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China stock exchanges: rises after US inflation, Shanghai closes at + 1.6% and Hong Kong + 2.4%
Stock Exchange: Europe tries a second rise after US inflation, Milan (+ 0.7%) leader
BTp: spread with the Bund opens down to 207 points, yield at 2.97%
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(Il Sole 24 Ore Radiocor) – European stock exchanges slow down after the good start which again exploited the effect of the lower-than-expected US inflation data in July and the brilliant performances of both Wall Street (+ 2.1% S & P500 and + 2.9% Nasdaq) and the Asian price lists (HANG SENG, Sse, Tokyo excluding holidays). The FTSE MIB in Piazza Affari is among the best together with the IBEX 35 in Madrid. Telecom Italia and Interpump do well in Milan, undertone Leonardo. Banking stocks were positive with Banca Pop Er confirming itself as the current stock in the sector: + 30% in the last two weeks.
It will be the statistics on unemployment benefits It uses the main macroeconomic data capable of guiding the day of the financial markets, together with the producer prices of July.
For analysts “important data” but the Fed will still be aggressive
The + 8.5% year-on-year in US consumer prices recorded in July, after the previous + 9.1%, and the + 5.9% of the core component (in line with June) reduced fears of further moves more aggressive on rates by the Federal Reserve in September but analysts are not inclined to think that we are at a turning point for US monetary policy: if the general data could have reached its peak, the trend in the next months of factors such as rental prices before we can conclude that the central bank is ready to change its approach. “It is no exaggeration to say that the inflation numbers could set the tone for the markets for the rest of the month – was the pre-given US comment by Craig Erlam of Oanda – A lower than expected figure could be a significant contributor to the markets” . “This was a big improvement over the June data and, if repeated in August, it could reduce the pressure on the September FOMC meeting,” said Michael Metcalf, Head of Macro Strategy at State Street Global Markets. “The categories that led to the weakness of the core data for July – air and hotel rates – tend to be more volatile, while the stickier components (rents) remained stable. Today’s data did not change our core inflation forecasts. by 5.5% and 3.5% on an annual basis, respectively for 2022 and 2023, nor has it changed our short-term outlook for the Fed “they observe from Pimco.
Siemens loses 1.5 billion in the quarter, Rwe raises estimates
The Siemens industrial group recorded a net loss of 1.5 billion euros in the third quarter of its fiscal year due to a write-down of the accounts while the revenues
and the operating margin of its flagship business increased. The group now expects earnings per share between € 5.33 and € 5.73 in 2021/22 instead of € 8.70 and € 9.10 in the previous estimate. The company maintained its revenue growth prospects. The Rwe energy group reported an adjusted ebitda of € 2.858 billion in the first half of the year with a profit of € 1.566 billion and confirmed the forecast of an adjusted year-end ebitda of between € 5 and € 5.5 billion with a profit of between 2.1 and 2.6 billion.
Both stocks are penalized by investors on the DAX 40, down also the television group Prosiebensat (of which Mfe-Mediaforeurope is the largest shareholder) after the accounts and the cut to the guidance on 2022.