(Il Sole 24 Ore Radiocor) – Thequarterly effect which, in many cases better than expected, are giving investors confidence in the strength of the post-Covid recovery, despite the Delta variant. The European stock exchanges they all closed in positive territory, with the sole exception of London. No jolt came from the benefits data US unemployment, down as expected, while attention has already shifted to the US labor market report (scheduled for August 6). This will be a key figure to evaluate the Fed’s moves on the possible reduction of the purchase plan. Meanwhile, reassurances come from the other central banks: the ECB confirmed the forecast of strong growth for the Eurozone in the third quarter, while the rise in prices is defined as temporary. In the wake of the Bank of England which left interest rates unchanged, thus strengthening the pound, and revising the two-year inflation target above 2%. In this climate, the FTSE MIB ended the session higher with the rally of Ferrari fresh from a series of weak sessions in the wake of the quarterly. Risiko in the credit sector, da Unicredit a Bank Mps, which was triggered after the accounts higher than analysts’ estimates. It also rips Bca Carige thanks to losses halved in the half year.
Wall Street up after job subsidies
Wall Street is up while on the macro front attention has already shifted to the American employment figure, arriving on August 6. In the meantime, weekly requests for subsidies in the US have dropped by 14 thousand units, in line with forecasts. But the focus is also on the Fed’s moves: the vice president of the central bank, Richard Clarida, has in fact hypothesized a rate hike in 2023 and a possible review of the bond purchase program to be announced by the end of the year, which has prompted purchases. on the dollar.
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ECB, rates at a standstill until inflation is stable
“In the recent strategy review, the Governing Council set a symmetrical inflation target of 2% over the medium term. The reference rates have been close to the lower limit for some time and the prospects for inflation in the medium term are still well below the target set ». This is what the ECB economic bulletin states, in which it is emphasized that in support of the objective of symmetrical inflation of 2% and in line with the monetary policy strategy, the Governing Council “expects the key ECB interest rates to remain at or below current levels until inflation reaches 2% well in advance of end of the projection horizon “.
In addition, the euro area economy “recorded a recovery in the second quarter of the year and, with the easing of the restrictions, proceeds towards strong growth in the third quarter”, it reads. “It stood at 1.9% in June and should increase again in the coming months and then decrease again next year”.
In Piazza Affari, UniCredit and Ferrari close at the top
On the Milan Stock Exchange, attention remained high on the quarterly reports: after the positive numbers of Intesa Sanpaolo, investors weigh those of Banco Bpm, Bca Carige e Bank Mps, also in the wake of the hearing of the Minister of Economy, Daniele Franco, who in Parliament outlined the contours of the possible “marriage” with Unicredit. The numbers of Pirelli & C, while Tenaris published the accounts for the second quarter and the half year, which showed a return in surplus, with a profit above estimates, and better than expected revenues (up in the three months and down in the quarter). Budget results also for Interpump Group, which closed the second quarter with net sales up by 37.2% and consolidated net profit up to 74.5 million (from 30.2 million).
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