A mixed day for European stock exchanges, with investors intent on evaluating the latest moves by central banks and a dense series of macro data. In Piazza Affari, the Ftse Mib closed down by 0.3% at 29,500 points.
Above all, Banca Generali (+2.9%) and Azimut (+2.3%) rose on the back of their respective half-year results and the positive assessments of analysts, as well as Iveco (+2.8%), Stellantis (+2, 4%). On the other hand, Erg (-6.6%) fell after the accounts below expectations and the cut in the guidance and CNH (-6.25%), which pays for its doubts about the agricultural sector despite the positive results. Realizations on Stm (-4.1%) after the exploit on the eve.
Wall Street was positive after the data on the core PCE, slowing from 4.6% to 4.1% on an annual basis, to the lowest since September 2021.
In Europe, data on GDP and inflation for Germany, France and Spain have been released. The German economy remained unchanged in the second quarter, emerging from the winter recession, while inflation slowed to 6.5% (EU harmonized index). GDP above expectations (+0.5%) and consumer prices slowing in France (harmonised CPI at 5%) while in Spain GDP grows by 0.4% and harmonized inflation accelerates again to 2.1% .
On Forex, the euro/dollar is back above 1.1 after yesterday’s drop in the wake of the ECB meeting. The Frankfurt institute raised rates by 25 basis points as expected and confirmed the data-driven approach to future decisions, leaving room for new tightening as well as a pause.
Dollar/yen at 139.4 after the BoJ’s decision to make its yield curve control policy more flexible, a possible prelude to a change in accommodative monetary policy.
Among the raw materials, oil (Brent) is approaching 84 dollars a barrel.
Slight increases for yields on European bonds after the declines on the eve, with the Btp-Bund spread widening to 161 bp and the Italian 10-year bond at 4.09%.
Treasury yields were down on both two-year (4.86%) and ten-year (3.95%) maturities.