After yesterday's bright spot, sales are back on European lists, worried by the boost to inflation that comes from record gas and oil prices and disappointing macro data. The finish is higher than the lows reached in the session, but still in the red. Milano lose 1,35%, Frankfurt -1,53% Paris -1,3% Amsterdam -1,3% Madrid -1,66% London -1,14%. The opening is also out of tune a Wall Street, which is currently trading on the downside with the bait of outstanding debt and White House economic advisers warning, "Without a ceiling hike there will be a global financial crisis, over which the United States will be powerless."
Risk aversion pushes the dollar higher against other currencies. L'euro it yields 0,5% and trades around 1,154. Paradoxically, cryptocurrencies ei are snapped up bitcoin touches 55 dollars, the highest in the last 5 months, with a leap of more than 10%.
Buyers are also returning to US government bonds and yields are falling on the long curve (the 1,5-year bond remains above 0,89%). In Europe, on the other hand, rates are still slightly up, in particular the 0,18-year BTP rises to +0,19% and the Bund remains at -XNUMX% (from -XNUMX% yesterday), therefore the spread grows to 107 basis points (+1,98%). A disparity perhaps due to political tensions in the beautiful country, which however do not affect the choices by Mario Draghi. "The Government is moving forward - says the premier - its action cannot follow the electoral calendar, what we must follow is the timetable negotiated with the European Commission for the national recovery and resilience plan, and then there are the Commission's recommendations at the 'Italy: this is the calendar of reforms that the Government is following”.
In the share market, it was the surge in the prices of natural gas, which exceeded 160 euros per megawatt hour, with a leap of about 40% compared to the previous session, which shook the European lists, above all in the morning. The new flare-up is due to rumors that China has ordered natural gas importers to increase orders to resolve the crisis.
Gradually prices subsequently partially dropped, while Reuters he wrote that Russia will increase supplies to Europe, including those passing through Ukrainian territory, in response to the shortage of supply and precisely to stabilize the market. The announcement came directly from President Vladimir Putin, according to whom Russian gas sales in Europe could reach a new record high and the volume of gas transiting through Ukraine will exceed the levels agreed by Gazprom with Kiev.
The prices of the are partially deflated Petroleum. Texan crude moves away from 80 dollars and trades below 78 dollars a barrel. Brent moves around 81 dollars, down by about 1,8%.
The macro data in the single currency area also helped to lend a hand to pessimism, although good news on employment has arrived from the USA.
In Germany industrial orders fell by 7,7% in August, beyond expectations (-2,1%), against an increase of 4,9% in July. In the euro zone, also in August, retail sales, a measure of consumer demand, turned out to be lower than forecasts and registered a decline for food, beverages and tobacco.
In the US, private sector employment fared better than expected and this is a good starter for the jobs report due out on Friday. According to the payroll agency, 568.000 jobs were created in the United States last month compared to the previous month, while estimates were for 425.000; the August figure was also revised from +374.000 to +340.000.
In this context, Piazza Affari, which in the first part of the session showed all the blue chips down, closed with some timid increases. I'm in green nexi +0,72%; Amplifon +0,41%; Moncler +0,43%; Bpm bank +0,11%; Finecobank + 0,13%.
The steepest drops are for Saipem -4,2% and Tenaris -4,28%, well bought lately with oil price hikes.
The budget of the automotive sector is heavy, with Cnh -3,8% stellantis -3,56% Pirelli -2,39%. Worrying across Europe was the announcement of a 30% decline in global sales volumes by Mercedes Benz in the third quarter due to the shortage of semiconductors. On the other hand, Stellantis is also afflicted by the same problem and has announced the suspension of production in the Vienna plant from 18 October to 31 December.
Among the banks it suffers Mediobanca, -3,49%, with speculators disappointed by the unlikely marriage with Banca Mediolanum (-1,46%), after the CEO of the latter, Massimo Doris, said in an interview: "No, neither I nor my family are interested in a merger" between the two companies.
