The shock wave of the missile that hit the hospital in Gaza yesterday evening also shook the main world stock markets and the European lists closed lower, while alarms about the risk of terrorist attacks in many capitals of the continent are multiplying.
Wall Street is weak in the American morning, with the president Joe Biden who, in Israel, invites the ally not to repeat the mistakes made by the USA after September 11th.
On the macro front, updates are expected from Federal Beige Book this evening, while from China indications arrived beyond expectations from GDP and retail trade on the day of Xi's summit with Putin to relaunch the Silk Road.
The news from Beijing today is not enough to reduce risk aversion on the markets, with investors directing their purchases towards gold, while oil rises, looking at the possibility that the conflict between Israel and Hamas will spread and directly involve the 'Iran. In fact, the price of crude oil accelerated especially after Iranian Foreign Minister Hossein Amirabdollahian called on Muslim nations to expel their Israeli ambassadors and launch an oil embargo.
The sales hit the bond market and yields rise, while on the currency market interest converges again on the dollar.
Europe in decline; Nexi flies to Milan
In this context Business Square loses 0,82%, falling to 28.135 basis points, despite the jump of nexi which closes with a theoretical +13,17%, following what Bloomberg wrote yesterday, namely that CVC Capital is evaluating a possible offer for Italian society. Sources close to the English fund have downplayed the news, saying that Nexi is just one of the many dossiers on the table, but there have been no contacts with the company for a real offer.
In the rest of Europe it is falling significantly London, -1,15%, weighed down by fears of still lively inflation with +6,7% recorded in September, a pace similar to that of August and slightly higher than market forecasts. In the Eurozone, the annual inflation rate in September was confirmed by Eurostat as falling to 4,3% from 5,2% the month before, but in Italy and Spain prices accelerated to 5,6% and 3,3% respectively. 5,5% from 2,4% and XNUMX%.
Losses on the markets are around one percentage point Frankfurt -1,01% Paris -0,91% Amsterdam -0,98% Madrid -0,95% Zurich -1,35%.
The shadow of stagflation now extends across the continent, according to the governor of the Greek central bank and ECB member Yannis Stournaras: the Israeli-Palestinian conflict could in fact generate new challenges for the European economy, from turbulence in the energy market to an influx of refugees. Given that the eurozone continues to be a large net importer of energy sources, it is “likely – the banker told the Financial Times – that the conflict will have a stagflationary impact if it becomes a problem".
The other markets
On the market currency The dollar returns to the forefront and the euro retreats to around 1,053.
Among raw material the ingot, a traditional safe haven asset, shines: spot gold it is up 1,2% above 1946,5 dollars an ounce.
On the other hand, the futures of the Petroleum, in the Brent version (+1,6%, 91,35 dollars per barrel) and WTI (+2%, 87,15 dollars per barrel).
The price of the product is also growing gas in Amsterdam, +3,8%, 50,730 euros per MWh.
The rise further returns of US government bonds and prices fall. The 4,9-year bond crosses the XNUMX% threshold.
Tensions on British bonds, after the disappointing trend in inflation.
Spreads up
In a global context of uncertainty, the Italian paper reacts weakly. The XNUMX-year BTP rate benchmark closes at 4,98%, not far from the 5% reached in the session. The Bund yield also rises to 2,92%, but spread it widens to 205 basis points.
As regards Italian macroeconomic data, Istat announced that in August the country's trade balance recorded a positive balance of +2,07 billion euros (-9,508 billion in August 2022) and in the first eight months of year the trade balance is positive for 17,956 billion.
Oil stocks rise in Piazza Affari
Net of Nexi, Piazza Affari defended itself with oil stocks, driven by the prices of black gold: Saipem + 3,67% Eni + 0,7% Tenaris + 0,11%.
Among financial stocks, the recent good trend of is confirmed Finecobank + 0,54%.
In other sectors it is appreciated Telecom Italy +0,75%, waiting for the board of directors to examine KKR's offer for the network.
Some ideas have been seen above Erg +0,34% and Moncler + 0,11%.
The list of rising blue chips, however, ends here.
Among today's biggest declines are Interpump -3,89% Cnh -3,28%.
Mediobanca loses 3,88%, penalized by the demotion of Deutsche Bank to "Sell" from "Hold" and a target price of 10,3 euros from the previous 11,3 euros.
They go down Post -2,14% and Italgas -1,98%.
