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The EU stock exchanges pass the ECB test, Milan + 1.3% in the week of Draghi’s resignation

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The EU stock exchanges pass the ECB test, Milan + 1.3% in the week of Draghi’s resignation
Written by aquitodovale

(Il Sole 24 Ore Radiocor Plus) – The European lists are overtaking the “hot” week of the ECB on rates. In reality, it was a two-sided octave for the stock exchanges of the Old Continent: in the first sessions, in fact, thanks to the feverish eve for the decisions of the Eurotower on the cost of money and the optimism on the reopening of the Nord Stream gas pipeline 1 – as it actually happened – the lists have accumulated points, only to slightly extinguish the enthusiasm after the decision of the ECB and the early end of the Draghi government in Italy, which weighed in particular on the Ftse Mib (but leaving its positive budget of the week). Summing up, in this eighth the best stock exchanges of the Old Continent are on a par with those of Germany and France, with the Dax40 and the Cac40 both earning a round 3 percent. London follows (+ 1.6%), with Milan (+ 1.3%) in the rear, but which nevertheless records progress. As for the individual stocks of the Piazza Affari, in the main segment luxury shines with Moncler (+ 8.8%), energy with Prysmian (+ 8.6%) and cars with Iveco Group (+ 7%). At the bottom of the Ftse Mib they end Saipem (-13%) struggling with a complicated capital increase, Enel (-5.5%) and Tim (-4.5%) which are weighed down more than the other securities by the crisis of Palazzo Chigi which could put them in “stand by” “several hot dossiers (starting from the one on the single network).

Flat closing on Friday 22 July, Milan + 0.07%

After the 50-point “sting” of the ECB, calm returns to the European lists they close dishes on the last session of the week, in the aftermath of the higher than expected rate hike by the Eurotower. Investors have had to deal with fears over theinflation galloping, the Italian government crisis and the puzzle about the actual Russian gas supplies after the restart of Nord Stream 1 at 40% of its capacity (with the EU having launched an emergency plan which, however, does not find the consensus of all countries members). The contraction of the Eurozone economy in July also weighed, as certified by the PMI manufacturing and services indices, with the ECB forecasters revising their inflation expectations for 2022 upwards to +7.3 per cent . In Piazza Affari the Ftse Mib closed practically unchanged (+ 0.07%), in line with the Aex in Amsterdam (+ 0.06%), the Dax40 in Frankfurt (0.05%) and the Ftse100 in London (+ 0.08%), when the Cac40 Paris did slightly better (+ 0.25%), as did Madrid’s Ibex35 (+ 0.37%). Wall Street suffers, especially on the Nasdaqafter the disappointing quarterly reports of Twitter and Snap.

Spread BTp / bund closes at 238 points, yield at 3.43%

Stable spread after yesterday’s session marked by tensions linked to the fall of the Draghi government and the rise in rates by the ECB. In the end, the base spread between the ten-year benchmark BTp (Isin IT0005436693) and the same German maturity is indicated at 238 points from 237 on the eve of the day. The Italian 10-year yield drops to 3.43% from 3.58% yesterday.

Weak Wall Street, Snap and Twitter accounts disappoint

After three hikes in a row, Wall Street moves below par, due to the disappointing accounts of some tech companies: Snap plummeted 29% in pre-market after yesterday’s results fell short of analysts’ expectations and hiring is expected to slow: sales have been flat and posted a net loss of over 400 million dollars in the second quarter. Disappoint the accounts of Twitter, which reported revenues of 1.18 billion against analysts’ expectations of 1.32 billion. As for PMI data in the United States, manufacturing fell to 52.3 points in July (less than expected), while services fell to 47 points (worse than estimates).

Terna is doing well in Milan, while Unicredit and Tim are down

In Piazza Affari, Terna (+ 2.45%), Inwit (+ 2.39%) and Banca Generali (+ 2.18%) and Prysmian (+ 2.12%) closed at the top of the main segment. Sales on banks, which discount the scenario of political instability more than the other sectors, from Unicredit (-2.36%) to Bper (-1.6%). Closure in red for Tim (-2.04%), after Moody’s downgraded the “B2” rating from “Ba3”, with a negative outlook, due to the high leverage, the worsening of the macro environment and a Fcf which should remain negative in 2023. single network to be recorded the indiscretions reported by La Repubblica on the new assessment of the Tim infrastructure network made by Vivendi in view of the reorganization: an assessment well above the assessments made by the company’s advisors.

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