The European stock exchanges lose momentum after the positive start. At these levels, the Eurostoxx index risks ending August with a loss of around 4%. Better Business Square which at 11:30 recorded a slight decrease. During the month, however, the acceleration in consumer prices continued: +9,8% against the forecast +0,6%, the trend rises by 9% (against 8,15), while the "shopping cart" rises to +0,7%, one percentage point higher than in July.
Record inflation in the euro area: markets fear a Fed-style jumbo hike
Price pressure is reflected in the bond market. Ten-year yields rose to 3,85% (+ 5 basis points) and the Bund to 1,51% (from 1,46%). The pressure from the hawks is also growing in view of next week's ECB board meeting: Joachim Nagel, president of the Bundesbank, underlines that further steps on rates should not be delayed for fear of recession.
Unicredit and Poste run in Milan, utilities are in sharp decline
The increase in the cost of money is reflected this morning in most of the banks, favored by the increase in industrial margins. At the top of the index figure Unicredit + 2,84% The institution received the OK from the ECB at the launch of the second tranche of buybacks, up to one billion euros, equal to approximately 5% of the market value. The bank specified in a note that the launch is subject to approval by the ordinary and extraordinary shareholders' meeting on 14 September. Also up sharply Bper +1,46%. Well Poste Italiane +1,15. The Pago Pa platform for the digital notification of Public Administration documents between Poste and PagoPa which could offset the negative impact of the reduction in paper registered mail.
The landslide continues Mount Paschi dropped to new historic lows of 0,312 euros. Since the beginning of the year, the loss is -63%. The market capitalization of the world's oldest bank has fallen to just over 300 million euros.
At the bottom of the main list are utilities, over which hangs the sword of Damocles for an intervention on extra profits: among the hardest hit stocks is Terna about -3%, followed by Italgas e Ivy with decreases of more than 2%.
The tax on extra profits hits Eni, eyes on Saipem
It gets worse Eni which towards the end of the morning loses about 5%. The company has re-determined the amount of the extraordinary contribution to be paid by energy companies for the high bills to approximately 1,40 billion euros. At the end of June Eni had determined an extraordinary contribution of approximately 550 million, paying 40% of the advance. The redetermination follows the opinion of August 12 from the Revenue Agency in response to a request for a ruling from Eni.
Saipem announced this morning that Francesco Caio has resigned. In his place Alessandro Puliti, currently general manager, mandated by ENI.
Among the worst Cucinelli and Aquafil, also bad Exor
Surprisingly, Brunello Cucinelli stands out among the worst stocks -6.21% after an amazing quarterly performance: profits more than doubled, revenues expected to rise by 17% within the year: a classic drop in sell-on news.
The market reacted identically to Aquafil's rising accounts, today -6%.
Of note Exor. While waiting to complete the move to Amsterdam, the Agnelli safe has invested a 10 million euro chip for 3,5% of Ultraviolette Automotive, a startup active in the development of electric motorcycles in India.
