MILANO – 9:00 am. After the Black Monday that cost Europe 240 billion of capitalization and led Wall Street to close in sharp decline (the Dow Jones lost more than 2% limiting the damage in the final but still marking the worst session since October), the Asian markets still traded weak while Western ones attempt to recover: Frankfurt rises by 0.3% at the start, Milano 0.6%. Futures on US exchanges are positive for the moment.
To generate the sell-off, which analysts had taken into account for the summer months characterized by lower volumes, was the concern for the growth of infections from the Delta variant, which threatens reopening. A dynamic that has led capital to so-called “safe-haven assets”, those that are tried to be put in the portfolio when there are uncertainties on the horizon: dollar, yen, government bonds of strong countries. It is no coincidence that the yield on US Treasuries fell below 1.2%, to its lowest since February, despite the US inflation outlook: the US interest rate curve – flatter than in the past – seems to indicate the expectation of price growth but a less convinced recovery. According to Unicredit analysts, in any case, the current level of US rates is too low for the Fed’s economic recovery and tapering framework that is emerging and is a good opportunity to sell. On the other hand, cyclical stocks that are more exposed to the real economy, such as airlines and travel stocks, have paid the heaviest bill.
This morning the bag of Tokyo closed at a six-month low, with the fifth fall in a row: the Nikkei 225 lost 0.96% to 27,388 points.
Among the financial accounts of the day, those of the Swiss bank UBS which recorded a net profit up 63% in the second quarter to 2 billion dollars (1.7 billion euros), driven by wealth management activities or portfolios of wealthy families. Wealth management pre-tax profit increased 47% from last year’s comparable period to $ 1.2 billion, boosted by strong financial markets.
Start of the day slightly down spread between BTP and Bund 108 points against 109 at yesterday’s closing. The yield of the 10-year Italian bond is 0.69%. It moves slightly down theeuro against the dollar: the single European currency changes hands at 1.1781 (1.1799 last night in New York). Against the yen, the European currency rises to 129.03. It should be noted that the Bitcoin it still loses ground and continues the negative trend of the last week. The cryptocurrency slips below $ 30,000 for the second time after June 22, 2021 and is trading at $ 29,726 (- 6.52%), the second lowest value in the last year. The market capitalization of the digital currency thus slips to 557.520 billion dollars.
Oil was among the other major players on Monday, with a thud that in the American market reached 7% in some stages following the OPEC + agreement for increasing production levels. Today, the drop in prices per barrel is curbed and WTI crude oil recovers a fractional 0.15% to 66.52 dollars a barrel (66.42 last night in New York). Brent rose 0.25% to 68.79 dollars a barrel. Start of the day slightly increased for the price oforo. Immediate delivery metal is gaining 0.16% 0.13% at $ 1815 an ounce.
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