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(Il Sole 24 Ore Radiocor) – Lower-than-expected growth in US inflation in July calmed the climate on the markets and the European stock markets, which had already started off on the right foot, closed higher. In Piazza Affari the Ftse Mib rose by 0.94%, in Frankfurt the Dax40 by 0.9% and in Paris the Cac40 by 1.5%. In July, consumer prices in the United States rose in line with expectations by 0.2% on a monthly basis, while the annual figure rose by 3.2%, less than expected (+3.3%). “The data is compatible with the hypothesis of a Fed pause in September”, signal the analysts of Intermonte, recalling that in any case, before the September meeting of the FOMC, the monetary policy committee of the Federal Reserve, another data on inflation will be published that of August.
At a sector level in Europe, good progress for luxury and fashion stocks after China lifted restrictions on group travel, a legacy of Covid, and the news that the Tapestry group – which owns brands such as Coach, Kate Spade and Stuart Weitzman – announced the purchase of Capri Holdings – the company of the Versace, Jimmy Choo and Michael Kors brands – for 8.5 billion dollars.
Wall Street climbs after inflation data
Wall Street is moving higher, after a lower than expected increase in annual inflation. In Friday’s session, the numbers on producer prices will have to be followed, to understand whether or not a gradually decreasing pressure on prices will be confirmed. Meanwhile, the quarterly season continues: over 90% of the companies on the S&P 500 have published their accounts; of these, about 80% beat Wall Street’s expectations. Shares of Disney gained 0.8% in pre-market trading after the entertainment giant announced a price hike for ad-free subscriptions to the Disney+ platform, later posting higher-than-expected bills. Alibaba’s stock gains 4.7% in the pre-market, after a quarterly performance higher than expected and revenue growth compared to a year earlier (+14%) better than since 2021.
Moncler in the spotlight in Milan, Tim does well
Moncler in Milan jumped by 3.6%, with the banks partly continuing to recover ground after Tuesday’s sell-off with Banco Bpm +2.94% and Intesa Sanpaolo +1.9%. Tim also stands out (+2.75%), when the picture of the offer for NetCo is outlined. The quotations were supported by the possible closure of a memorandum of understanding between Kkr, Cdp, F2i and the Ministry of Finance in recent days, while new details on the agreement have emerged. Il Sole 24 ore writes that a decree will be needed to sign the Mef and the next cabinet meeting is scheduled for August 28, which is also the deadline for Kkr to close the loan with the banks, while by September 30 the binding offer will have to arrive. Trading was decidedly sustained for Tim: over 389 million shares changed hands, well above the 30-day average of 108 million and above the volumes on the eve of almost 220 million shares traded.
Curb the price of oil. Euro strengthens above 1.1 dollars
On the foreign exchange market, the single currency strengthened against the major currencies with the greenback declining. At the close of the European stock exchanges, the euro changed hands at 1.1018 dollars (1.099 at the start and 1.0981 yesterday at the close), and at 159.119 yen (158.29 at the start), when the dollar/yen exchange rate stood at 144.399 (143.95 and 143.61). Oil prices are down: the October delivery contract on Brent slips by 0.42% to 87.18 dollars a barrel and the September contract on the Wti loses 0.79% to 83.73 dollars a barrel. After the surge on the eve, the price of gas in Amsterdam is falling again: -7.9% to 36.7 euros per megawatt hour.