Lower opening for the European stock exchanges waiting for the Fed and inflation. The dollar rises for the first consecutive day, oil falls. Mps takes off in Milan, the Tim plan continues (with difficulty).
A test balloon or a hoax? Yesterday afternoon Bloomberg revealed that the German chancellor Olaf Scholz would have opened to the hypothesis of the emission of common debt within the European Union to tackle the energy crisis, with funds disbursed in the form of loans and not grants, according to the Sure model advocated by Italy and France.
The change of route, explains the agency, will serve to get the aid plan of 200 billion euros which, among other things, provides for the payment of the December bill to all Germans. The news had an immediate effect on the spreads, dropped to 227 points (-12) on a three-week low.
Too bad it arrived in the evening the denial by the finance minister of Berlin Christian Lindner, the dog of the FDP soundly defeated in Sunday's vote in Lower Saxony. The feeling remains that something in the European Union is finally moving. However, Bloomberg's scoop had the merit of giving one shock to the markets, resigned to suffer the winds of war blowing on the cities of Ukraine and the dictates of the central banks.
Opening in red for Europe. The United Kingdom suffers
Europe's stock exchanges should today open down, the future of the EuroStoxx 50 index loses 0,5%.
European equities flat yesterday: Milan-+0,06%, Frankfurt +0,01%. The exception is London -0,41% The British finance minister, Kwasi Kwarteng, brought forward the presentation of the fiscal budget to 31 October. Meanwhile, the Bank of England announces that it can put in place another 60 billion pounds to deal with the chaos on the markets from the budget maneuver of the Truss government.
US futures down. Nasdaq at lowest since July 2020
The future of the index S & P500 it is down by 0,4%. Yesterday Dow Jones -0,32%, S&P 500 -0,75%, Nasdaq -1.04%
Yesterday, the Philadelphia Semiconductor Index (Soxx), which includes all the biggest names in the chip industry, lost 3,4% to 314 points, a two-year low after the administration's bans on exporting a series of chips to China with immediate military use.
The first ones get up doubts about the strategy chosen by the Fed. Vice President Lael Brainard admits that the slowdown in the economy could be greater than expected. JP Morgan's Jamie Dimon gives for cthe recession, accompanied by a further 20% drop in share prices. Meanwhile the Nobel goes to Ben Bernanke, the banker who, thanks to low interest rates, avoided the collapse after Lehman Brothers.
The appeal of US debt for China and Japan decreases
The US bond market reopened after the Columbus Day holiday. The Ten-Year Treasury Notes is just under 5%, a level of return not seen since 2010. The biennial, at 4,34%, returns to review the 2007 yield.
However, the American debt, which fell to 23.700 billion dollars, is losing appeal following the divestments of Japanese pension funds and the Chinese Treasury.
The dollar rises, the US unleashes the war of chips: Taiwan -4%
Il dollar it is on the fifth consecutive day of appreciation and in Asia the yen is close to the levels that recently provoked the intervention of the central bank of Japan. Euros -0,3% to 0,969.
In Asia Pacific, the stock exchange reopened with a sharp fall Taiwan, -4%. The maximum weight of the list, Taiwan Semiconductor Manufacturing Company, lost more than 7% as a result of the new restrictions on the sale of chips to Chinese companies.
For the same reason, two other giants of the chip industry, Samsung Electronics and SK Hynix, also fell.
Il Kospi of Seoul is down 2,2%. Tokyo Nikkei -2,6% Hang Seng of Hong Kong -1,5%. The CSI 300 index of the lists of Shanghai and Shenzhen is up 0,3%.
Evergrande gives London the most expensive house in the world
Less than a week before the start of the Communist Party Congress, the news arrives that the owner of Evergrande, the real estate colossus from which the real estate crisis began, has finally decided to sell Knightsbridge Mansions, the London house overlooking Hyde Park, bought three years ago for £ 233 million.
Oil drops, gas plummets to 144 euros
Brent at 95,7 dollars Wti at 90,70. The Petroleum opens 0,6% lower, second consecutive decline. Covid-19 cases in China have reached their highest level since August. Behind the scenes, negotiations are continuing between USA and Venezuela to allow the country to get back on the market. The US has allegedly speeded up talks in response to the "unwelcome" decision taken by OPEC + to reduce daily crude production by 2 million barrels.
Il European gas starts again from 154 euros per mWh. Yesterday it dropped to 144 euros, the lowest price since June. Since the beginning of the war in Ukraine, the amount of Russian gas imported by Italy has dropped to its lowest level since 1990. In 2021, just over 29 billion cubic meters of gas arrived from Russia, equal to 40% of total supplies. At the end of 2022 it will drop to around 11 billion cubic meters, a level not seen for thirty years.
In Piazza Affari: Mps takes off, the Tim plan continues (with difficulty).
The board of directors meets today Mount Paschi and the signing of the assistance and guarantee contract for the 2,5 billion euro capital increase should arrive for the occasion. The banks in the consortium are called upon to take on a share that could reach 900 million euros. The Treasury, the majority shareholder, will put 1,6 billion euros into the recapitalization.
Tim is moving forward with the provisions of the business plan and has therefore launched a Committee to coordinate the activities envisaged for the development of the new structure: the Tim Delayering Steering Committee, will have the objective of guaranteeing the governance and coordination of initiatives related to the project by CEO Labriola. . The working group will therefore serve to coordinate the activities and analyzes relating to the group reorganization project which envisages the separation of the activities related to the fixed infrastructure, which may flow into NetCo, from those of the services which will go into Tim Consumer and Tim Enterprise . The latter could be sold at a valuation of approx € 11 billion, the tender for the sale of around 40% should start shortly.
Eni has started production in two gas fields in South Berkine, Algeria, operated with Sonatrach, with 1 million standard cubic meters of gas per day, expecting to reach 2 million cubic meters by the end of the year.
