Markets – Milan slowed (+0.2%), crude oil flows

European stocks slow despite a positive start to Wall Street after the recent eighth heavy sell-off. In Avary Arena, the Ftse Mib posted a modest +0.2% in a region of 25,970 points, moving as little as Frankfurt’s Dax (+0.1%), London’s Ftse 100 (+0.3%) and Madrid’s Ibex 35 (+0.4%), Cac 40 in Paris is more advanced (+0.9%). Offshore, the Dow Jones (+0.7%), the S&P500 (+0.8%) and the Nasdaq (+1%) are recovering.

Operators continue to assess the recovery risks posed by the delta variant of the Covid virus, as well as the Afghan crisis and regulatory tightening in China, awaiting the Jackson Hole Forum that kicks off Thursday and which has indications of the next steps expected of monetary policy.

Meanwhile, US Treasury Secretary Janet Yellen has spoken in favor of a second term for Jerome Powell at the head of the US central bank, while the President of the Federal Reserve Bank of Dallas, Robert Kaplan, said he is ready for it. He reviews his declining stance as the spread of the virus continues to threaten economic recovery.

On the epidemic front, China has once again wiped out domestic cases, while Australia and New Zealand are reviewing plans to contain infections.

In the morning, preliminary indicators of SMEs for August were released for the main European countries, which continued to show solid growth, despite some slight slowdown due to delays in supplies. Similar dynamics in the US, with manufacturing and services expanding albeit at a slower pace than in July. Eurozone consumer confidence fell to -5.3 points in August.

In forex, the EUR/USD rose to 1.173 while the exchange rate between the dollar and the yen stabilized at 109.9.

Among the raw materials, crude oil prices rose again with Brent (+4.7%) at $67.8 and WTI (+4.9%) at $65.2.

On bonds, the BTP-Bund spread widens to 107 basis points, with an Italian ten-year yield of 0.59%.

Returning to Piazza Avary, among the majors, Moncler (+2.8%) is ahead, rebounding after concerns regarding the luxury sector in China, Tenaris (+2.1%) and Saipem (+2.1%) in the wake of crude oil. On the other hand, Enel (-1.9%) and Recordati (-1.2%) shares fell.

Source MarketInsight

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