Prudence still prevails on the financial markets, held back by the gas war and by awaiting central bank decisions on the eve of the ECB meeting and in view of the Fed meeting on 20-21 September. Meanwhile, the Bank of Canada raised rates today by 75 basis points to 3,25%, the likes of which has not happened for 14 years.
Wall Street, positive at start up, moves up. On the S&P 500 it shines Twitter, +4,8%, after a Delaware judge rejected Elon Musk's request to postpone the start of the trial in which he opposes the bird to November (from October).
Contrasted European squares
European markets close mixed and not far from parity, albeit encouraged by the EU Commission's energy plan.
Business Square unable to break free from Monday's levels and scores +0,04%, stopping at 21.489 points, despite a rotation that favored utilities today. Inducing purchases in the sector throughout the euro area would be the rumors of FT and Bloomberg, according to which the ceiling on prices being studied by the EU for the renewable sector would be 200 euros per megawatt hour, therefore higher than forecasts.
Frankfurt thus rising by 0,35% thanks to the leap in Rwe, +7,57%; Madrid it appreciates by 0,4%. Paris it is colorless, held back by luxury stocks that look to China. I'm down Amsterdam -0,37% and London -0,5%.
The spread falls on the eve of the ECB
The grip on eurozone government bonds eases, 24 hours from ECB meeting that tomorrow he will pronounce himself on the new increase in rates, after the step of 50 basis points made in the last meeting. Bets on a 75-point move had recently prevailed, but the splits between the hawks and doves on the board would not heal and a 50-point move appears to have regained momentum. In any case today it is spread between the Italian and German ten-year period, it falls by 229 basis points (-1,22%) and rates fall: the BTP closes at +3,86% and the Bund at +1,57%.
Euros on the upswing
On the currency market theeuro strengthens, while remaining below parity with the dollar, in area 0,994. The GDP of the block in the second quarter contributed to give courage to the single currency, which rose beyond expectations: +0,8% compared to the previous quarter (+0,7% in the EU) and +4,1% compared to the same quarter of 2021, against estimates of +0,6% and +3,9%. In Italy the growth was 1,1%.
Employment is good: +0,4% both in the euro area and in the EU compared to the previous quarter.
The declines are clear for yen e GBP against the greenback.
Oil and gas down
Le Putin's threats (it will no longer sell oil and gas to those who put a ceiling on prices) and macro-Chinese data scare the Petroleum, which continues in a descending parabola. Brent is trading at around $89 a barrel, down 3,93%. The WTI plunged heavily, -4,3%, to 83 dollars a barrel in the October delivery, at its lowest since January.
"Given the renewed weakness - MPS Capital Markets underlines - we do not rule out some form of verbal intervention by OPEC+ in the short term, to remind the market that they can cut a greater share of production if necessary".
235 euros per megawatt hour falls in the area natural gas on the Amsterdam TTF platform.
Speaking of energy prices today the president of the European Commission Ursula Von der Leyen he said at Friday's meeting the commission will propose a ceiling on the price of Russian gas, a cap on the revenues of companies that produce cheap electricity and the windfall profits of fossil fuel companies, which would have to pay a "solidarity levy" based on the accumulated profits, and finally easier state guarantees for energy service companies.
Piazza Affari recovering with utilities and Prysmian
Piazza Affari's utilities rebound starting from Ivy, +2,69%, yesterday in the black jersey. They follow Enel +1,53%, e Italgas + 0,89%.
The best blue chip of the day is Prysmian +2,81%, but Stm is also picking up speed +2,11%, despite the Apple customer moving with lead feet, +0,3% before launch of the iPhone 14, the Apple Watch Series 8 and an update to the iOS operating system, at an event in Cupertino at 19pm Italian time.
In the automotive well Ferrari + 1,23% stellantis +1,06% and Iveco +0,84%. Bank stands out among the financial ones Mediolanum + 1,29%.
While the banks are weak, in particular Unicredit -1,61% and Bper -1,42%.
Leading the line of declines today are oil stocks as well: Tenaris -3,15% Eni -2,80% Saipem -1,87%.
In decline Campari -2,14% and healthcare stocks such as Diasorin -2,1% and Amplifon -2,13%.
