European stock markets rose at the start, after the weakness of the eve and despite the negative trend of the Asian markets (Tokyo left 0.96% on the parterre). Investors, however, are wary of new Covid 19 outbreaks that risk holding back the economic recovery. For example, in New Zealand and Indonesia, restrictions have been extended to deal with the pandemic and in nine European countries, new measures are being examined to combat the spread of the pandemic. In addition, the Chinese government’s tightening on the technology sector, which yesterday brought down the shares of the People’s Republic listed on the Nasdaq, is also of concern. On the macro front, a disappointing figure from Germany also arrived today: industrial production in May fell by 0.3% compared to April. Compared to May 2020, however, production grew by 17.3%. However, the Ifo research institute indicated that production expectations in the German manufacturing sector remained at a high level in June, with the benchmark rising to 27 points from 26 points in May. On the international front, the wait is already rising for the publication of the minutes of the last Fed summit, from which more indications could emerge on the timing of the expected tightening of monetary policy. The main European lists are up, even if they are recording gains of less than 1%. After yesterday’s braking, the oil picks up again.
Buzzi runs in Milan, and Stellantis is also well set up
In Piazza Affari the banks are well set up after the slowdown on the eve of the day. The Stellantis are also popular while the countdown has started for the conference scheduled for tomorrow, July 8, to unveil the group’s plans for electric. The plans for Vauxhall were already unveiled yesterday. The best title of the Ftse Mib is Buzzi. On the other hand, Telecom Italia is still weak, hit by sales since yesterday, thanks to fears that the times for the establishment of a single network will be longer than expected.
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Stocks yesterday
Equity indices fell on Tuesday: The FTSE MIB in Milan scored -0.8%, but other European squares also saw the previous day’s gains capitalized, with the German DAX 30 down -1% and the French CAC 40 down -0.9%
Ripresa in stand-by
Investor caution was backed up by below-expected macro data, such as German investor confidence as measured by the survey Call and the decrease in growth in the American services sector reported by the non-manufacturing ISM.
The signals from the southern hemisphere
The central bank of Australia has announced a reduction in purchases of securities on the market starting in September. This is the first concrete gesture of downsizing of the exceptional monetary stimuli that support the markets and cannot please investors, although it occurs in the face of the exit from the crisis.