European stock exchanges looking for confirmation, Milan in red. Gold always on top

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ServiceTHE DAY of the markets

After a record second quarter, investors are looking at macro data and pandemic developments to decide whether to continue the rally. In Piazza Affari, eyes are on banks. on the agenda, the Italian manufacturing index and US employment estimates

by Chiara Di Cristofaro and Eleonora Micheli

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AFP

After a record second quarter, investors are looking at macro data and pandemic developments to decide whether to continue the rally. In Piazza Affari, eyes are on banks. on the agenda, the Italian manufacturing index and US employment estimates

4 ‘of reading

European indices looking for direction in the first day of the third quarter and after the newly archived records. The world stock exchanges have seen the best three months for 11 years, even if the balance sheet since the beginning of the year continues to be negative, except for the Nasdaq which has largely recovered what was lost in the January-March collapse with the pandemic. At this point, investors are looking for confirmations to continue the rally: confirmations from the macroeconomic point of view, with the recession that will hopefully be short, albeit intense, and from the health point of view. with the containment of the virus especially in the United States, where the infection does not seem to stop.

Manufacturing SMEs in Europe are improving with a fine lockdown

The Eurozone manufacturing PMI index rose to 47.4 in June from 39.4 in May. Markit’s monthly survey points out that “the severe contraction of the Eurozone manufacturing economy continues to decrease in June” induced by the Covid-19 epidemic. The SMI index, Markit reports, has “grown significantly at highest value in four months improving compared to the previous flash estimate. “Registering an increase of eight points since May, the Index recovered” further from the recent negative peak in April “. In Italy, the Pmi Index rose to 47.5 in June from 45 , 4th of May.

Powell’s alarm. What prospects for the coming months?

Fed number one, Jerome Powell, called for caution: “The future trend of the American economy is very uncertain considering the effects of the coronavirus pandemic,” he said. In the face of this uncertainty, the government is preparing to launch a new massive aid plan to support the economy, as confirmed by the Secretary of the Treasury, Steven Mnuchin. But what are the expectations for equities in the coming months? “After the strong rebound in the second quarter i the coming months are uncertain and volatile“, Luigi Nardella of Ceresio Investors underlines.” The re-acceleration of infections in the United States is of great concern – he says – the quarterly results of the companies that will be published shortly will be strongly negative with little visibility about the future “. Nevertheless, Nardella remains”positive on the equity markets in the medium term based on highly expansionary economic policies and a recovery that could be faster than expected. Any summer corrections could be excellent buying opportunities, “he adds.

FTSE Mib Business Square performance

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In Milan shot of Prysmian, eyes on bankers

In Piazza Affari Prysmian takes off from the start, Interpump, Diasorin and Hera are well set. The attention of the market focuses on banking: Intesa Sanpaolo is earning positive territory a few days after the launch of the oops on Ubi, scheduled for Monday 6 July. Banco Bpm is weak while the market wonders whether an aggregation with Banca Mps is in sight for the institution. Telecom Italia remains under special surveillance, awaiting developments on the single network with Open Fiber and while the war has broken out between the two companies. According to indiscretions, the company led by Luigi Gubitosi is preparing legal actions against the subsidiary of Enel and Cdp for unfair competition, after the same Open Fiber has asked 1.5 billion for damages to Tim in the lawsuit filed at the Milan court. Outside the main basket, all the azini of football are falling after the Serie A clubs have given a mandate to the president of the League, Paolo Dal Pino, to continue talks with the private equity funds for television rights.



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