Uncertain-variable climate today on the markets, which appear on the defensive due to concerns about the possible bankruptcy of the Chinese Evergrande, while Covid takes some revenge, inflation pushes and the recovery in the US travels at a step between "modest and moderate" according to the Fed's Beige Book, released yesterday.
The European lists close mixed: Frankfurt loses 0,25%; Paris -0,29%; Madrid -0,8%; London -0,45%. Bucking Amsterdam + 0,27% Business Square dropped 0,21 (26.525 points), after having attempted, in the last phase of trading, to reverse course thanks to the progress of Diasorin +2,1%, Stm +1,53%, Hera +1,04%, Amplifon +0,91%. Find the plus sign Moncler +0,84%, in the wake of the quarterly better than expected by Hermes (+1,41%) in Paris.
The best note comes from Aim, where the stellar debut of another freshman is recorded: it is about Intermonte Partner Sim which appreciates by 8,57%.
Oil stocks are losing ground, in tandem with the decline in oil: Tenaris -1,95% and Eni -1,49%.
Are negative banks from Bpm bank -1,49% and Bper -1,44%.
Various changes of direction then characterized the performance of the secondary sector. In the end, it spread between 10-year BTPs and Bunds of the same duration it is practically unchanged at 104 basis points (-0,31%), but yields rise. The rate on the Italian ten-year bond rose to +0,94% (from +0,92%) and that of the German bond to -0,1% (from -0,12%).
Overseas the main New York indexes are proceeding at different speeds, where the Dow Jones falls, which yesterday reached a new high, while the Nasdaq records a fractional gain.
All this indecision is dictated by many elements, starting with the collapse of Evergrande (-12,54%), which returned to trading in Hong Kong (-0,45%) after 15 days of suspension and immediately fell into the abyss for having canceled an agreement to sell a stake in the real estate subsidiary, despite having obtained an extension on a defaulted bond.
US growth raises some concern, due to problems in supplies and in finding manpower, while the time is approaching when central banks, starting with the Fed, will have to start withdrawing stimuli and thinking about raising rates. Turkey aside, given that the Turkish central bank, with inflation at 20%, has decided in any case to lower the cost of money by 200 basis points.
In the US, a positive signal for work comes from the weekly requests for unemployment benefits, which have dropped to 290 thousand (-6000), the lowest level since the beginning of the pandemic and better than analysts' expectations.
We also closely monitor quarterly results and corporate forecasts. “The earnings season has only bolstered the persistent inflation argument,” Edward Moya, senior market analyst for the Americas at OANDA in New York, told Reuters, adding that China's performance and the energy crisis globally are headwinds for risk appetite.
It is no coincidence that the yields of T-Bonds rise, with the 1,66-year bond at XNUMX%.
On the currency market it is the euro-dollar stable, with the greenback recovering slightly. The change is around 1,164.
Among raw materials, oil travels rapidly downwards: Brent and Wti futures register a drop of around 2%, for a value of 84,14 dollars a barrel for the former and 81,66 dollars for the latter.
It deflates a bit Bitcoin, after the new records reached yesterday, the cryptocurrency trades around $62.600 today.
