MILANO – A day of stalemate or timid rises on the European stock exchanges is taking place, despite the fact that most countries are starting to tighten their shirts to stop the Delta variant. Investors seem to be looking more than anything else at the positive news coming from the quarterly front, with some rare exceptions, and are confident in the support of the central banks: tomorrow it is up to the ECB to announce the new monetary policy indications in light of the strategic revision that has made more flexible the 2% inflation target. According to Unicredit analysts, operators are likely to expect a “wait-and-see” mode of vigilant waiting.
This morning, in Asia, in an overall weak session, the stock market of Tokyo however, she managed to interrempoere the series of five negative sessions taking advantage of the good performance of Wall Street and encouraging data on the trend of national exports: the Nikkei gained 0.58%, settling at 27,544.86 points. The American stock market, last night, practically recovered (Dow Jones + 1.62%, Nasdaq + 1.57%) what it had lost on Monday. The acceleration of government bonds, with the relative easing of yields, has also been frozen for today: the 10-year Treasury rate had dropped to below 1.2% and then fluctuated on that threshold.
The recoveries of the last few hours seem to suggest that despite the uncertainty about the future trend of the economy, investors consider the stock market as one of the best places to park their funds. Corporate earnings are also helping, after IBM saw second-quarter revenues rise to the fastest pace in three years on Monday. Analysts estimate that the earnings of companies listed on the S&P 500 grew by about 70% compared to the second quarter of the previous year. “The correction we have seen (Monday, ed.) Is healthy for clearing up some of the excesses in the market,” Katie Koch, of Goldman Sachs Asset Management, told Bloomberg television. “Over the longer term, we are still in favor of the equity market,” he added.
A stable start to the day spread between BTP and Bund at 110 basis points, in line with yesterday’s close. The yield of the 10-year Italian bond is 0.67%. Today’s agenda is not full of macro indications. Among the data to report are industrial sales for Italy and EIA data on crude oil inventories and production. At the corporate level, the accounts of Coca-Cola and Texas Instruments to be monitored, which will be disclosed during the session. The currency front has also little moved: the single European currency changed hands at 1.1762 dollars (1.1783 last night in New York). Against the yen the European currency is at 129.19.
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