The European stock exchanges continue the session with a fractional rise with Milan gaining 0.80% returning to 25,000, in line with the other markets with Frankfurt 0.63%, Paris 0.82% and London 0.66%. Wall Street futures follow with the Don Jones gaining 0.40% and the S&P and 0.45%. On the macro data front, the preliminary eurozone PMI index in July, prepared by Ihs Markit, stood at 60.6 points, up from 59.5 in June and above the consensus estimates of 60.1 points .
In detail, the preliminary index relating to the services sector stood at 62.2 points, up from 58.3 in the previous month (59.5 points the consensus). While the manufacturing one fell to 62.6 points from the previous 63.4 (62.5 points the consensus). Looking at individual states, Germany’s preliminary manufacturing PMI rose to 65.6 points from 65.1 in June (the consensus is 64.4 points). The preliminary index relating to German services, on the other hand, was 62.2 points, up from 52.8 in June (a consensus of 57.5 points). The manufacturing PMI in France was 58.1 points, slightly down from 59 in the previous month (59 is the consensus). Finally, the French services SME index stood at 57 points, down from 57.8 points in May (58.2 points the consensus).
The raw materials front is contrasted: oil is up on the two reference lists: the WTI gains 0.04% at 71.61 dollars a barrel, followed by Brent which rises to 0.02% at 73.54 euros. Gold is down, trading at -0.10% at 1,803 dollars an ounce. “The WTI remains steadily above $ 70 a barrel, after recovering from losses incurred earlier in the week, when fears over the spread of the Delta variant triggered a decline in risk appetite and pushed the price to multi-month lows. main reason for the recovery “, explains Ricardo Evangelista, senior analyst at ActivTrades,” could lie in the resolution of the dispute between the OPEC + countries, which has nullified the possibility of a price war within the group and is limiting the downside risk for the price”.
In the currency, the euro / dollar cross gains 0.11% but remains below 1,800. According to Evangelista, “the euro looks set to end the week lower against the US dollar, weighed down by concerns about the advance of the Delta variant and the accommodative stance of the European Central Bank. The single currency has suffered most of the losses. yesterday, after ECB President Christine Lagarde pledged to keep interest rates at current levels even longer than expected. Despite the measured tone, which may have disappointed those expecting an even more pronounced dovish turn. a divergence is beginning to emerge between the position of the ECB and that of other central banks, such as the Fed, which could lead to further losses for the euro “. Meanwhile, the pound lost ground against the American currency, losing 0.23% to 1.373, while the greenback rose against the Japanese yen to 0.30% at 110.47.
The 10-year Treasury yield continues to rise to 1.278%, while that of the 10-year BTP falls again to 0.636% with the BTP / Bund spread falling to 104 basis points. The Treasury’s announcement on the quantity of half-yearly Bots at auction on July 28 is scheduled for tonight. The Mef also announced that, in consideration of the large cash availability, also due to the redemption operation at maturity announced below, the following placements will not take place: the auction of Btpei on July 27 and the auction of medium / long-term securities scheduled for 12 August. All the other auctions, the Mef said, will be held regularly, including that of the Bots on 11 August.
In Piazza Affari, the industrialists including Leonardo Spa (+ 1.84%), Ferrari (+ 1.77%), Pirelli 18 + 1.43%), Stm (+ 1.10%) and Stellantis (+1 , 06%). Mediaset (-0.44%) should also be noted after the closing of the agreement between Fininvest, Vivendi and Mediaset itself to put an end to their disputes, reciprocally renouncing all pending lawsuits and complaints. In particular, Fininvest acquired 5% of the Mediaset share capital held directly by Vivendi, at a price of 2.7 euros per share (taking into account the detachment of the dividend and the relative payment, respectively, on July 19 and July 21. 2021). In the spotlight, on the other hand, Seri Industrial (+ 8.86%) after the board of directors approved the 2021-2025 industrial plan. Finally, focus on Giglio.com which rises by 7.33% to 5.15 euros on the day of the debut on Aim Italia. (All rights reserved)