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(Il Sole 24 Ore Radiocor Plus) – Session under the sign of caution for the main ones European stock exchanges after the new fears about US inflation, which emerged from the August ISM indices relating to the tertiary sector and manufacturing, and the new drop in Chinese exports and imports (albeit expected). Asian stock markets were down sharply (-0.7% for Tokyo, a drop of more than one percentage point for Hong Kong and Shanghai) while Wall Street had already finished trading in negative territory on the eve of the deal. European macro indicators are also unsupportive with German industrial production falling more than expected in July. In the afternoon, however, the focus will be on the weekly US unemployment benefits and, above all, in the evening on the public speeches of two non-voting members of the Federal Reserve. In Piazza Affari, after the initial uncertainties, the FTSE MIBas well as the other big names in the Old Continent, from Frankfurt (DAX 30) in Paris (CAC 40), via London (FT-SE 100) e Madrid (IBEX 35).
Tear Tod’s after the bills. In light Generali and Tim
In Piazza Affari the center of attention Telecom Italia with the negotiations between the government and the Kkr in view of the offer on the network expected by the end of the month. Among the oil companies, sales up Eni which launched the placement of “senior unsecured” convertible bonds with a duration of 7 years for a nominal amount of 1 billion euro. Among the worst bpm bank, Stmicroelectronics e I connected. Among the best generals, Terna, Enel e Unipol after the move to go up in the capital of Bank Pop Sondr. Lose altitude Banca Mps after the recent crash linked to fears of a placement on the market of a part of the share held by the Treasury. Outside the Ftse Mib, it shines Tod’s after the half-year accounts (30.9 million profits), the club is weak Juventus Fc following the decision of the Cassation, which decided to transfer the trial on the accounts of the Juventus club to the Court of Rome.
Finecobank slips with deposit outflows above expectations
Meanwhile, there is a decline in shares Finecobank after the data from the August harvest. In fact, net deposits amounted to 648 million euro (343 million a year ago) and are considered positive by the experts who, however, point the finger at the mix: in particular, they underline the above-expected outflows in deposits which led to a negative balance of 517 million. According to an investment house, deposits could receive further pressure in the coming weeks in view of the launch of the new BTp Valore by the Treasury expected at the beginning of October.
For China -8.8% exports in August, Germany slows down
Chinese exports fell again in August for the fourth consecutive month, held back by sluggish demand from abroad due to the slowdown in the world economy. According to the data published by the Chinese Customs, exports, in dollars, decreased in August by 8.8% per annum, which is however less negative than the -14.5% reported in July and, in any case, the result of last month is in line with analysts’ estimates. China’s trade balance declined in August to $68.3 billion from $80.6 billion the previous month. Industrial production in Germany, on the other hand, fell by 0.8% per month in July according to data released by Destatis. Analysts estimated a more contained contraction of 0.2 percent. Manufacturing production recorded a -1.8% but construction is recovering (+2.6%).
Slightly moved spread at 174 points, yield 4.39%
The fixed income sector on the telematic secondary Mts moved little. Italian government bonds move in sync with the other “core” sovereign bonds and the spread with the Bunds it is confirmed in line with the indications given on the eve. After the first trades, the yield differential between the Italian 10-year benchmark and the German security of the same duration is indicated at 174 basis points from the 175 points of the closing on the eve. The 10-year BTP yields 4.39% compared to a previous closing yield indicated at 4.40%.
2023-09-07 10:04:54
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