Today’s Stock Exchanges, July 20th. EU price lists are on the rise. S&P: “The medium-term prospects for Italy are improving”
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The European stock exchanges rallied during the session, waiting for Wall Street which yesterday had finished positively, with the Dow Jones who put in the eighth session in a row with the most consecutive goals. Mixed performance in Asia, with Hong Kong in positive territory and Tokyo which closed at -1.23%.
Positive signals are coming from S&P on our economy. “Even in the midst of a weakening business cycle we do not expect Italy to fall into a deep recession and the medium-term outlook is brighter than previous slowdowns,” writes the rating agency in the Italy chapter of a report on bank resilience.
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Inps, positive balance of 614 thousand contracts in four months
Wall Street opens mixed, Tesla and Netflix weigh on the Nasdaq
Mixed opening for Wall Street with Tesla and Netflix, whose quarterly reports have disappointed the market, sinking the Nasdaq (-0.61%). The Dow Jones gains 0.41% while the S&P 500 is down 0.14%.
Inps, positive balance of 614 thousand contracts in four months
In the first four months of 2023, 2,650,621 new employment contracts were activated while 2,036,309 were terminated with a positive balance of 614,312 contracts. This can be read in the tables of the Observatory on the precariousness of the INPS. The balance of permanent contracts is positive for 250,252 contracts, higher than the 191,489 of the same period of 2022. The activations of permanent contracts are down slightly (-3.7%) to 512,405 but the conversions are increasing (280,866) and the terminations from stable contracts are decreasing (from 622,862 to 563,831 with -9.5%).
Eurostat updates GDP, there is no more recession in the Eurozone
Eurostat has updated the data on the Eurozone’s GDP in the first quarter which is now 0% compared to the -0.1% indicated on 8 June last. Thus, the technical recession which, on the basis of the previous estimate, was created with a decline in GDP for two consecutive quarters vanishes. The EU GDP data was revised from 0.1% to 0.2%.
EU Stock Exchanges expect Wall Street to rise
The European stock exchanges continue the session in positive ground in view of the start of Wall Street where futures are mixed. There is a climate of prudence on the markets awaiting the decisions of the central banks expected for next week. After the latest inflation data, investors are betting on less aggressive positions in terms of rate hikes. The Stoxx 600 area index gains 0.3%. London and Madrid did well (+0.7%). Paris (+0.4%), Milan and Frankfurt (+0.3%) are also advancing. In the spotlight the quarterly results with JeasyJet (-2.5%). The main lists are weighed down by the technology sector (-2.2%), after the results and prospects of the semiconductor giant Tsmc. The luxury sector (-0.3%) and tourism (-0.8%) also fell. Energy purchases (+1.2%) with oil slightly up. Wti rose by 0.1% to 75.46 dollars a barrel and Brent to 79.74 dollars (+0.3%). Utilities are advancing (+0.6%) while gas reverses course and rises above 27 euros per megawatt hour. Banks (+0.5%) and insurance companies (+0.8%) were positive. On the government bond front, yields are little moved. The spread between the BTP and the Bund continues at 164 points and the Italian 10-year rate is stable at 4.07%. Tenaris (+2%), Bper (+1.5%) and Unicredit (+1.1%) shine in Piazza Affari. Sales on Stm (-1%), in line with the European sector. Inwit and Amplifon also fell (-1%).
Pnrr, S&P alert: delays could hurt economic performance
The Pnrr will play “a fundamental role for future growth”. Thus S&P in the chapter on Italy of a report on the resilience of banks. “Given the size of the recovery plan, using even a fraction of these funds would give a significant boost to growth. However, we believe that delays in future disbursements could hurt economic performance,” adds S&P.
However, the rating agency sees Italy holding up: the Italian economy is slowing down but “recession is not our base scenario”. According to analysts, after a better than expected 2022 and first quarter of 2023, we expect GDP growth of 1% in 2023 and 0.6% in 2024.
Europe is turning positive
European stocks turn positive after a weak start. The main lists focus their attention on the quarterly reports, the results of which will allow the state of health of the economy to be tested. The issue of interest rate hikes by central banks still holds sway on the markets. On the currency front, the euro rose to 1.1207 against the dollar.
Weak start for European stock exchanges
Weak start for the European stock exchanges, with investors looking at the conflicting signals coming from the US quarterly reports and technology under pressure after the disappointing accounts of Tesla and Netflix. After the first exchanges, only London is moving in positive territory, with a gain of 0.19%. Instead, Frankfurt (-0.23%), Paris (-0.18%) and Milan (-0.10%) move below parity.
Tokyo closes at -1.23%
Oil prices barely moved on the commodity markets: the barrel of Wti for delivery in August changes hands at 75.36 dollars a barrel with an increase of 0.01% while Brent for delivery in September is trading at 79.47 dollars a barrel with an increase of 0.01%
Little moved oil price
Oil prices barely moved on the commodity markets: the barrel of Wti for delivery in August changes hands at 75.36 dollars a barrel with an increase of 0.01% while Brent for delivery in September is trading at 79.47 dollars a barrel with an increase of 0.01%
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