European stock markets wake up in green after Italy’s clarification on bank tax

The main European stock markets have changed the sign of their last closing and woke up in green this Wednesday in a session devoid of macroeconomic references but of a certain calm for the bank after Italy has qualified its new tax on the sector.

Minutes after the open, Paris was up 1.25%; Milan, 1.22%; the Euro Stoxx 50 index, which brings together the largest listed companies in Europe, 1.1%; Frankfurt, 0.88%; London, 0.79%, and Madrid, 0.58%.

The indicators, impacted the day before by the fall in the banking sector and the decline in Wall Street, have turned positive in a day with few references.

Investors have woken up to the news that China’s consumer price index (CPI) entered negative territory, falling 0.3% year-on-year in Julyits first contraction in more than two years.

As a prelude to the big event of the week, the latest US inflation data, which will be released this Thursday, the markets will see business results in Europe (E.ON and ABN AMRO, among others) and the US (Disney).

The losses registered the day before by Wall Streetwhose main indicator, the Dow Jones Industrials, fell 0.45% after Moody’s lowered the rating of a dozen US regional banks and put the note of other more powerful ones under review, seems to have conditioned the Asian stock markets, also influenced by the Chinese CPI.

So, Tokyo has yielded 0.53% and has broken a three-day upward streak; Shanghai, 0.49%, while Hong Kong, which remains open, is trading practically flat, with an increase of 0.08%.

The main European markets have turned around after their last closure, marked by the falls in banking as a reaction not only to the situation of the entities in the US, but also due to the new tax on the sector announced by the Italian Government .

In the midst of the commotion, Italy has decided to limit the new 40% tax on the extraordinary profits of banks to 0.1% of assetsstill with the hangover of a black day on the Milan Stock Exchange, losing some 9,000 million euros in a single session.

analysts of bankinter They are betting that the tone of the session will be “boring” and the stock markets “should not do anything special”, in line with what futures anticipate.

In this sense, they anticipate that there could be an “inertial rebound” after yesterday’s falls, especially in Europe and, more specifically, in the banking sector, and that the US “will be weaker” until the publication of its CPI .

In the commodity market, Brent oil fell 0.13% to $86.06, after rebounding in the last day after the US Energy Information Agency (EIA, for its acronym in English) ) will improve their economic prospects.

In currencies, the euro appreciates slightly in relation to the dollar and stands at 1.098.

As regards debt, the yield on the bonds of the eurozone countries drops two hundredths, and the interest on the German bond, considered the safest, stands at 2.465%.

Precisely this Wednesday, Germany issues debt again, this time, at 10 years for a volume of 5,000 million euros.