The new record figure oninflation in the Eurozone (+9,1%) dyes stocks and bonds red on the continent, while overseas Wall Street the rebound looks doomed to fail again. New York's major indexes fell despite weaker-than-expected private sector employment data and falling oil prices helping to ease fears about US inflation and the Fed's next moves. it dropped 2,71%, and traded at 96,61 dollars a barrel.
Square Business it loses 1,22% and narrows to 21.559 points, but it shines Unicredit +4,48%. The spread is roughly in line with yesterday's close, 234 basis points (+0,99%) as the selling intensified across all eurozone sovereign bonds. On the secondary side, the Italian 3,87-year bond grew by +3,83% (from 1,53%) and the Bund with the same duration by +1,5% (from 75%). Driving up the sell-off is the fact that the odds are rising that the ECB will move to a XNUMX basis point hike at next week's meeting, with inflation fleshing out the hawks' arguments.
The main indices of Paris -1,37% Frankfurt -0,97, Amsterdam -1,45% Madrid -1,22%. Off the bat London -1,12%.
August with a bitter taste in the mouth, but the price of gas falls
Thus, after the honey of July, the month of August leaves a bad taste in the mouth of many investors, worried by the action of the central banks, by the possible recession and by what could happen with the war in Ukraine and the consequent economic tug of war on the gas. Prices in Amsterdam fell again today (EUR 246 MWh, -97,2%), as the possibility that countries find an agreement on a cap at the September 9 meeting seems to be strengthening. However, Gazprom stopped Nord Stream 1 for maintenance work and should reopen the taps in three days, but the conditional remains a must. The stocks of the countries are almost complete, however if the flows were to go to zero, to reach the end of winter, governments will have to ration consumption and this will raise the probability of a recession to 100%.
Moody's has cut global growth forecasts due to tighter financial conditions.
Inflation never so high since 1985 in Italy
In Italy, inflation it hasn't been this tall since 1985: the growth of consumer prices in August is +0,8% month and +8,4% year, while the shopping cart is flying, +9,7% (the highest since 1984).
In the euro area, growth was 0,5% and 9,1%, accelerating from 8,9% in July. Energy takes the lion's share (+38,3%, from +39,6% in July), followed by food, alcohol and tobacco (+10,6%, from +9,8% in July), goods non-energy industrial (+5%, compared to +4,5% in July) and services (+3,8%, compared to +3,7% in July). It is precisely the latter that are frightening because they show that the race in prices has filtered into the entire economy.
Euros up
The prospect that the ECB will proceed with an aggressive policy and continue with determination also in subsequent meetings, until the end of the year, set the tone for the euro, which is trading up against the dollar at around 1,005. However, the euro is declining for the third month in a row.
Piazza Affari, utilities and Eni frightened by the tax for expensive bills
Utilities and oil stocks recorded the heaviest drops of the day, due to the recalculation of what the tax on extra profits will cost them, to control high bills.
They are at the bottom of the list Ivy -6,02% Terna -4,36% Italgas -3,11% A2a -3,58% Snam -2,75% Enel -2,45%.
Among the oil stocks the worst is Eni, -3,5%. At the end of June, the six-legged dog had determined the amount of the extraordinary contribution to be paid by companies in the energy sector at around 550 million euros, paying a 40% down payment. But following the further clarifications provided by the Revenue Agency, the total amount of the contribution was redetermined at approximately 1,4 billion euros. Today the company has integrated the down payment of approximately 340 million euros .
Down Saipem, -2,2%, after the farewell of Francesco Caio and the appointment as managing director of Alessandro Puliti, who is also general manager.
In the reddish ten of the Ftse Mib there are also Campari -3,37% and Telecom -3,1%.
The upper part of the list is led by Unicredit, particularly brilliant also following the green light from the ECB for the second tranche of the one billion buyback. Between the banks it floats Bpm bank +0,2%, while outside the main price list Mps Bank goes further and further down (-3,82%).
Shopping for Pirelli + 1,91% Amplifon + 1,09% Unipol + 0,94%.
In luxury it is negative Brunello Cucinelli, -3,9%, after the good results published yesterday and the confirmation of the outlook, profit taking would have started.
