Inflation rates are also on the rise. September on the Stock Exchange opens following in the footsteps of what, figures in hand, was the worst August since 2015: American stocks lost more than 4% (Nasdaq -4,6%). It didn't fare better in Europe, though Milano (-3,9%) did better than Frankfurt (-4,6%), confirming that the energy problem affects the markets much more than the pre-election pirouettes. But the near future does not bode well: “Given today's stronger-than-expected inflation data, coupled with hawkish comments and inflationary risks to near-term growth, we expect the Governing Council raise rates by 75 basis points at the September meeting,” writes a note from Goldman Sachs.
Bonds archive the worst month: 6% for Bunds
I bond markets on are adapting to the new conditions. In full pain because the losses of the shares pale in the face of the landslide suffered by pension funds, insurance companies and other institutions that have relied on the Bund. “Bund futures ended August down 6%, one of the worst months in 8 years. Russia is an exception: Moscow bonds, which plunged to 45 cents in June, are now trading at XNUMX, thanks to stable gas revenues.
Futures in red for the Eurostoxx, Wall Street's fourth downturn
The stock market month starts in a minor key. EuroStoxx 50 index futures lose 0,9%. Wall Street was also subdued. Yesterday it closed the fourth consecutive session with a decline in the S&P500 index, which fell to 3.955 points. According to Mike Wilson, head of US equity investment strategies at Morgan Stanley, the end point of the downside is around 3.400 points, which implies a 15% drop from these levels.
Nvidia -5%: Washington prohibits sales to China
Nvidia -5% announced that the revenues of the next quarters could be negatively affected by the entry into force of a restriction on the sale of its chips in China and Hong Kong: The measure aims to reduce the possibility of using devices in the military .
Il yield on ten-year Treasury Notes it reached the highs of the last two and a half months at 3,19%, sixty basis points more than the level at the beginning of August. The two-year, at 3,50%, is at its highest level since 2007. Inflation expectations have fallen, so real rates have risen, the five-year Treasury Inflation Protected (TIPS) is at a yield of 0,77%, highest since 2019: until early August this stock had a negative yield.
The spread rises to 234, Btp to 3,88%
Same script in Europe: the 1,53-year Bund rises to 4%. Even the BTP takes a new small step towards 3,88% (XNUMX%). The spread rises to 234 points (d 230). The interest rates on government securities of 'peripheral' countries also increased, with the Spanish one at 2,72% (+3 points) and the Greek one at 4,07% (+7 points).
In Milan, the Star lost 8% in the month
Red closures for stock lists: Milano -1,22% in line with the other main price lists. Our FTSE MIB lost -3,90% over the month, roughly in line with the rest of Europe. Once again the smaller companies fared worse, the FTSE Italian STAR index lost almost 8%.
Euro retreating after three rising sessions, the cross drops to 1,001. The single currency reached the third consecutive month with a minus sign, -1,5% in August.
Asia also loses momentum, oil is down
On the downtrend of Wall Street, they go down the Tokyo Nikkei (-1,6%), theHang Seng of Hong Kong (-1,5%) and the Kospi of Seoul (-1,7%). The stock exchange opened down 0,7%. Mumbai.
The CSI 300 index of the Shanghai and Shenzen stock exchanges is around parity.
The Beijing authorities have ordered a total lockdown in the megalopolis of Chengdu, 11 million people will initially be subjected to the Covid19 test in the next few hours.
Il Petroleum Brent ($96,3) and WTI both start September down 0,4%. In August, the decline was just over 9%.
Il US gas last month it grew by +11%, the European one by 23%. Yesterday the gas that passes through the Dutch node closed down by 10%. In three sessions it went from 349 to 239 euros per MWh on the expectation that the EU will be able to do something to stem the emergency.
Piazza Affari agenda: Buzzi, Bper and Juventus
Buzzi will join the main basket of business square, replacing Exor, which will be delisted from 27 September, reads a communication from the London Stock Exchange.
Eni chief financial officer Francesco Gattei tells Sole24Ore that the company has no extra gas profits in Italy, indeed, there are recurring losses. The company yesterday updated the amount of the levy decided by the Draghi government. No longer 550 million, but 1,4 billion.
BPER Banca. The ECB has set the new capital requirement at 8,47%, in terms of the Cet1 ratio, which the company will have to comply with, following the completion of the Carige acquisition.
Juventus has reached an agreement with Paris Saint-Germain to sign Leandro Paredes on loan until 30 June 2023.
