The bear also in August did not leave the scene to the bull on global markets and does not seem willing to abandon it. Global equity markets performed well equal to -2% (-16% year to date) mainly due to hawkish statements in Jackson Hole by Fed President Jerome Powell, sharp increases in gas and electricity prices that are worsening the outlook in Europe and signs of a slowdown in Asia on the manufacturing and commercial front.
Faced with this scenario and waiting to know the extent of the ECB monetary policy tightening scheduled for 8 Septemberinvestor sentiment is turning in direction caution because of fears of recession. The macro outlook worsened especially in Europe after inflation hit hit a new record in August. In the Old Continent, PMI indices are expected to worsen further, orders are down and margins are down due to a significant increase in energy costs in the coming months, but visibility remains low on both the depth and duration of the economic slowdown.
In Italy, the delicate political situation is added to this scenario.
Stocks Italy: where to invest in Piazza Affari in the light of this context
Against this background, even for the analysts of Yes, I rode the watchword for investing is caution, with a neutral view. The only winners in the portfolio could be the so-called “quality growth” stocks, with greater international diversification, strong financial structure and fundamentals and protected from inflation. At Piazza Affari I am an example of this DiaSorin, Moncler, Campari, Reply, Inwit, Terna and Enav.
On financials, the Milanese SIM advises favoring securities less exposed to the cost of risk, which benefit from the rise in interest rates, structural trends, excellent competitive positioning and solid capital endowment, such as Fineco, Milan, Mediobanca, Unicredit, Banco BPM e Credem.
In the industrial sector, Equita SIM analysts maintain a selective approach, favoring “pricing leader” securities, which have proven to have pricing power even in recessive market contexts or which have specific catalysts: Interpump, Pirelli, Stellantis, and Iveco.
Finally, they underline how Chinese consumers’ appetite for luxury goods remains high despite a new lockdown in Chengdu: good news for Made in Italy and related companies.