(Il Sole 24 Ore Radiocor) – Market prudence in view of the speech by Federal Reserve President Jerome Powell at the Jackson Hole symposium scheduled for August 27, and a general increase in risk aversion due to the spread of Delta variant of Covid are penalizing the European stock markets, which all travel in “red”. Across the ocean, little move Wall Street after the new round of macro data and yesterday’s records for the S&P 500 and Nasdaq Composite in the session of 25 August. In Piazza Affari the FTSE MIB loses ground together with the French CAC 40 and the DAX 30 in Frankfurt. To weigh on the mood of continental investors is also the Ifo institute which warned about the worsening of the expectations of theGerman export, with a collapse on manufacturing.
The government bond market is stable, after experiencing the sharpest decline in six months on the eve (with a consequent increase in yields) following the encouraging statements on the economic outlook of the Eurozone by the vice president of the ECB, Luis de Guindos , and chief economist of the Eurotower, Philip Lane.
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On the macro front, meanwhile, the day saw the Treasury auction which assigned the entire amount offered by BTp short term of € 2.75 billion, against a request of € 4.15 billion. Also awarded the full amount of 5-year BTp-i equal to one billion (with a demand of 1.54 billion). From the USA came the GDP estimate in the second quarter (important to understand if the first economy in the world is in stagflation) which showed a + 6.6% compared to the previous three months, according to the second reading released by the Department of Commerce, after + 6.5% in the first reading and + 6.4% in the first quarter of 2021; expectations for the second reading of the second quarter were + 6.7%. In addition, the update of the unemployment benefits, “thermometer” of the labor market: in the week ending August 21, requests increased by 4 thousand units to 353,000, against expectations for a total figure of 350 thousand.
At Piazza Affari in “red” luxury and utilities
In Piazza Affari, where the FTSE MIB moves below par from the very beginning, many big names on the main list remain in negative territory: utilities continue to lose ground, with Italgas and Terna. Sales hit luxury in particular with Moncler, which was affected by the worsening of the index on German consumer confidence, when the banks, from Banca Pop Er to Unicredit, were not very moving, partly penalized by the gains after the equity rises on the eve of . Oil down with Tenaris due to the stop of the crude oil rally. Underline the holding Exor which will pay 75 million to Juventus Fc in view of the future capital increase of up to 400 million of the Juventus club.
Meanwhile, technology is under pressure across Europe, including Stmicroelectron, in the wake of the similar weakness of Asian competitors after the publication of disappointing results by the big Chinese. In contrast to Azimut, Unipol and Banca Generali. Garofalo Health Care is off the main list, benefiting from the judgment of Mediobanca analysts, who confirmed the “outperform” judgment and raised the price target to 7 euros (from the previous 6.6).