Positive closing for the European stock exchanges, which thus definitively closed the black session of last Monday, managing to record a positive weekly balance. Milan ended trading again above the 25,000 points threshold, as had not happened since last July 14th. Moreover, yesterday the ECB sent an accommodating message, with the number one, Christine Lagarde, who stressed the institution’s desire to avoid a “premature” monetary tightening that would have harmful effects on the transmission of monetary policy and on support for the economy. . In practice, the ECB will have a greater dose of patience, should inflation transiently exceed the 2% threshold. The ball, at this point, passes to the Federal Reserve, whose FOMC will meet next week. Investors are betting that the status quo will be confirmed, but await indications on future moves. Meanwhile, US bond yields are also stable, after strong movements in recent sessions: ten-year yields are around 1.296%. In Italy, the spread dropped to 103 points.
In Piazza Affari the shares of the banks did well, while the market is waiting for the publication of the stress tests scheduled for next week. ST has made a progress of 2.8%, supported by the numbers published by competitors in recent days and in view of the quarterly program on July 29th. Utilities did well, benefiting from the trend in interest rates. Terna (+ 1.9%) was also pushed up by a favorable report from Bank of America. Instead, it lost altitude Telecom Italia (-0,7%).
On the currency, the euro ended the week below the threshold of 1.18 dollars. The currency is trading at 1.1760 (yesterday closing at 1.1775), at 129.99 yen (129.83 yesterday), while the dollar / yen is equal to 110.53. Finally, oil is fairly stable: the September WTI contract dropped 0.1% to $ 71.85 a barrel.
In Piazza Affari, industrial and oil wells
As far as stocks are concerned, while waiting for the quarterly season of the large Italian groups to kick off, almost all of the Ftse Mib is up. Among the best are the energetic ones, returning from volatile sessions together with the trend of crude oil, but also Leonardo – Finmeccanica, with the industrial sector among the best in Europe. Moreover, in the aerospace and defense sector, the French specialized electronics group Thales runs to Paris after having raised its 2021 sales estimates. New session of increases also for Azimut which from the close of July 19 to that of yesterday gained 4.3%, and for Stmicroelectron, with the semiconductor industry looking to the American Intel which reported higher than expected earnings and revenue, but disappointed in part on the third quarter outlook. At a quick pace too Exor, A2a e Atlantia.
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Oil up, positive outlook for the sector
Positive session for stocks in the oil sector, starting from Tenaris, Eni e Saipem. Even though crude oil prices have moved little, WTI and Brent remain firmly above $ 70 a barrel, after recovering from losses incurred earlier in the week, when concerns about the spread of the Delta variant triggered a decline in propensity. at risk and pushed the WTI to a low in several months. “The main reason for the recovery could lie in the resolution of the dispute between the OPEC + countries, which has canceled the possibility of a price war within the cartel and is limiting the downside risk for the price,” explain the analysts of ActivTrades. Equita, which confirmed the valuations of Eni (buy), Saipem (hold) and Tenaris (buy), also speaks of “solid fundamentals” for oil, with the demand for crude oil expected to return to pre-pandemic levels by the end of 2022 .