Stock exchanges cautious with US-China tensions. In Milan he snatches Tod’s after Opa Della Valle

(Il Sole 24 Ore Radiocor) – The European stock exchanges they move with caution in a session still marked by the publication of the quarterly reports. Attention remains high on the tensions between the United States and China due to the visit to Taiwan of the speaker of the Chamber, Nancy Pelosi. China, which considers Taiwan as part of its territory, has threatened “serious consequences”. None of the highest offices in the United States of America had set foot in Taiwan in the past 25 years. Watch out for central banks too, after San Francisco Fed chair Mary Daly – usually considered a “dove” – ​​said she was in favor of an aggressive interest rate hike to bring inflation back down. reasonable levels. On the macro front, meanwhile, the PMI Servizi indices are expected today both in Europe and on the other side of the ocean, in day of the OPEC + meeting. Looking at the indices, they move with caution, unable to find a precise direction on FTSE MIB of Milan, the DAX 40 in Frankfurt, the CAC 40 of Paris andAEX of Amsterdam.

FTSE Mib stock market trend

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Opa on Tod’s, watch out for Tim

In this climate, however, the announcement of the brand’s farewell is stealing the show in Piazza Affari Tod’s, with Della Valle who, in concert with LVMH, launched a takeover bid to delist the maison (whose stock immediately aligned itself with the offered price of 40 euros per share, with a theoretical increase of 20%). On the Ftse Mib well Saipem, Telecom Italiawith the hopes of a single network agreement appearing to strengthen and awaiting the accounts, e Finecobank in the aftermath of the six-month report above expectations. At the bottom of the price list Interpump Group And Pirelli & Con the eve of the accounts for the first half of 2022.

Btp / bund spreads down to 223bps, yield rises to 3.05%

Negative start of session for fixed income in Europe. All eurozone sovereign securities recorded a decline in start-up prices on the MTS electronic market and Italian BTps are no exception. The 10-year Italian loses ground but the Bund does too and the spread remains at yesterday’s levels. After the first few exchanges, the yield differential between the ten-year benchmark BTp (Isin IT0005436693) and the same German maturity is indicated at 223 basis points (225 basis points at the closing on the eve). On the other hand, the yield on ten-year Italian bonds is on the rise: it is 3.05% from 3.03% at the closing on Tuesday.

Euros below 1.02 dollars, little moved oil and gas

On the currency market, the euro / dollar barely moved to 1.0161 dollars (from 1.0201 yesterday at the close). The single currency is also worth 135.29 yen (from 134.47), while the dollar / yen ratio is at 133.07 (from 131.81). The price of oil has changed little, while the market is waiting for OPEC +: the October contract on Brent marks -0.2% at 100.2 dollars a barrel and the September future on the WTI -0.4% at 94 dollars. Little gas moved to 204 euros.

New round of macro data, eyes on SME services

On the macroeconomic side, the day opens with China’s SME services Caixin (which rose in July to 55.5 from 54.5 points indicated in June), the German trade balance (surplus of 6.4 billion, clearly above the market expectations), the PMI services indices in July in Italy (down for the first time in 2022 to 48.4 points), France (down to 53.2 from 53.9 points), Germany (down to 49.7 from 52.4 points), Great Britain (dropped to 52.6 from 54.3 points) and the Eurozone (passed to 51.2 from 53 points). Following, retail trade in Italy, producer prices and retail sales in the Eurozone. In the afternoon, the Pmi Markit Servizi and Composito index, industrial orders and the non-manufacturing ISM index will be released in the United States. On the central banks front, a Bullard (Fed) speech is expected, while the OPEC + meeting will also be held.

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Stock exchanges cautious with US-China tensions. In Milan he snatches Tod’s after Opa Della Valle

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