Caution prevails on European stock exchanges, but not for Business Square which ranks first in the morning on the whole subdued of the main European price lists, hit by generalized sales in the aftermath of the thud of Wall Street, caused by US inflation (+8,3%) which has again triggered fears of an imminent increase in Federal Reserve rates, but also by the speech of the President of the European Commission Ursula von der Leyen in Strasbourg on the state of the Union, which has "nervoured" the utilities with the famous tax on extra profits.
In particular, the purchases especially on the banking sector are allowing the Ftse Eb (+ 0,51%), followed by Madrid (+0,37% led by Inditex which owns the Zara brand among others) to go against the trend with respect to the other indices held back by utilities and raw materials: Amsterdam loses 0,43%, Paris 0,31% and Frankfurt 0,52%, after the decision of the German State to leave Lufthansa as a shareholder which leaves more than 4% on the ground.
The worst, though, is London (-1,07%), drowned by the data on British inflation, which, although slowing down, saw the core data, surprisingly, slightly accelerate, by 0,5% per month and 9,9% on a yearly basis (from 10,1 ,XNUMX% of July). Even the Bank of England, next week, will increase the cost of money again to fight inflation: the expectation is for an increase of half a point in the next two meetings.
Lufthansa: Germany sells last tranche
La Germany sold the last tranche of shares of Lufthansa which he had held since the summer of 2020, when with a massive 9 billion intervention and the purchase of 20% of the capital he had avoided the bankruptcy of the German airline crushed by the effects of the pandemic. Berlin has progressively sold its stake since last year and in July it still held 9,9% of the capital. The last tranche was sold "for over 1 billion and the overall balance of the privatization is positive for 760 million", affirmed Jutta Donges, director of the Fund.
Milan is saved thanks to Nexi, Ferrari and banks
Little helps the Von der Leyen speech to the European Parliament on the energy emergency plan. The tax on extra profits depresses utilities, where they are among the worst stocks Ivy (-2,98%), A2a (-1,72%) And Italgas (-1,15%). On the other hand, the banks that offset sales on utilities shine: Bpm bank + 3,49% Bper +3,26% and Unicredit +2,87% col green light from the assembly to the buyback.
In red Leonardo, which shows a marked decrease of 1,83%.
But the queen of blue chips is nexi, which gains 4,68%. Cars are also at the top of the list: they are up sharply Ferrari (+2,94%) which finally unveiled the Purosangue (the first Maranello SUV) on 13 September after months of anticipation and stellantis which rises by 1,06% after announcing that it has entered into a agreement with General Motors for the share repurchase relating to 69,1 million shares of common stock.
Slightly moved spread, Btp yield at 4%
In the meantime, the pressure on government yields in the Eurozone remains, confirming the weak prices of the opening, in the wake of the negative data of the negative trend of US inflation and in the perspective of a hawkish Fed: the 4-year BTP is at 1,73% and that of the Bund with the same duration at +XNUMX%, by one spread by 228 basis points (+1,06%).
Oil up slightly, gas up sharply
Seat up slightly for the euro-dollar, which advances to 1,001. Among the raw materials the Petroleum up by just over half a percentage point with Brent aiming for 94 dollars a barrel and Wti just below 88 dollars a barrel. Gas price back above 200 euros per megawatt hour in Amsterdam (at 211 euros, +6%).
