Corre Business Square boosted by the performance ofeuro. Piazza Affari, galvanized by banking sector stocks, thus reacts to the maxi increase in ECB rates, accompanied by the announcement of new, imminent, al rise. The index at 11:30 recorded a growth peak of 2% jumping again above 22 points. The other markets also rallied under the impetus of the credit sector (+2,33% for Eurostoxx banks). The London Stock Exchange is also on positive ground +1,7%, open despite the mourning for the Queen. The future on the Nasdaq was also positive.
The stock market rises driven by the euro, awaiting the EU energy summit
Investors are now awaiting, without too many illusions, the outcome of the meeting of energy ministers of EU countries, looking for solutions to protect citizens from skyrocketing energy prices as winter approaches. In the meantime, European gas trades at 208 euros per megawatt hour.
To support the charge of Taurus contributes the leap forward of the euro, toned up by the rise in interest rates: the Euro-Dollar exchange rate (1,01) reaches a three-week high. The single currency is heading towards its best week since last May with a provisional progress of around +1,50%. Meanwhile, the "hawks" do not hide their satisfaction; Dutch bank governor Klaas Knot reiterated this morning that the ECB will prioritize the fight against inflation over any other concern, including the risk of recession. The yield on the 1,77-year German Bund rises to 1,60%, from 4,03% the day before. For the 5-year Bund future, the sixth consecutive week of declines is approaching. The XNUMX-year BTP rebounds to XNUMX%, +XNUMX basis points. The spread goes back to 224 points.
The rumors about the ECB meeting. Auction Bot: increase returns
According to rumors circulated Thursday evening, a majority of the board of the ECB intends to start a discussion on cutting the reinvestment of maturing bonds as soon as possible. Perhaps already at the board meeting in Cyprus on 5 October in which no decisions on rates are expected. Meanwhile, the 12-month BOT auction on 7 billion securities recorded the highest yields since August 2012: 2,019%.
Borsa Milano, the banks run with Fineco and Intesa
The bank stocks are still driving the race in Milan. But at the head of the platoon, yesterday led by Unicredit, today there are two other thoroughbred horses: Finecobank +5,28% and Understanding +4,16% at noon. The winning streak of credit (increases of more than 2% for Bper, Bpm and Unicredit) was interrupted by the Tenaris +4,3% driven by the increase in oil.
Slow down, but stay on positive ground Tim +1,6% which recovers from the lows of the eve, the result of both the increase in rates that will weigh on debts and the duel between CDP and Vivendi on the value of the network.
Sale Moncler +2,3% after the Buy of Barclays.
Recordati-0,5% is the only negative blue chip of the 40 that make up the Ftse Mib.
