European stocks close positive e Square Business is the best, +0,88%, 21.678 basis points, on the day when the ECB launches a maxi-increase in rates. To give tone to the Milanese price list are above all the banks, attracted by higher earnings thanks to higher rates. The spread goes down, but yields go up. Weak euro.
ECB in club 75
Eurotower has therefore entered today in the "Club 75", central institutes such as Fed e Bank of Canada which, in this period, intervened to the extent of 75 basis points on rates, the same which will probably decide the Bank of England next week and that the US institute will repeat for the third time in a row on 21 September.
The board of directors of the ECB raised interest rates by 75 basis points, the reference rate went from 0,50% to 1,25% and the rate on bank deposits with the ECB (for which the two-tier system was suspended) from 0,75% to 1,50 %.
After Christine Lagarde's decision, continental markets quickly slipped into the red, on alarm from the inflation forecasts still rising and by economic growth less robust, but they rallied just as quickly with Wall Street's green light.
Nervous Europe and Wall Street on the rise
After a nervous session, the final photo sees Frankfurt trailing a modest 0,09% decline, trailing Paris+ 0,33% Amsterdam + 0,46% Madrid + 0,88%. London rises by 0,42%, with investors' attention turned to the maxi-plan against expensive energy presented by the new premier Liz Truss, but the heart of British subjects is turned in these hours to the precarious conditions of health of Queen Elizabeth, at Balmoral Castle, where all members of the royal family are gathering.
Overseas wall street, after a weak start, it is moving into positive territory with the three major indices.
Euros down
The hard line of the ECB is not enough for theeuro to recover parity against the dollar and the single currency fell to around 0,995. The exchange rate is not a monetary policy objective, Lagarde recalled, even if the losses against the greenback are not extraneous to today's aggressive choice.
On the other hand, the path of hawks in central banks was traced precisely by the Fed. And today Jerome Powell he reiterated that the Stars and Stripes institute is "strongly committed to fighting inflation". This price increase "would never have happened without the pandemic". The Fed harbors hope that this war on high living costs can be waged without the "very high social costs" seen in other inflation fights.
Goldman Sachs says the Fed's rate hike path will be steeper than previously estimated: the investment bank expects another 75bp hike this month and further hikes to hit 3,75-4% by the end of the year. 'year.
Gas under 200 euros, then it goes up again
Ahead of tomorrow's meeting of EU energy ministers, the gas price it fell below 200 euros, down to 194 euros, and then partially recovered. The choice of a ceiling on the price of Russian gas is apparently not unanimously shared by the various countries and it is probable that no political measures will be approved tomorrow, but rather the options that enjoy the greatest support will be clarified, giving Brussels an orientation on what will have to appear in the final proposals.
After the recent losses, oil is struggling to recover ground in the light of the new monetary tightening and Brent is trading at around 88,5 dollars a barrel.
Euphoric banks in Piazza Affari
Euphoric banks today in Piazza Affari: Unicredit leads the rise with a gain of 6,02%, followed by Bpm bank+ 5,16% Bper + 3,09% Finecobank + 2,76 % Understanding +2,38%. However, he does not find peace Ps, which falls by another -2,39%.
On the Ftse Mib they stand out Interpump +2,11% ed stm +1,35% healthcare stocks such as Diasorin + 2,3% Amplifon +1,78%, Recordati +1,24%.
Instead, it closes the list of discounts Telecom, -5,15%, to new historic lows during the session at 0,1916 euros. Rumors relating to disagreements between shareholders weigh on the stock. This fact, comments Banca Akros, makes it more difficult to reach an agreement on the creation of the single network, already put to the test by the macroeconomic scenario and by the imminent Italian political elections. Utilities are back after the good performance on the eve. In particular, they go down Italgas -1,75% A2a -2,02% Terna -1,68% Snam -1,56%.
Outside the main basket it sinks Gas Plus (-11,43%) after the results of the first half which saw the company, which produces and sells gas, record a loss of 6,9 million euros mainly due to the extraordinary contribution of 8,1 million linked to the taxation extra profits against expensive bills.
Spreads down, rates up
The closure is positive for the Italian secondary, although government bond yields are on the rise following the decisions of the ECB.
Lo spread between the ten-year benchmarks of Italy and Germany it drops to 224 basis points (-2,52%), with a rate of the Btp at 3,95% (from 3,86% yesterday) and of the Bund at +1,71% ( from +1,57%).
