On the stock market today there is great anticipation for the announcements from the Fed, scheduled for 20.30 Italian time. But as of now, operators are under no illusions: the cost of money will rise by 75 points and the squeeze will continue: in the spring, US rates will reach at least 4,5% and will remain there until 2024. This, according to the tam tam of Wall Street, will be the message that Jerome Powell will launch to the Stock Exchanges, which are already smelling the air of recession.
Ftse Mib, black jersey of Europe
The future of the EuroStoxx 50 index marks a drop of 0,3% after yesterday's heavy losses: Business Square (-1,66%) was the black shirt under the pressure of sales in asset management.
Heavy too Frankfurt: with a 30 billion euro operation, Germany has decided to nationalize the energy giant Uniper and is also considering buying the German units of Gazprom and Rosneft.
Ford collapses on Wall Street (-12,7%), Nike falters (-4,5%)
He suffers Wall Street. Yesterday the S&P500 closed down by 1,1%, at 3.855 points, below the technically relevant threshold of 3.900 points. Futures are around zero.
Crolla Ford (-12,7%) after profit warning: the higher costs and the delay in supplies will cost the Detroit giant at least one billion dollars. General Motors -5,7%.
Two retail giants under fire: Nike -4,5% after a report from Barclays, Gap (-3,3%) announces the cut of 500 employees.
Japan injects liquidity, the Far East overtakes China
Same script this morning in Asia. The Dow Asia global index loses more than 1%. Nikkei of Tokyo -1,2%. Tonight, surprisingly, the Central Bank of Japan increased the daily amount of bonds to be purchased by 150 billion yen ($1,04 billion). According to the Daiwa investment bank, the central lender is warning that it in no way intends to tolerate an increase in yields.
Also declining Hong Kong (-1,5%). CSI 300 of the price lists Shanghai and Shenzhen -1%. Kospi of Alone -1%. BSE Sensex of Mumbai -0,3%.
For the first time in thirty years, il South East Asia (Vietnam, Thailand, Indonesia) growing faster than China. The Asian Development Bank (ADB) expects the area's GDP to grow by 4,3% in 2022 and nearly 5% in 2023. ADB expects Beijing's GDP to rise by 3,3% against + 5,3% of the aggregate for other developing countries.
The index of dollar it closed up 0,4% to 110,3. We have been at levels for days that have not been seen for about twenty years. The euro falls to 0,996.
Tomorrow the central banks of the UK (expected to increase), Switzerland and Japan will take the field.
Bond yields soar, Bund almost 2%
Even more relevant are the effects of the Fed's strategy on bond markets. Ten-Year Treasury Notes trades on the highs since 2011 at 3,55%, from 3,48% yesterday. Biennial close to 2007 levels at 3,96%.
even the German bund rises to a ten-year high, at 1,96%. Also fly the BTP to 4,2%, but on the eve of the Italian lessons it spread remains stable around 226 points.
Putin mobilizes the army. Moscow stock exchange loses 7%
With a pre-recorded speech, Vladimir Putin this morning he announced the partial mobilization of the army and confirmed the referendum in the occupied areas of Ukraine.
Yesterday the index of Moscow Stock Exchange it lost 7% after the announcement of tax measures on exports.
European gas rebounds, oil slides
The rise in interest rates and the prospect of a recession are holding back the prices of Petroleum: Brent at $90,36, Wti below $84.
Il European gas it rebounded by 7%, to 194 euros per MWh. In the absence of measures at the European level on the price cap and with the flow of gas from Russia 80% lower than a year ago, it is difficult to think of an immediate collapse in the price.
Bitcoin +1% to $19.000. Yesterday it slipped to 18.740, the lowest for two and a half months in the wake of US tech. The loss since the beginning of the year is close to -60%, but it does not stop long-term projects. The Nasdaq, the second operator of the US stock market, is ready to launch a cryptocurrency custody service.
Piazza Affari and surroundings: Investindustrial in Eataly, Unicredit buyback
investindustrial, the private equity firm of Carlo Bonomi, will acquire control of Eataly thanks to a capital increase of 200 million euros. The transaction envisages that, upon closing, Investindustrial will hold 52% of the capital, while the historical partners Eatinvest (Farinetti family), the Baffigo / Miroglio family and Clubitaly (Tamburi Investment Partners) will hold the remaining 48% of the capital overall. The capital increase effectively eliminates the company's net financial debt.
Unicredit launches the second tranche of the buyback program up to one billion euro. This was stated in a press release by the institute, recalling that on 31 August the ECB had given the green light to the operation. The purchases will start in the current week and it is expected that they can be concluded approximately by the month of November 2022.
