Weak European stock exchanges and which widen losses mid-session. Milano the worst loses 0,86%. The rest of Europe is no better: Paris (-0,67%), Frankfurt (-0,74%), Madrid (-0,75%) And Amsterdam (-0,42%). Instead, it reduces losses London (-0,02%%). Investors continue to follow the indications coming from central banks. The Fed, as vice-president Michael Barr reiterated, does not exclude that rates could remain high for a long time, while the well-known FOMC hawk Michelle Bowman reiterated her request for further increases. Even for the ECB's chief economist, Philip Lane, the European Central Bank has not yet won its battle against inflation and still has work to do.
Also accentuating the nervousness of the markets are the new data frominflation in the OECD area: rose to 6,4% in August 2023 after 5,9% in July. Between July and August, the OECD writes in a note, inflation grew in 14 countries, particularly in Turkey which showed a strong increase of around 10 points.
THEunderlying inflation, i.e. net of food and energy products, remained substantially stable, at 6,8% in August. However, In Italy, inflation fell from 5,9% in July to 5,4% in August, reaching its lowest level since January 2022, while it remained broadly stable in Germany, Japan and the United Kingdom.
Piazza Affari in slow motion: MPS doing well, utilities in the red
They hold up on the Milanese price list Ps (+ 2,16%), Campari (+ 1,08%), Amplifon (+0,86%). Eyes on Mediobanca (-0,77%), after Delfin presented the list of candidates for the Board of Directors and board of auditors for the three-year period 2024-2026. They travel positively Iveco Group +0,47% and Recordati (+0,52%). Oil and energy are suffering, except for Saipem (+ 0,36%) and Tenaris (+0,17%). Bad Erg (-2,71%), Enel (-2,17%), Ivy (-1,43%) And A2a (-1,03%). Rain of sales for Prysmian (-3,22%) And nexi (-2,6%). Down too Moncler which does not benefit greatly from the market launch of the collection for Adidas in the shops and online stores of the two brands.
Euro at lows, oil and gas down
On the currency, the dollar US continues its upward trend in the wake of the increase in Treasury yields. L'euro it is worth 1,0466 dollars (1,0574 on the eve), after a survey of the Eurozone manufacturing PMI showed that demand continued to contract. The dollar rally also put further pressure on the pound and the yen (149,809). This rise in the greenback also has a significant impact on the performance of other asset classes, including the Petroleum. After reaching three-week lows, crude oil is still losing ground: Oil prices start the day lower: WTI drops by 0,54% to 88,34 dollars a barrel, while Brent loses 0,72% to $90,06. Sharp decline also for the gas traded in Amsterdam, -7,26%, with the price equal to 36,48 euros per megawatt hour.
Spreads increasing
On the government bond front, it is spread between BTP and Bund is rising. The differential marks 192 points (+3,11%) from 187,9 at yesterday's closing. The yield on the Italian 4,86-year bond is at +2,94%. While the German one at +XNUMX%.
The second day of placement also got off to a good start Btp Value which is heading towards a collection of 7 billion euros. This morning, Tuesday 3 October, it obtained over 2 billion orders while in the first session, Monday 2 October, the new security issued by the Treasury and intended for retail, it obtained 162.577 contracts for a value of over 4,7 billion.
