Another session in apnea for Europe, Milan stems from a decrease (-0.8%) thanks to pharma

Another session in apnea for Europe, Milan stems from a decrease (-0.8%) thanks to pharma
Another session in apnea for Europe, Milan stems from a decrease (-0.8%) thanks to pharma

Listen to the audio version of the article

(Il Sole 24 Ore Radiocor Plus) – Weak sitting for the European stock exchanges held back by declines in banks and cars which recorded negative performances on a continental level, with decreases in sectoral indices by more than three percentage points. Always with eyes on the Federal Reserve, in Piazza Affari the Ftse Mib lost 0.8%, in Frankfurt the Dax40 1.72% and in Paris the Cac40 0.56%.

Possible recession scenarios in the face of overly aggressive Fed rate policy remain a major concern for investors, with macro data providing no relief. Industrial activity in the Eurozone fell sharply in June. In fact, the Markit manufacturing PMI index had a decline that brought it to 52 points, down from 54.6 points in May and the lows of the last 22 months. In the US, weekly claims for unemployment benefits fell less than expected, the current account deficit increased more than estimates, and manufacturing and services PMI fell to their 23 and 5-month lows, respectively. Meanwhile, Fed President Jerome Powell, today in the House hearing – after yesterday’s Senate one – reiterated that the United States has a strong economy and that the commitment to reduce inflation is total.

FTSE Mib stock market trend

Loading …

Positive Wall Street, recession concern remains

On Wall Street, the Dow Jones closed the session up 0.64% to 30,677.36 points, the Nasdaq up 1.62% to 11,232.19 points while the S&P 500 gained 0.98%. at 3,796.80 points, when concerns remain in the background for a possible recession in the United States, with consequences on global markets. Federal Reserve Chairman Jerome Powell did not do much to allay fears: yesterday, he said that “it will be very difficult” to bring inflation under control without causing a decline in economic activity. Today he reiterated that the United States has a “very strong” economy and that it has “fully recovered”. During his testimony before the House Financial Services Committee, Powell said inflation in the United States is “the consequence of very strong demand” and that the Fed “is using its tools” to curb it. . Powell then said that “it is possible to have a strong labor market while inflation falls.”

Saipem thud in Milan, redemption of utilities

In Piazza Affari, another session of passion for Saipem which fell by another 8%, after the -21.56% on the eve, again due to the publication of the terms of the 2 billion euro capital increase. Positive session, on the other hand, for Amplifon (+ 7.93%), in a day of purchases for the healthcare-pharmaceutical sector and utilities. The trend of the yield curve, with the long-term one declining, knocked out the banks, in particular Deutsche Bank on the Frankfurt Stock Exchange (-12.19%), while it supported health-pharmaceutical stocks, starting from Amplifon, followed in Milan by Diasorin, which gained 5.87% and Recordati 3.68%. On the banking front, Bper lost 4.81%, Unicredit 3.95%, Banco Bpm 2.93%, Mediobanca 2.25% and Intesa Sanpaolo 2.16%. The session highlighted the redemption of the utilities: Terna + 3.45%, Italgas + 2.72%, Hera + 2.09%, Snam + 1.73%, A2A + 1.57% with Enel +1.33, when the auto sector – very cyclical – still paid duty in the face of recession fears. Cnh Industrial fell by 6.44%, Pirelli by 5.62% and Iveco Group by 3.95%, when Stellantis lost 2.13%. With the price of oil under pressure, Tenaris had a drop of 3.02% and Eni of 1.97%. With the holding of the French luxury sector, led by LVMH (+ 2.6%), in Milan Moncler recorded a progress of 2.13% and Ferrari of 1.2%.

The article is in Italian

Tags: session apnea Europe Milan stems decrease pharma

PREV US inflation, the Fed: other surprises possible
NEXT the victims are two cousins