Mario Draghi resigns, ECB raises rates by 50 basis points, but Russia reopens Nord Stream 1 and increases supplies to ENI (-1,56%) offering (coincidentally?) a barrier to the discontent of the markets.
Also Business Square limits the damage compared to the morning and loses 0,71% (21.196 basis points), but still wears the black shirt in Europe, while the spread flies to 229 basis points (+6,04%), in a field day for Italy with the resignation confirmed by the premier and the ECB which raised rates for the first time in 11 years and to the maximum extent of what has been estimated since here, that's 50 basis points. The move by the Eurotower momentarily provided some oxygen to theeuro, which however soon withdrew and is now trading against the dollar at yesterday's levels, in the 1,02 area.
The launch of the expected anti-spread shield on the other hand, it did not serve to stem the sales of Italian government bonds.
The session was volatile, but quieter in the rest of Europe: Amsterdam it holds the good course already seen on the eve and rises by 1,47%; little moves Paris (+ 0,27%), Frankfurt (-0,27%), Madrid (-0,22%) And London (+ 0,21%).
Volatility on Wall Street and falling oil
The script is similar to Wall Street in the American morning. The earnings of Tesla (+7,5%) support the Nasdaq, but the unexpected increase in weekly requests for unemployment benefits worries investors a little, who are also looking to the next meeting with the Fed at the end of the month, which should raise rates by 75 basis points, raising the odds of a 2023 recession, according to Reuters, to 40 percent.
Fears of an economic slowdown, also underlined by the super-index of the US economy, which fell by 0,8% in June (more than estimated), are holding back oil, already alarmed by the increase in inventories in the stars and stripes seen yesterday. Brent is down 3,34% and trades at 103,34 dollars a barrel.
Russia reopens the taps, but not enough
Reverses the course compared to yesterday instead the gas, while, after ten days of maintenance, the Nord Stream 1main channel to Europe. But Germany says it will miss its target of 90% gas storage by November if supplies remain at their current level, around 40% of capacity.
According to Bundesnetzagentur, the regulator of the network, the lower capacity also affects the transfer of gas to other European countries, including France, Austria and the Czech Republic.
As regards Italy, "Gazprom has announced today the delivery of gas volumes of around 36 million cubic meters, compared with daily deliveries of around 21 million cubic meters made in recent days", writes Eni.
Spreads and yields on the rise
The farewell to Palazzo Chigi of Super Mario, the man of the "whatever it takes" who saved the euro, together with the strong intervention of the ECB on rates (decided unanimously), weigh on the Italian secondary, where the XNUMX-year yield grows at +3,45%, while that of the Bund with the same duration is at +1,17%
In any case, the shock is relatively small, both due to the launch of the shield and the fact that the situation had become difficult for the majority and the elections will be held within 70 days. Furthermore, a change is underway in the political forces in the field which could also bring something good: Equita believes that for an important issue such as the Pnnr "an extension of the deadlines is negotiable at EU level, and that any new government coalition has an interest to push on projects and reforms of the Recovery Plan”.
Depressed banks in Piazza Affari
Post, the largest holder of Italian government bonds, is the worst blue chip of the day and records a decrease of 4,88%.
The other financial stocks are also in red: Bpm bank -4,04% Unipol -3,65% Unicredit -3,37% Azimuth -3,13% Bper E-3,13 Understanding -2,77%.
In the lower part of the list there are also three titles related to political stability: Saipem -3,92% Telecom -4,55% and Leonardo -3,92%.
On a difficult day, however, they find a significant boost Diasorin (+ 4,7%), Amplifon (+ 2,96%), Campari (+ 2,47%), Prysmian (+ 2,24%), Ferrari (+ 1,97%), Interpump (+ 1,28%) and Recordati (+ 1,92%).
Out of the main basket, Mps Bank sells 4,96%: its main shareholder, the Treasury, should raise 2,5 billion euros with a capital increase by mid-November.
