(Il Sole 24 Ore Radiocor) August begins with a sign of caution and moderate increments from European stock exchangesdistance July to the rescue And after the index of small and medium-sized enterprises in China’s manufacturing activity fell more than expected in July, which underscores the difficulties faced by the economy of the People’s Republic of China. In addition, over the weekend, some Fed governors reiterated the need to raise interest rates to curb inflation, which is still torrential. In addition, new pressures on borrowing costs are expected in the UK, Australia and India this week.
Despite the good performance of the Asian stock exchanges (Tokyo’s Nikkei + 0.7%), FTSE MIB From Milan and other low-moving indicators: CAC 40 Paris, DAX 40 In Frankfurt, after declining 1.6% in June and 8.8% year-over-year in retail sales, ibex 35 MadridAEX from amsterdam h FT-SE 100 from London. For now, the declining data on SME manufacturing in Italy, Germany, France and the Eurozone is not affected.
Eurozone manufacturing declines, lowest in Italy since 2020
Manufacturing slowdown in the eurozone. The index of small and medium-sized enterprises in July decreased from 52.1 to 49.8 points. Moreover, Italy’s manufacturing PMI fell to 48.5, the lowest since June 2020, from 50.9 in June. “The Italian manufacturing sector faced more 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 decreased in Germany (from 52 to 49.3 points) and in France (from 51.4 to 49.5 points).
Leonardo recovers from Banks performance in Milan
Among the Milan stocks with the highest capitalization, Leonardo – Finmeccanica Recovering after slipping on Friday. Good Mediobanca And the Intesa San Paulo Following the quarterly accounts, higher than expectations, while general It is growing well on the eve of the appointment with the publication of the financial statements. At the end of the main basket Nixie And the Interpump Group.
Spread less than 230 points
The BTp and Bund spread in the European government bond MTS secondary market remains bearish, following last week’s final. The yield differential between the ten-year BTp benchmark (Isin IT0005436693) and the same German maturity is indicated at 225 basis points from 233 points on Friday evening. The Italian 10-year yield fell to 3.06% from 3.15% on the eve of the year.
The euro is a little higher, oil is down, gas prices are going up
In the currency market, the euro rose slightly to $1.0219 from $1.0195 on Friday. The dollar is weak against the yen, at 132.53 (from 133.46), while the euro / yen ratio is at 135.44 (from 136.06). The price of oil is falling, while the market awaits the OPEC + summit on Wednesday to define production levels: October future on Brent crude is down 0.63% to $103.32 per barrel. The price of natural gas on the Ttf platform in Amsterdam increased by 1% to €193 per megawatt-hour.