Bowls still in Milan and not much moved in Europe, after yesterday's declines: le European squares they closed a volatile session, unnerved in the afternoon by the changes of pace of Wall Street and conditioned by energy crisis and by waiting for the moves of the central banks. The price of gas falls in Amsterdam and there is growing interest in the meeting of EU energy ministers on Friday, where a cap on methane prices will be discussed.
The euro confirms itself weak against the dollar and walks uncertainly on the edge of 99 cents, in view of the ECB meeting the day after tomorrow, although the probabilities of a 75 basis point rate hike have increased.
Frankfurt rebounds, Wall Street volatile
Business Square is totally colorless and closes at 21.480 points, behind a Paris + 0,19% Amsterdam + 0,17% London +0,21%. Goes down Madrid, -0,26% as it soars Frankfurt, +0,87%, despite German industrial orders falling by 1,1% in July, for the sixth consecutive month. To give tone to the Teutonic price list is above all the auto sector, with Volkswagen in the lead (+3,7%), after the green light of the company to Porsche quotation.
Overseas Wall Street returned to trading after the Labor Day and, with some initial hiccups, is trading cautiously higher. The fear of recession, due to a tightening of the policy monetary of central banks remains in the background, also considering the higher than expected indicator for the services sector (56,9 points in August from 56,7 in July). Today, however, Goldman Sachs says that the US economy is on track for a "soft landing". Chances are at best of a “mild” recession in 2023 and there would be encouraging signs on inflation.
Gas and oil prices
After yesterday's leap, which sent the European markets into a crisis, the price of the October contract gas in Amsterdam it fell to around 225 euro MWh against 245,92 the day before, while all the countries are grappling with extraordinary measures to meet the costs for families and businesses. In the winter you will have to tighten your belt or better turn down the radiators in Italy: according to government plans, the heating will have to be turned on eight days later and turned off a week earlier, one hour of warmth will be given up every day and the degrees will be 19. These sacrifices should lead to methane savings equal to 3,1 billion meters cubes and allow to pass the winter.
According to Moscow it is a plan "imposed on Rome by Brussels, which in turn acts on orders from Washington, but in the end it will be the Italians who will have to suffer". This is what the spokesperson for the Kremlin's Foreign Ministry, Maria Zakharov, says on Telegram, with a clear propaganda intention in view of the political elections on 25th September.
i also go down today oil prices, after yesterday's rise following the cuts decided by OPEC+. Brent loses more than 3% and trades at around 92,8 dollars a barrel.
Piazza Affari is good for cars, bad for utilities and oil
The utilities are above all holding back the Milanese price list. Ivy it loses 5,14%, discounting Kepler's target price cut. The declines in the sector also involve A2a -1,36% Italgas -0,97% Snam -0,63% ed Enel -0,48% despite the new green bonds.
Crude gains and losses are felt on oil stocks, with the exception of Saipem (+ 1,82%). Tenaris sells 3,43% and Eni 2,75%.
To curb the bleeding of the Ftse Mib provide the four wheels and surroundings starting from Pirelli + 3,01% Exor + 2,11% Iveco + 1,67% stellantis + 1,34%.
Shy Telecom +0,4%. According to various newspapers, Open Fiber's non-binding offer for the Tim network should be presented after the political elections of 25 September and not in mid-September, as expected.
The banks close shortly, but the bleeding does not stop Ps, -4,22%.
Spreads down; race to Btp Green
The bond closes in green: lo spread between Italian and German ten-year bonds it falls to 232 basis points (-1,87%) and the yields are +3,93% for the Btp and +1,6% for the Bund.
Meanwhile it was a race for the new Btp Green expiring March 2035 which the Treasury has launched on the market today, raising a total demand of over 40 billion euro. The economy ministry has decided to 'cut' the final amount to 6 billion euros. The BTp Green, which will be used to finance projects linked to environmental sustainability, will offer a yield equal to 5 basis points above the yield of the nominal BTp maturing in March 2035 compared to an initial spread equal to 7 basis points.
