Jul 31, 2022
Weak start for the old continent's stock markets, slowed down by the PMI index on manufacturing activity in China, which fell more than expected. Oil prices fall, pending Wednesday's OPEC+ meeting
European stock markets start the month of August cautiously, after the PMI index on manufacturing activity in China fell more than expected in July, underlining the difficulties of the economy after the repeated lockdowns for Covid. In Milan, the FTSE Mib opened at +0.35%, the Dax in Frankfurt at +0.01%, the Cac 40 in Paris at -0.09%, the Ibex 35 in Madrid at +0.29% and the FTSE 100 in London at +0.27%. The Tokyo Stock Exchange closed higher, with the Nikkei index up 0.69% at 27,993 points.
ANTI-INFLATION MONETARY TIGHTENING
Over the weekend, some Federal Reserve governors reiterated the need to raise interest rates further to slow the price race. Still on the subject of monetary policy, further tightening is coming from the UK, Australia and India in weeks.
On the currency market, the euro is slightly higher at $1.0219. The price of oil is falling, with investors' eyes focused on wednesday's OPEC+ summit, from which indications on new production levels are expected. Brent with an October maturity is trading at $103.32 per barrel (-0.63%). The cost of gas rose (+1%) to 193 euros per megawatt hour.
AT PIAZZA AFFARI FOCUS ON GENERALI
The quarterly season continues, today the board of directors of Generali is on the agenda (+1.20%). CNH Industrial (+0.44%) was also followed, closing the second quarter with record consolidated revenues of 6.082 billion dollars (+17.5% compared to the second quarter of 2021). The spread opens at 218.3 basis points, the yield on the Italian Treasury bond is at 3.02% and the German one at 0.8%.