(Il Sole 24 Ore Radiocor) – European stock exchanges cautious as anticipation grows for the Jackson Hole central bankers symposium. The start-up lists tried to consolidate the earnings of the eve by taking advantage of the good news on the vaccine front that mitigated the fears of the market on the resilience of the global economic recovery, pushing Wall Street to new records in the session of Monday 23 August. The definitive green light by the US FDA for the anti Covid vaccine from Pfizer and Biontech in fact, according to observers, it will be able to accelerate the continuation of the vaccination campaign, counteracting the spread of the Delta variant of the coronavirus.
The highlight of the week will in any case be the Jackson Hole central bankers symposium, scheduled from Thursday to Saturday, from which investors expect indications on the start times of the expected “tapering”, the exit from the asset purchase program. , on the part of the Fed. Pending greater clarity on the issue, the stock exchanges therefore remain cautious, with the FTSE MIB Milanese around parity. On the macro front, the continental stock exchanges find encouraging ideas also from the upward revision of the estimates on German GDP in the second quarter: growth was brought to + 1.6% in the economy and + 9.4% trend from the previous + 1.5% and + 9.2%. Eyes also focused on the G7 meeting called to take stock of the crisis in Afghanistan. Among the Milanese stocks with the highest capitalization, Stellantis gains ground after the announcement of a joint venture with Foxconn to develop intelligent interior solutions. Also good Leonardo – Finmeccanica, Saipem e Stmicroelectronics.
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Germany: revised upwards to + 1.6% GDP Q2 + 9.4% year on year
Germany’s economic recovery travels faster than expected after braking due to Covid-19. The statistical office Destatis, in the final reading, has revised upwards the GDP estimate for the second quarter. It is now estimated at + 1.6% compared to the first quarter from the previous estimate of + 1.5% and the annual change is set at + 9.4% from + 9.2% of the preliminary estimate. ‘After the coronavirus crisis at the beginning of 2021 had led to a new decline in economic production (according to the latest calculations -2% in the first quarter), the German economy’ recovered in the second quarter ‘writes Destatis. Compared to the fourth quarter of 2019, the quarter before the start of the Covid crisis, the statistics office specifies, economic production is still 3.3% lower.
Focus su Jackson Hole
Investors’ attention will have been paid for several sessions at the Jackson Hole meeting on Thursday, which will be attended by central bankers from around the world in a virtual way. The main focus is on information from the US Federal Reserve on monetary policy and especially on reduction of stimuli exceptional that have such a part in the rise in the price lists. According to experts, however, more useful and concrete indications will come with the Fed meeting on 22-23 September.
Spread steady at 106 points, oil rises again
On bonds, stable performance for the spread between BTp and Bund on the secondary market Mts after the rise recorded in the final on the eve. The yield differential between the ten-year benchmark BTP and the same German duration is indicated at 106 basis points, the same value recorded at the last reference on Monday. It still goes up Yield of the benchmark ten-year BTp which stood at 0.59% from 0.58% at the previous closing (0.54% at the final on Friday).
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