 2021 had recorded similar changes both in economic terms and in trend terms “. The change acquired for 2021 is equal to +4.7 per cent. “The complete estimate of the quarterly income statements confirms the sustained GDP growth of the Italian economy in the second quarter of 2021 spread in the preliminary estimate “, comments Istat according to which” the strong recovery in production reflects a marked increase in added value both in industry and in the tertiary sector “.
Istat also announced that in August inflation in Italy increased by 0.5% on a monthly basis and 2.1% on an annual basis (from + 1.9% in the previous month), reaching a level that has not been recorded since January 2013 when it was + 2.2%. This was stated by Istat, which today releases the preliminary estimate for the trend in consumer prices. The push was mostly given by the prices of energy goods which continue to record very large growth for both the regulated and non-regulated components.
On Wall Street Zoom and Robinhood the cases of the day
Futures point to flat open on Wall Street, after yesterday’s record session for S&P 500 and Nasdaq Composite. Macroeconomic day predicts June Case-Shiller house price index, Chicago ISM index and Consumer Confidence (Conference Board) for August. Equity front, Zoom Video’s stock is down sharply in the premarket, after posting a profit of $ 1.36 per share, or 20 cents above expectations; revenues also exceeded expectations and, for the first time, crossed the $ 1 billion mark. Zoom’s growth, however, slowed down after the boom achieved with the pandemic, when the videoconferencing app became known around the world.
The Robinhood title continues to lose ground. The online trading platform, already penalized by the news that PayPal could launch a trading platform for its customers, closed the session down by 6.89%: the chairman of the stock exchange control authority (SEC), Gary Gensler , said the possibility of banning the controversial order flow payment practice is under discussion.