MILANO – 10.30 am. The European lists move positively in the last session of the week, driven by the good results of the quarterly which overshadow the concerns about the Delta variant of the coronavirus and the related restrictive measures.
Milano confirms the rise in the opening and rises by 0.7%. The other European squares are online: Paris salt by 0.62%, Frankfurt 0.58% e London 0.6%. Investors register Ihs Markit’s findings on SME indices, the surveys carried out among the purchasing managers of companies, which photograph the trend of the economic recovery. At the Eurozone level, the manufacturing PMI fell to 62.6 points in July, a four-month low. On the other hand, that of services rises to 60.4 points, at a peak in 181 months. In both cases, the values are well above the 50-point threshold that separates the contraction from the expansion of activity. The performance of services allows the composite index, which summarizes the overall trend, to reach 60.6 points from 59.5 in June: it has been the top for 21 years. Among the individual countries, the performance of Germany was strong, beating expectations both on manufacturing (65.6 points) and on services (62.2 points), while it disappointed France.
In the morning, with Tokyo still closed for holidays, the Asian stock exchanges in Hong Kong (-1.5%) and Shanghai (-1.2%) were weak.
How summarizes Bloomberg, global equities are on their way to posting a modest weekly gain, which is also helped by confidence in central bank stimulus. At the same time, however, the July decline in the yield on 10-year Treasury rates could signal fears that the economic rebound peak has been reached, also because the variants suggest caution.
Euro down at the start of the day. The single currency, which yesterday crossed $ 1.18, then folded back and closed at 1.1783, now stands at $ 1.1765. Euro / yen at 129.75 and dollar / yen at 110.27. Yesterday the market turned its attention to the European Central Bank, which pledged to keep interest rates at historic lows even longer, as widely expected. After a week of fluctuations, investors’ attention now shifts to the meeting of the Federal Reserve of the United States scheduled for next week.
Snap, Twitter and Intel push Wall Street
Last evening Wall Street it managed to close higher to new records despite unexpected growth in claims for unemployment benefits: the Dow Jones added 0.07% and the Nasdaq 0.36%. Among the companies that have published quarterly accounts, there is a lot of technology. Snap, the company to which it belongs Snapchat, closed the second period of the year with revenues of 982 million dollars, above analysts’ expectations. Losses dropped 53% to 152 million compared to a red of 326 million in the same period last year, and Snapchat had 293 million daily active users, above market forecasts. Positive results that led the stock to rise up to 13% in the after-market. Also Intel it beat estimates with $ 1.28 in earnings per share (forecast between $ 1.03 and $ 1.14), while revenue of $ 18.53 billion was in line. The chip giant also revised up its full-year revenue estimate, now set at $ 73.5 billion versus the previous $ 7.2.5 billion, but cautioned that semiconductor shortages could last until 2023 and the title suffered. Also leap for Twitter which reached + 10% after official trading thanks to revenues that rose 74% to 1.22 billion dollars, over the 1.06 billion expected, driven by + 87% of advertising revenues. Earnings per share were 20 cents, above the 7 cents expected by the market. For the third quarter, Twitter expects revenues between 1.22 and 1.3 billion, again more than expected.
For commodities, a slightly lower week end is expected for the prices of Petroleum after the last few days of ups. The WTI with delivery in September lost 0.43% to 71.62 dollars a barrel. In London, Brent fell by 0.45% to 73.48 dollars. Quotations oforo weak on Asian markets. The precious metal is trading at $ 1,803 per ounce (0.2%).
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