STOCK MARKET REPORT by CEO Silvano Grimaldi of the independent asset management company GRIMALDI & PARTNERS Ltd.

STOCK MARKET REPORT by CEO Silvano Grimaldi of the independent asset management company GRIMALDI & PARTNERS Ltd.

MONTHLY REVIEW

The international stock markets ended the month of JULY with significant gains.

SUPPORTING FACTORS

The US Federal Reserve's determination to raise interest rates further is interpreted by investors as a sign of confidence in the robustness of the economy.

Concerns about inflation and recession receded into the background.

Robust economic data from the USA: the retail trade increased its sales in June more than expected. Furthermore, sentiment among industrial companies in the state of New York - as measured by the Empire State Index - surprisingly and significantly improved in July.

EQUITIES IN FOCUS

EMMI sells stake in Italian cheese specialist

Dairy product manufacturer Emmi is selling a stake in Italy. The 25 percent stake in the Italian cheese specialist Ambrosi SpA was sold to the French Lactalis for an undisclosed price.

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MONTH OUTLOOK

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STOCK RECOMMENDATION

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