The European markets open the week with a limited rise already looking at US quarterly, which will start on Tuesday 13 July with the big credit companies (starting with JpMorgan and Goldman Sachs, but also with indications from the president of the ECB Lagarde on Frankfurt’s intention to provide the new guidance on monetary stimuli at the meeting on 22 July. Only London is in the red, while Piazza Affari goes up trying to keep the FTSE MIB above 25 thousand points.
ECB, Lagarde: July 22 revision “forward guidance”
ECB President Christine Lagarde – speaking to Bloomberg TV – turned on the spotlight for the ECB meeting in July, scheduled for 22, defining the appointment as “important” and the bearer of “some interesting changes”. Lagarde indicated that the central bank is preparing to unveil the new guidance on monetary policy (“forward guidance”), underlining that the new measures will be adopted from 2022 in parallel with the progressive provision of the Pepp, the anti-pandemic purchasing program.
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In Milan, sales on banks, Amplifon redeems itself
Sales on banks (Banco Bpm, Banca Pop Er, Unicredit the most penalized) and on oil (Saipem, Tenaris). Amplifon stands out looking for redemption after the knockout (-6.4%) on Friday following the biden administration’s willingness to pursue a drop in the prices of hearing aids in the United States: this morning the Italian group announced a new acquisition in Australia where it will detect Bay Audio. Other stocks in the healthcare sector also performed well, as did asset management.
BTp, spread stable at 105 points
Stable for the spread between BTp and Bund. The yield differential between the ten-year Italian benchmark (IT0005436693) and the same German duration is indicated at 105 basis points, the same level as the previous closing. The yield of the Italian ten-year period stands at 0.77%, compared to 0.76% on the eve of the year.
Tokyo Stock Exchange: + 2.2% driven by machinery orders in Japan
Closing in sharp rise for the Tokyo Stock Exchange. The Nikkei index closed up 2.2% at 28569.02 points, driven higher by the results of machinery orders. In fact, last May they rose by 7.8% over the month, well beyond expectations. The good performance of Wall Street also positively influenced the outcome of the day, putting aside the concerns related to the Delta variant. Despite concerns about the resurgence of the coronavirus and the possible slowdown in support measures by the US central bank, the US market rebounded widely last Friday. “Excessive concerns about an economic slowdown are fading”, which also benefits the Tokyo market, Okasan Online Securities commented in a statement.