The European stock exchanges slow down in the final, in Milan (+ 0.1%) Generali leaps before the accounts

(Il Sole 24 Ore Radiocor) – The slowdown of the manufacture and the thud of Petroleumin the wake of doubts about the stability of global energy demand, suggest caution to European stock exchanges, which closed in no particular order, slowing down at the end, the first session of August (after the strong recovery in July). The best is once again Milan, even if it closes a hair’s breadth from parity, always driven by the quarterly effect, whose stability surprised the markets positively. At a brisk pace in the early part of the session, the indices slowed due to the volatility of Wall Street (where, however, Tesla shines after the agreement with two Chinese companies to make electric batteries). But the reasons for tension are not lacking, from the index SMEs manufacturing in the Eurozone at the lows in 25 months due to the sudden slowdown in crude oil (the WTI touches -5% at the end) due to the slowdown in the Chinese economy, pending the decisions of the countries of theOpec + on production levels, on the agenda on Wednesday.
In this climate, with the spread around 220 points, the FTSE MIB closes with a mini-rise driven by the recovery of Saipem (+ 4.2%) and by the good moment of the banks with Mediobanca (+ 0.7%), supported by the quarterly accounts released last Friday and by the confirmation of the strategy of the shareholder Delfin . In light of Generali (+ 2.1%) on the eve of the accounts. At the bottom of the list, sales for Cnh (-3.3%) and the holding Exor (-3.7%) after announcing the imminent farewell to Piazza Affari for the transfer of the listing to Amsterdam. The momentum is also losing momentum CAC 40 of Paris, on DAX 40 in Frankfurt, after falling 1.6% in June and 8.8% year-on-year in retail sales, theIBEX 35 of Madrid, theAEX of Amsterdam and the FT-SE 100 from London.

EU manufacturing down, at its lowest since 2020 in Italy

Manufacturing slowing in the Eurozone. The SME index fell in July from 52.1 to 49.8 points. Furthermore, in Italy the manufacturing PMI index fell to 48.5, the lowest level since June 2020, from 50.9 in June. “The Italian manufacturing sector faced further challenges in July, with a new drop in production and new orders,” said Lewis Cooper, economist at S&P Global Market Intelligence. The figure also dropped in Germany (from 52 to 49.3 points) and in France (from 51.4 to 49.5 points).

In Milan the banks are good, Leonardo recovers

Among the Milanese stocks with the highest capitalization, Leonardo – Finmeccanica recovers after the slip on Friday. Good Saipem, Mediobanca And Intesa Sanpaolo in the wake of the quarterly accounts, higher than forecasts, while General it is increasing well on the eve of the appointment with the publication of the financial statements. At the end of the main basket Cnh Industrialthe holding company Exor, Davide Campari And Interpump Group. Out of the main list, the brilliant debut of Energy on the Euronext Growth Milan market in Piazza Affari: this is the fourteenth admission since the beginning of the year on the Borsa Italiana market dedicated to small and medium-sized enterprises and brings the number of companies currently listed on the EGM to 181.

Tesla shines on Wall Street after the agreement in China on batteries

The title of Tesla climbs on Wall Street d is among the top stocks on the S&P 500, after Elon Musk’s company signed new multi-year agreements with two Chinese companies to supply materials for electric batteries, according to reports from Bloomberg. These are Zhejiang Huayou Cobalt Co. and CNGR Advanced Material Co., which have signed agreements on the prices of their supplies. Additionally, according to Bloomberg, investors expect Musk to sell more Tesla stock by the end of 2022.

BTP / Bund spread trend

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Spread down, also touches 219 points

Trend still down for the spread between BTp and Bund on the MTS secondary market of European government bonds, in the wake of last week’s final. The yield differential between the ten-year benchmark BTP and the same German maturity is indicated at 221 basis points, after having also dropped to 219, from 233 points on Friday 29 July. The Italian 10-year yield decreased to 3.06% from 3.15% on the eve of the year.

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The European stock exchanges slow down in the final, in Milan (+ 0.1%) Generali leaps before the accounts

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