Volatility session for the European stock exchanges. To intimidate operators is the look at the future of monetary policies: after the monetary tightening by the Fed last night, the hawk of the ECB, Isabel beak insists on the determination to continue to raise the cost of money in Europe, stressing that the looming recession alone is not enough to cool prices.
Japan has also intervened in support of the yen, for the first time since the end of the 90s. Today focus on the Bank of England with the consensus aiming for a 50 bps hike even if a more aggressive move of 75 bps is not excluded.
But the nuclear threat in Ukraine also looms over the markets, after the Putin's speech.
Milan recovers, Europe remains in decline
Recover Business Square which fluctuates around parity. Around 12:45, the Ftse Mib gains 0,06%, anchored above 22 thousand points. Among the European lists Frankfurt leaves 0,63% on the ground, Madrid 0,3%, Amsterdam 0,67%. While Paris it fluctuates on a decrease of around -0,73%, despite the Biosynex agreement for the acquisition of 100% of the capital of the Italian Bigix Pharma. Also in red London -0,29%.
Chinese stock exchanges close in the red: Hong Kong the worst
Closure down for the Chinese stock exchanges which blame the decision of the Fed. At the end of the session the index Shanghai Composite suffered a drop of 0,27%, slipping to 3.108,91 points, while that of Shenzhen it lost 0,62%, at 1.991,85 points. The worst is Hong Kong Stock Exchange where the Hang Seng Index, penalizing by the gloomy prospects for the island's economy, ended trades down 1,6% at 18.147,95 points.
Oil and gas up
After two days of declines, the price of the Petroleum. Thus, WTI of Texas increased by 0,64% to 83,82 dollars a barrel (+1,06%), while Brent revises its level to 90 dollars (+0,9%).
The price of gas on the Amsterdam market, it starts down at 181 euros per megawatt hour, before returning to 190 euros per megawatt hour.
ECB: "Ready for more rate hikes"
From the ECB comes yet another alarm about the slowdown in global economic growth and therefore also in the euro area. “After a rebound in the first half of 2022,” they said from Frankfurt, “recent data point to a substantial slowdown in euro area economic growth, with the economy expected to stagnate over the course of the year and in the first quarter of 2023”.
Although economic activity in the Eurozone benefited from the reopening of the economy in the second quarter of the year (+0,8% on a quarterly basis), also thanks to the strong activity in the services sector following the lifting of restrictions related to the pandemic , and despite buoyant tourism in the summer season, the Governing Council believes that 'the economy will slow down substantially over the remainder of this year'. Indeed, incoming survey data point to downward growth momentum affecting all sectors of the economy in the third quarter of the year.
Piazza Affari supported by the banking sector
In the main list, halfway through the session, Unicredit takes off and gains 5,64%, after the words pronounced by CEO Orcel on the desire to revise the bank's guidance upwards for 2023. Rev up Fineco (+ 3,92%), B for Bank (+ 3,6%), Bpm bank (+ 3,46%) and Intesa Sanpaolo (+ 2,46%).
Travel in positive territory too Poste Italiane (+ 1,60%).
On the parterre of Business Square we note the decreases of Diasorin (-3,29%), stm (-2,98%), Recordati (-3,08%) And Cnh (-2,05%).
Undertone Saipem showing a filing of 0,78%.
Utilities are also suffering, A2a (-1,30%), Ivy (-1,79%), Snam (-1,06%) and automotive sector (Pirelli -2,13% stellantis -2%).
Nervous action for oil sector stocks, Eni records a fractional rise of 0,14%. In red Tenaris (-1,27%).
Spread back below 220 points. The euro goes up
Lo spread Btp-Bund returns below 220 points (219 points), with the yield of the ten-year Btp which has fallen to 4,04% and the yield of the ten-year Bund to 1,85%.
Meanwhile theeuro gain ground. The exchange rate on the greenback settled above parity. The yen fell to a 24-year low of 145,405 to the dollar immediately after the National Bank of Japan's announcement to keep monetary policy unchanged, but then rallied sharply to 144,98.
