(Il Sole 24 Ore Radiocor) – The European stock exchanges start the week under the banner of caution, after the brilliant performances ofprevious octave (+ 3% Paris, + 2.5% Milan, + 1.78% the Stoxx600) accompanied by the new Wall Street records.
The European lists seem to follow the orientation of the Chinese ones, especially Shanghai, while Tokyo is closed for holidays, and leave worries for the moment aside for the moment. spread of the Delta variant of Covid-19, in particular in China and the United States, while investors look to the Federal Reserve after the American data on the labor market (+ 943 thousand new jobs in July compared to the previous month): waiting for the American inflation data for July to be released Wednesday. That said, the indices proceed on alternating current, as the FTSE MIB of Milan, on CAC 40 of Paris, on DAX 30 in Frankfurt, the Ftse 100 in London, theIBEX 35 of Madrid andAEX in Amsterdam.
Oil under pressure, asset management
At Piazza Affari, sales on oil, thanks to the new fall in crude oil prices, and on various banking stocks such as Banca Pop Er e Banco Bpm. Assets under management are lively starting from Azimut, Finecobank e Mediolanum Bank, thanks to the consolidation assumptions in the sector which presented brilliant results in the first half of the year. Among the best Unipol, again taking advantage of the results presented on Friday: the stock continues in the race that has led the prices to grow by 11% in the last three weeks, given that, according to investment houses, the distribution of dividends and the large discount with respect to the Net asset value at which the share deals are the basis of the performance of the Stock Exchange
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Exhibition sector in light, Nusco also among the best
Purchases on the stock exchange in the exhibition sector thanks to the imminent release of the new public refreshment points for the companies in the sector. Milan fair is up sharply, while Italian Exhibition Group (Rimini and Vicenza) runs even more. On Friday, the Minister of Tourism Massimo Garavaglia announced the informal go-ahead by the European Commission of the derogation from the “de minimis” regime, relating to state aid, which until now had limited public contributions to cover the losses suffered due to the closures imposed by anti-Covid restrictions. The decision will be formalized after August 15th. Out of the main list, among the best too Nusco, which debuted last Friday and is also benefiting from the entry of Building construction in the capital.
Oil down to three-week lows
Oil in sharp decline after the retreat (-7%) of the last week: the October Brent by 2.5% at 68.9 dollars a barrel, the September WTI is traded at 66.55 (-2.5% on the close official on Friday). Both contracts are at three-week lows. Concerns about the Chinese response to the new infections weigh on crude oil, but also the trend of the dollar (whose strength normally penalizes assets denominated in the same currency) and the July data on Chinese crude oil imports (still less than 10 million barrels per day ).
Gold hits 4-month lows, then recovers
Good US employment data released on Friday, a sign of the solidity of the US recovery, and possible moves by the Federal Reserve push down the price of gold, which has slipped to its lowest level since March 31 and then recovered. . The precious metal lost 1.1% to 1,744.25 dollars an ounce, but had come to lose 4.4% to 1,684.37 dollars, precisely the lowest point since March 31st. “The data on American jobs exceeded expectations, triggering the dollar’s rally and the decline in safe-haven assets such as gold and silver”, writes Carlo Alberto De Casa for Kinesis, pointing out that “from a technical point of view, after weeks of movements lateral, the first sign of weakness of gold was the move away from the range between 1,790 and 1,820 dollars ». However, the recovery we witnessed, with the ounce back above $ 1,700, “shows that the initial drop was caused by an overreaction of the market to a low liquidity scenario.”
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