The rise you do not expect was triggered by the arrival of a new, heavy signal of the slowdown in the United States economy: the decline in the ISM manufacturing index from which emerges the reduction in delivery times, the increase in inventories and, for the first time, the prospect of a hiring freeze. In short, rate care it's working. Better not to overdo it, therefore. The unexpected confirmation arrived tonight from the other side of the world: the central bank of Australia it made a minimal rate hike, only 25 basis points, more modest than the half point expected by the market. Almost a revolution for the institute which has always lived up to expectations for 15 years. In short, the Reserve Bank does not let its guard down on inflation, but don't neglect growth. Immediate market relief: the Sydney S&P ASX200 index is up 3,5%. The Australian government bond appreciates by 3,64%, +25 basis points.
Futures on the rise in Europe and the USA. Tokyo is also up
The breeze that blows from the land of kangaroos and koalas also gives hope the European lists. The stock markets of the Old Continent should open higher, EuroStoxx 50 futures +1,2%.
The expectations of even more positive Wall Street where the recovery began yesterday: The S&P 500 index gained 2,6%, the Nasdaq 2,3%. The trend of futures anticipates a continuation of the rally today.
Also Tokyo achieved a robust +2% increase. The North Korean missile that passed over the skies of Japan tonight had no effect on the stock market.
The Asian figure, however, is less significant because most of the lists are closed for the golden week, the Chinese mid-August.
The Brazilian Stock Exchange is on fire, world markets at the top
Last evening the Brazilian stock exchange closed up +5,5% on the news that Lula and Bolsonaro will go to the ballot the 30 October.
THEMSCI ACWI (acronym for All Country World Index), which summarizes the snapshot of global stock markets, closed the best session since 2,2 August up 10%, at 2.429 points.
What consistency can this have sudden fix trendy? At most we can speak of a bear rally, or a rebound within a bearish phase. Partly because the Fed does not intend to loosen its grip, partly because Europe is on the eve of decisive days for the energy match. Claudio Descalzi froze expectations yesterday: “It is hard to be confident for winter, "Said
The crisis of Crédit Suisse weighs heavily, the reverse of the British government
It helps to complicate the picture the Crédit Suisse crisis, yesterday down to -12% before the rebound to +0,93% in Zurich, under the scrutiny of the Swiss authorities, ready to intervene to avoid an encore by Lehman Brothers.
Meanwhile, although the British government has given up on the idea of cut taxes on the rich, the Bank of England issued a statement reiterating its willingness to buy up to 5 billion pounds ($5,65 billion) of long-dated Gilts.
In this frame Business Square +1,57% recorded the best performance on the continent, despite Banca Generali -4% not confirming the speculative appeal.
The yield of the BTP falls. T bonds run
Lo spread moves back to 232 basis points (-4,57%), with falling rates for the 10-year Btp at 4,2% and for the Bund of the same duration at +1,89%.
The T.reasury Notes ten-year bonds trade at a 3,60% yield, from 3,80% yesterday morning. The biennial is at 4,04%, from 4,20% yesterday. Real rates have also dropped Treasury Inflation Linked it moved to 1,41%, from 1,60% last week.
In flight Exxon and Chevron, accelerates Gm
Worth noting is the rise in the oil stocks: Exxon Mobil and Chevron up 5%. A little less ago Gm which heralds good sales figures as opposed to Tesla (-9%).
The drop in tensions reflects on the currency market. The dollar index is in its fifth consecutive session of declines. Euro-Dollar barely moved at 0,982.
Oil runs, Cingolani proposes a common mechanism for gas
Oil rose sharply yesterday +5,5%. This morning Brent at $89,3. The belief is strengthened that Opec Plus may decide on Wednesday 5 October in Vienna to cut production by more than 1 million barrels a day.
European gas down to 169 euros on the lowest since July. The ministry for ecological transition intends to propose a European mechanism that imposes a maximum range of variation for the price of gas within the European Union, making a weighted average of the indices of the main world hydrocarbon exchanges.
The Atlantia takeover bid kicks off in Piazza Affari, along with the sales of Stellantis
Reuters anticipates that the 10 October the takeover bid of the Benetton group and of Blackstone on the Atlantia minority interests will begin.
For Mount Paschi, the new restructuring commitments agreed by the Treasury with the EU Commission, which published its decision yesterday evening, include the sale of shareholdings such as the stake in Bancomat and Visa for 250-300 million, the reduction of the leasing portfolio also through sales and the disposal of properties for 100 million.
Finally stellantis. The group's registrations in Italy rose by 2,42% year-on-year in September against a general market figure of 2,78%, according to data from the Ministry of Infrastructure and Transport.
MediaforEurope. Citi lowers the target price. Rtl has abandoned the sales plan of the controlling stake in the French broadcaster M6. On 23 September, two sources said that MFE had sent a non-binding offer to acquire this controlling stake together with a French industrial partner not present in the television sector.
