After a Thursday that is forbidden for the faint of heart, the markets promise a quieter, if not exactly relaxing, end to the week. Investors have digested both the rate hike that the prediction of new upward adjustments in line with the next US moves. This morning the euro trades at 1,019, recovering even if still dangerously close to parity with the dollar. Above all, however, Madame Lagarde was able to defuse the Italian bomb. The ECB board unanimously approved it anti-spread shield, the "Transmission protection instrument" will allow the ECB, at its discretion, to intervene to mitigate the financing costs of the most indebted countries, provided that they respect "sound and sustainable fiscal and macroeconomic policies". In summary, Frankfurt will have the means to defeat any speculative temptation. But the Italian government, whatever it is, will have to respect stringent rules: inflation, war, energy are not topics to joke about.
Eurostoxx future rises by 0,2%
European stock exchanges, thus reassured, should open slightly higher the day after the positive closure of Wall Street: the future of the EuroStoxx 50 index gains 0,2%.
Yesterday Piazza Affari closed on the upswing, limiting the drop after a disastrous day to -0,7%. The banks and Poste Italiane, linked to the performance of the Btp, remain significantly down.
The spread restarts from 229, rising sharply but without breaking through that ceiling which could trigger the red alert for the balance of the Eurozone.
Energy and grain, two good news
The European lists have finally received two positive news:
- the recovery, albeit only at 40%, of the gas flows of the North Stream towards Germany;
- Russia and Ukraine have caught up an agreement to allow the recovery of wheat exports through the Black Sea. This was announced by the Turkish government, specifying that the agreement will be signed today in Istanbul.
Tesla flies, Snap falls (-27%), leader in online advertising
Yesterday evening Wall Street's mood, up to that moment more than positive, suffered a setback after the release of the disastrous Snap data: -27% in the After Hours below 12 dollars. The big names in the social economy have declined, as well as all the companies linked to advertising sales on the Internet: Meta -3,8%, Alphabet -2,8%.
Previously, driving the Nasdaq (+1,36%) and the S&P (+0,99%) was the rally of Tesla (+10,1%) after the accounts for the quarter. Apple and Amazon are also making a great recovery (+1,5%) one week from the quarterly forecast for the 28th. From the lows of June, the tech index marks a rebound of 13%.
The T-bond below 3%, holds back the dollar
2,90-Year Treasury Notes appreciate to 3,01%, from XNUMX% yesterday. The yield curve on the ten-year – two-year stretch is increasingly inverted, a level never seen in the last twenty years.
The dollar index is about to close the week down 1%, first weekly negative sign after three positives.
Nikkei + 4,7% in the week, Hong Kong on parity
Asia-Pacific stocks closed the week up. The Nikkei rises (+0,5%), with a weekly balance of +4,7%. In Japan, inflation rose by 2,2% year on year in June: the increase is in line with expectations. Given that consumer prices are not driven by demand, it is highly unlikely that the data will prompt the central bank to change its stance on monetary policy in the future. But the weak yen, Governor Kuroda admits, is now a problem.
Hong Kong's Hang Seng on parity, recovering from tonight's lows. Weekly balance +1,4%. The Hang Seng Tech, slightly above parity, ends the week at these price levels with a rise of 3,6%.
The CSI 300 of the Shanghai and Shenzen lists (-0,2%) is an exception: the return of Covid in China is holding back the weekly performance: -0,5%.
Seoul Kospi -0,3%, +3% per week. Mumbai's BSE Sensex +0,3%, +3,9% on the week.
Oil down, gold back above 1.700
WTI oil was down both yesterday and the day before yesterday, up 0,8% this morning to $97. Brent $104,7. Gold at 1.713 dollars an ounce, -0,3%. Bitcoin -0,7%, just under $23.000.
Titles under scrutiny: Telecom, D'Amico, Roma football is leaving
On the front line Telecom, grappling with Moody's downgrade of its debt to B1 from Baa3. The share plunged yesterday to 22 cents because the single network could be a victim of the crisis, also because Vivendi has put its valuation of the network on paper: 32 billion, a figure that scares any buyer.
Inwit. The government has placed a series of requirements to the agreement between Tim and Ardian regarding the radio signal transmission towers.
Enel. Total installed capacity in H91,9 is 88,9 gigawatts from 2021 gigawatts in HXNUMX XNUMX.
D'Amico refinanced bank debt maturing in 2023 relating to three MR vessels.
AS Roma. The tender offer launched by Romulus and Remus concludes today, which confirms that there will be no further extensions of the terms and there will be no other price increases with respect to 0,45 euro per share.
