(Il Sole 24 Ore Radiocor) – The negative mood for the European stock markets is confirmed for the second session, after the drops on Tuesday 7 September. Investors worry in the first place uncertainty about the ECB’s strategy, which could herald a slowdown in the Pepp asset purchase pandemic plan. It also remains in the spotlight spread of the Delta variant of Covid, which could prompt some governments to impose new restrictions, slowing economic activity.
«Even if it is foreseeable that there will be a profit taking afterwards the near-historic highs of the indices, it seems that investors are mostly digesting the prospect of a change in monetary policies, ”commented ActivTrades analysts. The new closures caused by the surge in the Delta variant, they explain, “increase the likelihood of an irregular recovery, deterring investors from buying riskier assets. However, these are likely bearish price movements are short-lived and that in the long term, stocks continue to rise, at least as long as central banks continue to postpone tapering ».
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In Piazza Affari well Ferragamo, down the Agnelli galaxy
Among the Milanese stocks with the highest capitalization, Exor is down after the half year. The whole Agnelli galaxy is in red, with Stellantis and Cnh Industrial weak. Enel is also bad, while Diasorin is gaining ground against the trend. In the rest of the list, Webuild rises after announcing the victory, in consortium, of a one-billion-dollar tender in Norway. Brilliant debut for Salvatore Ferragamo, who released half-year accounts better than the market forecasts.
Dollar confirms strong, the Fed holds the bench
The strength of the dollar was confirmed, keeping the euro below 1.19, in a context of weakness in risky assets and in the wake of the sharp rise in Treasury rates. The words of Bullard, a non-voting Fed member in 2021 (will become so in 2022), who reiterated the need to remove monetary stimulus soon despite the disappointment of the latest labor market data. “The expiry of the subsidies – note the analysts of Mps Capital Services – should increase the chances of seeing a strong data at the beginning of October, although the White House has announced the possibility of extending the measure for the states that want to do so”.
Tokyo closed higher supported by the weak yen
Slightly up for the Tokyo Stock Exchange which, despite the investors taking profits, continued in the trend of the last sessions thanks to the pull offered by the weak exchange rate of the yen against the US dollar. The took benefits emerged after the uninterrupted series of increases scored by the main Asian market in the wake of the announcement of the resignation of Prime Minister Suga, who became unpopular for having wanted to play the Tokyo 2020 Olympics anyway despite the opposition of a large part of the population. The Nikkei 225 leading stock index closed at 30,181 points, up 0.89 percent.