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European stock exchanges try to rebound, the euro remains at a 20-year low against the dollar

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European stock exchanges try to rebound, the euro remains at a 20-year low against the dollar
Written by aquitodovale

(Il Sole 24 Ore Radiocor) – European stock exchanges try to rebound after the slide on the eve, with fears for recession And inflation which continue to hold their ground, while oil rises to 100 euros and the euro has remained at its lowest level for almost 20 years. The better than expected figure for orders from the German manufacturing industry, which rose by 0.1% monthly in May against a forecast of a decline of 0.3%, helps the mood of the lists.

Investors are waiting, in the meantime, to read the minutes of the last meeting at the end of the day Fed, in which the cost of borrowing was increased by 75 basis points. The market assigns a roughly 85% chance to another 75-point squeeze this month and sees US rates at 3.25-3.5% by the end of the year. “In the last two weeks i fears related to an economic recession of the main economies have taken over – says Luigi Nardella of Ceresio Investors – we have seen the prices of raw materials and cyclical sectors in sharp correction, while government bonds have made a good recovery ». For Nardella, however, «despite the current slowdown, it is by no means certain that we are heading towards a deep recession. The level of pessimism among investors it is very high. The first signs of a reduction in inflationary pressures, resilience in consumption and positive quarterly figures could trigger a recovery of the markets“.

Meanwhile, the spread on bonds tightened in the area of ​​205 points, while the FTSE MIB index gained ground in Milan. The main financial centers of the Old Continent are up, such as Paris (CAC 40), Frankfurt (DAX 30), London (FT-SE 100) and Madrid (IBEX 35).

At Piazza Affari, eyes on Tim, at the top Nexi. Saipem slips

In Piazza Affari, assets managed with Banca Mediolanum, Banca Generali, Finecobank and Azimut rose above all. At the top of the list is Nexi, while purchases are rewarding many banks, starting with Intesa Sanpaolo (Banco Bpm alone). Investors’ eyes are focused in particular on Telecom Italia on the day of the board of directors which, in addition to the accounts, will redesign the overall strategy of the group (from the reorganization of the business, with the division between NetCo and ServCo, to the issue of single network, after the signing of the memorandum of understanding with Cdp Equity, the Kkr and Macquarie funds). Still in “red” Saipem, bad also Iveco Group and the main pharmaceutical stocks.

FTSE Mib stock market trend

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Germany: + 0.1% manufacturing industry orders in May

Orders to the German manufacturing industry in May rose by 0.1% monthly, against a forecast decline of 0.3% and recorded a decline of 3.1% on an annual basis according to data released this morning by Destatis. Domestic monthly orders were down by 1.5% while those from abroad grew by 1.3%. And German traders also expect supply problems until the middle of next year, according to a survey by the independent research institute. Ifo. In fact, in June, 75% of the sample of retailers in Germany complained of non-delivery of all the goods ordered, a percentage only slightly lower than that (80.1%) recorded in May.

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