After a positive start, halfway through the session Business Square and other European stock exchanges they turn negative. Markets remain vulnerable to bad news, especially on the back of deteriorating macro data (such as above-expected growth in German producer prices). Among investors there is a climate of anticipation for the two-day meeting of the Fed, the US central bank, which tomorrow should increase the cost of money by another 75 basis points to counter inflation (some analysts are preparing for a 100-point increase) . But the Fed is not the only one moving in this direction: the Bank of England should also announce a hike of 50 or 75 points on Thursday. While the Swedish central bank raised its key rate in one fell swoop by 100 basis points to 1,75% from 0,75%.
Milano it dropped 0,76% with the Ftse Mib at 21.973 points. Among the main European Stock Exchanges Frankfurt falls by 0,70%. Paris loses 0,84%, Madrid 0,92%. Limit your losses London (-0,2%%) which reopens after the funeral of Queen Elizabeth.
Lo spread between Btp and Bund it rises to 227 (+0,52%) points as does the yield on the Italian ten-year bond which rises to 4,17%.
Il gas price falls, with TTFs dropping 0,14% to 182 euros per megawatt hour, pending the extraordinary meeting of energy ministers on 30 September. Also turns in flexion Petroleum with the wti (-0,27%) at 85 dollars a barrel. Brent is flat and reaches 92 dollars.
Weak session for their, which trades 0,39% lower.
The euro resists on parity with the dollar with which it trades at 1,0004.
Production prices in Germany: new leap
The problems of German industry continue. According to the German Federal Statistics Office, industrial prices recorded an annual increase of 2022% in August 45,8 after +37,2% in the previous month and against the +37,1% expected by analysts.
On a monthly basis, prices marked a change of +7,9%, against +5,3% in July and against the +1,6% estimated by the market. It's about the new ones record ever on both a monthly and annual basis.
I energy prices recorded an increase of 20,4% on a monthly basis and 139% on a year-on-year basis. Mainly responsible for the robust increase in energy prices was the sharp jump in electricity (+174,9%), underlines the Federal Statistical Office.
In addition, prices have increased significantly year-on-year for i as well intermediate goods (+17,5%) and capital goods (+7,8%) as well as for durable and non-durable consumer goods (10,9% and 16,9% respectively).
Piazza Affari is weak: banks are in swing, luxury is doing well
In this negative day for Piazza Affari, there are few blue chips that put in a positive performance. On the main list they keep B for Bank (+ 0,53%) and Pirelli (+0,35%), They also move up Moncler (+ 0,32%) and Salvatore Ferragamor (+0,47%), with the beginning of Milan Fashion Week which brings media attention to the various brands.
The strongest declines occur on General Bank (-4,92%) And Ps (-4,42%), after yesterday announcing the reverse stock split plan (1 new ordinary share for every 100 existing since 26 September) functional to the capital increase expected this autumn. The Lion of Trieste has announced that it has closed a settlement agreement with the Revenue Agency: the company will pay 46 million euros to put an end to the disputes by the Italian tax authorities.
Heavy losses also for Banca Mediolanum (-3,26%), Amplifon (-3,02%) And Interpump (-2,99%).
Also in red Intesa Sanpaolo (-1,75%) on which the Antitrust has launched an investigation for alleged unfair commercial practice. Volatile Telecom Italia (-1,17%)
Utilities are also down A2a (-1,21%), Italgas (-0,87%), while slightly up Eni (+ 0,36%).
