Positive morning for European bourses, in line with US Dow Jones, S&P500 and Nasdaq futures contracts. In Milan, the Ftse Mib earns 0.5% in an area of 26.050 points. Furthermore, there is the DAX in Frankfurt (+0.2%), the Ftse 100 in London (+0.4%), the IBEX 35 in Madrid (+0.5%) and the CAC 40 in Paris (+0.8%).
Traders continue to monitor risks from the delta variant of Covid and regulatory tightening in China, awaiting the Jackson Hole Forum starting on Thursday from which indications are expected on the next monetary policy moves.
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. For the first time in the pandemic period, the eurozone’s tertiary sector expansion has outpaced the manufacturing sector, underpinned by the gradual reopening of the economy.
In the US, similar indicators of economic activity are due today, while GDP is due to come out on Thursday. Meanwhile, Dallas Fed President Robert Kaplan said he is ready to adjust his stance in favor of rapid tapering if the spread of the virus continues to threaten the economic recovery.
Moreover, the US Treasury Secretary, Janet Yellen, expressed support for a second term for Jerome Powell at the head of the US central bank, ensuring the continuity of the institute’s strategy.
On the epidemic front, China has again halted domestic cases, while Australia and New Zealand are reviewing plans to contain infections.
In forex, the EUR/USD rises to 1.173 while the exchange rate between the dollar and the yen moves to 110.1.
Among the raw materials, crude oil prices rose with Brent (+3.1%) at $66.7 and West Texas Intermediate (+3.0%) at $64.0.
On bonds, the BTP-Bund spread widens to 105 basis points, with an Italian ten-year yield of 0.59%.
Returning to Piazza Affari, among the large companies, Moncler is ahead (+2.3%), and has recovered after doubts about the luxury sector in China, Nexi (+1.7%) and Unicredit (+1.7%), which are struggling with due diligence on Mps. On the other hand, Enel stock fell (-1.1%).
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