MILANO – The European lists closed the last session of the week positively, driven by the good results of the American quarterly which overshadow the concerns about the Delta variant of the coronavirus and the related restrictive measures. Wall Street is also up.
Milano the session ended on the highs at + 1.29%, after having recovered the 25 thousand points. The banking sector is doing well, Tinexta still shines, confirming the run on the eve of entering the French market thanks to the acquisition of the majority stake of Tikenau in CertEurope. Piazza Affari therefore ends in line with the others: Paris salt of 1.35%, Frankfurt 1% e London 0.85%.
Investors register Ihs Markit’s findings on SME indices, the surveys carried out among the purchasing managers of companies, which photograph the trend of the economic recovery. At the Eurozone level, the manufacturing PMI fell to 62.6 points in July, a four-month low. On the other hand, that of services rises to 60.4 points, at a peak in 181 months. In both cases, the values are well above the 50-point threshold that separates the contraction from the expansion of activity. The performance of services allows the composite index, which summarizes the overall trend, to reach 60.6 points from 59.5 in June: it has been the top for 21 years. Among the individual countries, the performance of Germany was strong, beating expectations both on manufacturing (65.6 points) and on services (62.2 points), while it disappointed France.
In the morning, with Tokyo still closed for holidays, the Asian stock exchanges in Hong Kong (-1.5%) and Shanghai (-1.2%) were weak.
How summarizes Bloomberg, global equities are on track to post a modest weekly gain, which is also helped by confidence in central bank stimulus. At the same time, however, the July decline in the yield on 10-year Treasury rates could signal fears that the economic rebound peak has been reached, also because the variants suggest caution.
Euro down at the start of the day. The single currency, which yesterday crossed $ 1.18, then folded back and closed at 1.1783, now stands at $ 1.1765. Euro / yen at 129.75 and dollar / yen at 110.27. Yesterday the market drew attention to the European Central Bank, which pledged to keep interest rates at historic lows even longer, as widely expected. After a week of fluctuations, investors’ attention now shifts to the meeting of the Federal Reserve of the United States scheduled for next week. Meanwhile, the ECB’s accommodative stance is still being felt on the closing down for it spread from Btp e Bund. The differential between the Italian and German 10-year cards drops to 103.8 points compared to 105.5 in the morning.
Snap, Twitter and Intel push Wall Street
Closing higher and record levels for Wall Street, with the Dow exceeding 35,000 points for the first time and the S&P 500 and Nasdaq reaching new highs. The American market, after a black Monday with the worst falls since last fall, has collected four sessions in a row that have pushed the main US indices to levels never reached. The Dow was up 0.68%, the S&P 500 was up 0.98% and the Nasdaq by 1.04%.
Among the companies that have published quarterly accounts, there is a lot of technology. Snap, the company to which it belongs Snapchat, closed the second period of the year with revenues of 982 million dollars, above analysts’ expectations. Losses dropped 53% to 152 million from a red of 326 million in the same period last year, and Snapchat had 293 million daily active users, above market forecasts. Positive results that led the stock to rise up to 13% in the after-market. Also Intel it beat estimates with $ 1.28 in earnings per share (forecast between $ 1.03 and $ 1.14), while revenue of $ 18.53 billion was in line. The chip giant also revised up its full-year revenue estimate, now set at $ 73.5 billion versus the previous $ 7.2.5 billion, but cautioned that semiconductor shortages could last until 2023 and the title suffered. Also leap for Twitter which reached + 10% after official trading thanks to revenues that rose 74% to 1.22 billion dollars, over the 1.06 billion expected, driven by + 87% of advertising revenues. Earnings per share were 20 cents, above the 7 cents expected by the market. For the third quarter, Twitter expects revenues between 1.22 and 1.3 billion, again more than expected.
As for the SME indices, the United States showed a trend opposite to the Eurozone: manufacturing did well, services down. The PMI manufacturing index rose to 63.1 in July, accelerating from 62.1 points in June and well above analysts’ forecast of 62 points. On the other hand, services clearly disappoint: analysts expected growth from 64.6 points to 64.8 points, while the indicator stood at 59.8 points. Consequently, the composite PMI is also slowing down from 63.7 to 59.7 points.
For commodities, prices are falling for the Petrolium in New York it traded at 71.74 dollars a barrel (-0.24%). Prices oforo weak on the Asian markets. The precious metal is trading at $ 1,803 per ounce (0.2%).