The mood of the European Stock Exchanges, bubbly throughout the morning, darkens in the early afternoon, when yet another macro data arrives from the United States which sends Wall Street into the red, suggesting an aggressive stance on the part of the Federal Reserve which next week, according to analysts, he will announce a new rate hike of 75 basis points.
Closure in red for European stock exchanges
And this is how the mini rebound hoped for in the morning turned into an afternoon dominated by uncertainty. At the end of the day Amsterdam scores -0,86%, Paris -1% Frankfurt -0,5%. Instead, they are saved London (+ 0,07%) and Madrid (+ 0,36%).
A Business Square the sprint of the banks is not enough and in closing the FtseMib marks -0,22% to 22.365 basis points.
Today's macro data
In the United States, the retail sales in August they beat expectations, rising by 0,3%, despite the downward revision of the July figure. The requests for employment subsidies, falling to its lowest since May and marking the fifth consecutive decline. Down 1% i import prices, while the 'Empire State index – which measures the trend of manufacturing activity in the New York area – rose from -31,3 to -1,5 points in September, against expectations for -13,8 points. This is the fourth negative result of the last five months.
The performance of Wall Street: Nasdaq in deep red
They proceed in red the main American lists, which discount future Fed moves in advance. For experts it now seems certain that the Fed will maintain an aggressive line. Next week, interest rates will likely be raised by 75 basis points for the third time in a row. Indeed, Fed Funds futures (which indicate the chances that the market attributes to a monetary policy move) now attribute a 35% chance to a 1% rate hike. According to Ray Dalio, founder of the investment management firm Bridgewater Associates, inflation will force the Fed to raise rates up to 4,5%-6% (from the current 2,25%-2,50%). Not only that, according to the economist, even if we stayed in the low end of the range, there would be a drop of around 20% on the stock market.
In this context, the Dow Jones yields 0,3% and lo S & P 500 0,7%. The worst price list is the Nasdaq (-1%) weighted by the performance of Adobe which, after the announcement of the maxi acquisition of Figma for 20 billion dollars, yields almost 17% of its value.
The banks keep Piazza Affari afloat
In Milan, the banking sector is the protagonist, with the sector index gaining 0,91%. The ranking of bank raises is led by Bpm bank (+ 1,85%), followed by Intesa Sanpaolo (+ 1,04%) and Unicredit (+0,9%). However, the eyes of investors are focused on Ps (+2,8%). In fact, the shareholders' meeting called to approve is underway the maxi capital increase of 2,5 billion.
The other financial stocks were also positive: nexi (+ 1,45%), FinecoBank (+ 0,71%), Poste Italiane (+0,79%). Well the Agnelli-Elkann galaxy with Exor (+ 1,2%) and Cnh (+ 0,86%).
Pink jersey of the day is Inwit, which closed up 4,5% in the wake of rumors reported by Bloomberg, according to which Kkr and Global Infrastructure Partners would be among the private equity funds interested in acquiring a stake in the Vodafone towers. Swedish investment firm Eqt Ab has also reportedly been exploring a potential investment in Vantage Towers. Vodafone would have invited interested parties to a formal auction to evaluate possible offers, but the share that will actually be sold has not yet been decided. In this context Vantage Tower rose in Frankfurt by 12%, while Vodafone, closed up 1,98%.
Returning to Milan, at the bottom of the Ftse Mib we find asset management securities: Banca Mediolanum (-3,75%), General Bank (-1,9%), Azimuth (-1,1%). Oils are also in red: Saipem (-3,07%), Tenaris (-2,21%), Eni (-2,29%). Seat to forget for Campari (-3,77%), Moncler (-2,69%) And Telecom Italy (-2,74%).
Oil falls sharply, gas cools
The drop in the price of black gold is weighing down oil stocks, with the Brent and the Wti which dropped more than 4%, respectively to 90,16 and 84.83 dollars a barrel.
While the hypothesis of a possible European price cap is moving away, the gas price it stands at 212 euros per megawatt hour, down by 2,92%:
Turning to the secondary: lo spread it rises to 230 basis points, with a ten-year BTP yield exceeding the 4% threshold, settling at 4,04%.
