Heavy sitting, with drops that even reach over two percentage points, for the European stock exchanges, while the sell-off on technology continues that sank the Nasdaq on the eve and led to a 3% drop in the Nikkei in Tokyo. The FTSE MIB in Piazza Affari, which on Monday had risen to the highest levels from February 2020 to about 24,800 points, was bad, but the declines also concern the DAX 30 in Frankfurt, the CAC 40 in Paris, the Ftse 100 in London, the IBEX 35 in Madrid and the AEX in Amsterdam.
The markets have returned to concerns about inflationary pressures caused by the recent rallies in commodity prices. Fears led to a rotation on purchases overnight with sales on tech stocks and a return to cyclicals. The focus is on US inflation data scheduled for Wednesday, which could give a signal to the markets.
Ftse Eb almost all in red, in the rear Diasorin
Sales of Milanese shares are generalized and only a few stocks are kept afloat, starting with Banco Bpm, Finecobanke Terna. Among the worst are Diasorin, Cnh Industrial and Tenaris. Among the banks, Unicredit in the spotlight, after announcing the start of the 178 million buy back and after the 5.2% rally on the eve, post quarterly. To follow the quarterly reports of the managed savings companies.
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Among the “small” good Cir, down Sicit
Off the main list, Cir accelerates after Monday, with markets closed, it announced the launch of a takeover bid on 12.3% of the capital at 0.51 euros per share. Sicit Group down, on the day Intesa Holding confirmed its support for NB Renaissance’s offer. Intesa Holding, 43% shareholder of Sicit, has rejected Syngenta’s proposal and remains alongside NB Renaissance which has launched a takeover bid on the biostimulants company for agriculture. In recent days Syngenta had presented an expression of interest in view of an alternative takeover bid to that of NB which had the alliance with Intesa Holding itself as an «essential element».
Spread up in the 115 points area
Upward trend for the spread between BTp and Bund. The yield differential between the ten-year benchmark BTp (Isin IT0005422891) and the same German maturity is indicated at 115 basis points, up fractionally from the 114 points on the eve of it. The increase in the yield of the benchmark ten-year BTp is more significant, which stands at 0.96% at the start, from 0.93% at the close on Friday.
Dollar still weak, oil down
On the other markets, it should be noted that the dollar remains weak in light of a possible rise in US rates further than expected. The euro is trading at $ 1.2135 (from $ 1.2167 at the previous close). Dollar / yen to 108.91 (from 108.73), dollar / yen to 132.177 (from 132.25). Oil down 0.8% with Brent in July at $ 67.8 a barrel and WTI in June at $ 64.39 a barrel, despite the cyber attack that resulted in the closure of a gas pipeline in the United States.