It is uncertainty that dominates the European markets, including Piazza Affari which is moving away this morning from the two-month highs reached yesterday. All in one octave in which a summer climate begins to breathe on the markets, characterized by a reduction in volumes on the main asset classes. When there is a few minutes to 11, the European lists move in no particular order: the English Ftse Mib index shows a slight increase of 0.06%, the Cac40 in Paris is at stake and the Dax in Frankfurt falls by 0.22% approximately. In Milan, the Ftse Mib instead slipped to 22,713.07 points (-0.06%).
Expectation for inflation (not just the US) dominates
The wait for American inflation to be released tomorrow, which represents this week’s market mover, dominates. Meanwhile, the Chinese inflation data will also be published tonight, which should show a further acceleration to the maximum from April 2020, while remaining well below the price levels present in Western countries (2.9% the consensus of analysts collected by Bloomberg). And this week, which has just begun, still has a lot to say in terms of consumer prices. Expectations are for an increase in inflation in China of 2.9% on an annual basis, while in Germany the consensus is around 7.5%, 8.4% in Italy, then 8.7% in the United States . “These numbers could represent the confirmation of the fact that the current narrative on interest rates will remain the current one, that is, persistence of an increase in the cost of money, with no ifs and buts, precisely because consumer prices show no sign of falling”, he says. ActivTrades Senior Analyst Saverio Berlinzani. “Eyes also on some macro data in the US (such as small business confidence expected to be stable) as the market continues to price almost entirely a 75 basis point hike from the Fed in the September meeting, although today’s data is unlikely can make the institute change its attitude ”, underline the strategists of Mps Capital Services.
Who goes up and who goes down on the Ftse Mib
One of the best on the Milanese list is once again Bper Banca (+ 3.3%) which last week presented its accounts for the first half to the market. Yesterday, the share of the Emilian bank also received the positive evaluation of UBS which confirmed the buy rating and revised the target price upwards from 2.5 to 2.6 euros. Bper’s earnings per share (EPS) forecasts of 4-7% for the period 2022-2025 have also been revised upwards. “After strong second quarter results, we also increased our revenue estimates by around 1-3%, mainly thanks to an expected better commission progression of 2-4%,” the investment bank analysts again report. Swiss. Tim and Generali are also tonics, rising by over a percentage point. Amplifon is currently at the bottom of the Ftse MIb, which is losing around 1.8%.