The European price lists score the fourth consecutive session on the rise, but reduce the gains in the final. The session was effervescent, thanks to the drop in gas prices, the British backtracking on the tax reform and Wall Street's sound start, after yesterday's leap, but it is not clear whether the climate on the markets has really changed or whether it is a flash in the pan mainly due to deflated wallets.
Even in New York the indices are slowing down, with the focus remaining on quarterly reports and in the foreground, today, there is Goldman Sachs (+1,99%), second best stock on the Dow Jones after profits down but higher than expected. The bank confirmed plans to reorganize its business into three divisions, as part of a further restructuring in less than three years. At closed markets expect the accounts of Netflix (-2,56%).
Piazza Affari queen in Europe with Frankfurt
Business Square she is queen in Europe, +0,93% (21.518 basis points) driven by Telecom +6,36%, which regains speculative appeal with shares close to historic lows. The rights of Ps (+38,50%) after yesterday's crash. Energies are down with the weakness of crude oil.
In the rest of Europe it is also among the best +0.93%, follow Madrid + 0,67% Paris + 0,44% Amsterdam + 0,24%. London takes note of an apology from Liz Truss and appreciates by 0,25%, while the pound takes a breather as expectations of rate hikes by the Bank of England have diminished after the reverse of the British government on tax plans. Furthermore, it does not appear that the British central bank has plans to postpone the sale of the large amount of government bonds accumulated during the coronavirus crisis.
On the currency market the dollar is strengthened andeuro barely holds the levels reached, just over 98 cents.
Falling gas and peak oil
they collapse i gas prices and those of oil with different effects on the markets.
The presentation of the plan of the EU Commission to contain energy prices and which will have to be voted on by the 27 countries in the meeting on Thursday and Friday. The attempt at greater unity and the proposals presented by the president Ursula Von Der Leyen caused futures prices to slide in Amsterdam. At 15 pm, methane lost more than 10% and traded below 114 euro MWh.
They are four key points proposed by the Commission: pooling of at least 15% of gas purchases; compulsory solidarity between countries; energy savings (about 15%, as is already happening); price controls, with a "dynamic and temporary" ceiling. In fact, work is being done to overcome Amsterdam to create a new price index and avoid big speculations. Meanwhile, in the event of exaggerated peaks, the EU can intervene daily on the Dutch market.
As regards the Petroleum meanwhile, declines in crude weigh negatively on sector stocks and are the result of concerns about an economic slowdown and a drop in demand, especially after China, the world's largest importer of crude oil, delayed the release of originally scheduled economic indicators for today, without setting a new date.
Brent loses 2,31% and falls to 89,5 dollars a barrel; the Wti drops by 3,2% to 81,80 dollars a barrel.
Piazza Affari, Telecom in the foreground
It was to give a show in Milan today Telecom, already highlighted yesterday. The purchases are animated by the press indiscretion on a possible takeover bid on the whole by the CVC fund with Vivendi and the government, while the time is lengthening for an agreement with the CDP.
Another title in the spotlight, which is not part of the blue chips, is Monte Paschi Bank (+0,13%) with the start of the hyper-dilutive capital increase of 2,5 billion euro. The shares remain in the two euro zone, i.e. close to the subscription price, while the rights that yesterday lost more than 90% today recover more than a third of their value.
After the capital increase MPS will also have to find a spouse and the main candidates remain Unicredit (+ 1,43%) and Bpm bank (-0,11%) despite the unsuccessful approaches in recent months.
Sul Ftse Eb the banks archive a positive session, the better it is Understanding + 3,43%.
In other sectors it shines Diasorin +4,53%, well bought yesterday too, thanks to Roche's quarterly numbers (-0,33%) in diagnostics and Morgan Stanley's positive opinion on the medical technology sector. Well Amplifon + 3,73%.
In strong recovery Post +3,63%, while it is confirmed in cash nexi +3,76%. According to data from the Innovative Payments Observatory of the School of Management of the Politecnico di Milano, paytech recorded a 185% increase in transactions with smartphones in stores in Italy in the first six months of the year, equal to a 164% growth in volumes , compared to the same period of the previous year.
Industrialists are appreciated: Buzzi + 3,81% Interpump +2,91%; Iveco +2,79%; stellantis + 1,62%.
The weakness mainly concerns oil and utilities. Tenaris (-1,99) is in the dark, also due to profit taking after the leap on the eve.
In decline Eni -1,33%.
Down Terna -1,07% Italgas -0,66% Snam .
Weakness even for Leonardo -0,19% and Campari -1,35%.
Spreads up
The session ends in red for the Italian paper: lo spread between 10-year BTPs and Bunds with the same duration, it rises to 241 basis points (+1,38%). The yield of the Italian bond is 4,68%, while that of the Bund is 2,27%.
