ROME – One day left until the highly anticipated speech by Fed Chairman Jay Powell Jackson hole while the markets read in the minutes of the Central Bank of America related to the July meeting that a “majority” of the members of the Washington institution consider a rate cut in September “appropriate”. Indeed, many knew – given the progress on inflation – that it could have arrived immediately but it was not then considered necessary to proceed.
Trade remains mixed in Asia, with Tokyo positive 0.9%, after the previous day’s positive close on Wall Street. Minor changes also in Europe.
Important data is recorded from European PMI Indexwhich predicts the movement of the economy based on the judgments of the purchasing managers of companies. In France the initial manufacturing index fell to 42.1 points in August, well below the 50 threshold that separates economic recession and expansion. Instead the number of services jumps to 55 so the composite index rises to 52.7. However, data retrieval is poor Germany: manufacturing stopped at 42.1 points, services fell to 51.4 against higher forecasts. In total theThe EurozoneHowever, the composite PMI manages to reach its highest level in three months at 51.2 points, despite the fact that manufacturing remains weak at 45.6 points
Then comes US unemployment benefits.
Among the financial events of the day, the offer signed by the investor in the media continues to increase Edgar Bronfman Jr. to take control of Paramount Globalparent company CBS: it will reach 6 billion dollars, according to reports from people familiar with the record that Bloomberg announced. This could derail the studio’s plan to team up with the independent producer Skydance Media.
The stock markets remain insensitive to PMI indices
The stock markets of the Old Continent unchanged after the PMI indices from the Eurozone: it is the London stock market that rises 0.3%, with Paris, Frankfurt and Milan up 0.2%. Above all, operators seem to be waiting for more precise signals about monetary policies from the central bankers’ summit in Jackson Hole, with the euro holding a level of 1.114 against the dollar, after the level reached a one-year high yesterday afternoon at 1.117. The spread of BTP-Bund is still calm at around 136 points and in Piazza Affari, among the main stocks, there is a purchase based on Cucinelli, Tim and Azimut which gain a little less than one percentage point. Popolare di Sondrio is weak, down 0.5%. In Paris EssilorLuxottica (+1%) reaches an all-time high of 215 euros. “The first indications from the French and German PMI indices – to give an idea to the MPS Marketing Strategy analysts – showed that the manufacturing sector was getting worse. so it could be a temporary increase, and in Germany it will slow down more than expected”, concluded MPS market strategy analysts.
Tokyo ends the session on a high
The Tokyo stock market is closing higher, with the Nikkei 225 gaining 0.68% to 38,211.01 points. Asian shares traded mixed, despite some optimism after Wall Street’s rally, thanks to better-than-expected results from major companies. Trading is likely to remain relatively calm ahead of the annual conference of central bankers in Jackson Hole, Wyoming, where Federal Reserve Chairman Jerome Powell will deliver a much-anticipated speech. It is hoped that it will provide clues as to how deeply and quickly the Fed will start cutting interest rates in September, after raising them to two-decade highs to fight inflation.
WeBuild, two contracts in the US worth almost half a billion
Two tunnels that will help increase the efficiency and capacity of New York City’s rail connections. This is what will be achieved by Lane, an American subsidiary of the Webuild Group, which received a contract worth 466 million dollars (427 million), of which 35% is Lane’s share, for the construction of the Palisades Tunnel. in New Jersey, USA. The contract, explains a note, is the first tunnel awarded by the Gateway Development Commission (GDC) as part of the wider Hudson Tunnel Project (HTP) which includes the construction of a new tunnel between New York and New Jersey and maintain its tunnel that has been there for over 114 years.
Milan did not move much in the early stages
Initial rates were little changed in Piazza Affari following the publication of the minutes of the Fed’s July meeting in which it emerged that most bankers believed a rate cut in September was “probably appropriate”. The Ftse Mib moves on the previous values at 33,321 points (+0.03%). On the price list, finances are mixed with Mps at -0.15%, Unicredit +0.13%, Intesa flat, Generali +0.21%. Tim is up 0.73%. The main energy sectors were compared to Eni and Enel at -0.22 and +0.06 percent respectively. Among industrialists, Leonardo +0.23%, Pirelli -0.37% and Stellantis -0.30%.
EU stock markets get off to a cautious start
Cautious opening of the session for European stock markets due to the Jackson Hole economic conference in Wyoming that starts today and where the President of the Federal Reserve Jerome Powell will speak tomorrow. The Cac 40 in Paris is above parity by 0.08%, the Dax in Frankfurt by 0.06% and the Ftse 100 in London by 0.08%. The Ibex 35 in Madrid is below par by 0.01% while the Smi of Zurich gains 0.13%.
Gas moved slightly
Gas prices showed little change in the first trade of the morning. At the TTF reference point, the September contract is trading at 37.095 euros per megawatt hour, +0.230% compared to yesterday’s close.
Japan’s PMI index is rising
In August, Japan’s PMI purchasing managers’ index for the manufacturing sector rose to 49.5 from 49.1 in July. The manufacturing production index increased to 50.9 from 49.7 and the PMI for the services sector increased to 54 from 53.7. The composite manufacturing index, a weighted average of PMI services and manufacturing output, rose to 53 from 52.5.
Oil continues to fall in Asia
Oil prices continue to fall in Asian markets, with WTI falling to a six-month low, in a market destabilized by a major revision of job creation data from the SA. The price of a barrel of Brent North Sea crude for October delivery was down 0.08% to $75.99 a barrel. WTI fell 0.25% to 71.75 dollars.
Asian mixed bags
Asian stock markets continued their session in particular order after the publication of the minutes related to the Fed meeting in July in which it emerged that most bankers believed that a rate cut was in September “probably appropriate”. Tokyo advances 0.31%, Shanghai slips 0.08%, Hong Kong rises 0.39%, Seoul falls 0.10%
The euro slips but is still close to the highs of the year
Euro down slightly in early morning trade. The single currency changed hands at 1.1141 dollars (-0.08%) while it was at the highest level in 7 months against the greenback and losing 0.13% against the yen (at 161.75). Dollar / Yen exchange rate at 145.17 (-0.05%).
2024-08-22 09:04:34
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