The key week of the central banks opens, for the Stock Exchanges, in the name of volatility: the European lists close mixed, albeit far from the minimums of the session. The same nervousness can be seen on Wall Street, in the red after an attempted recovery.
London, in mourning for the day, is missing funeral of Queen Elizabeth II. In Asia, Tokyo was closed for public holidays.
Mixed European price lists: Piazza Affari rises with Tim
In a context of reduced trade, for the absence of London, Business Square it appreciated by 0,14% to 22.140 basis points, supported by Cnh (+2,93%) and from the rebound of Telecom (+2,62%), held back on the other hand by the coupon detachment of Eni and Stm which weighs 0,163% on the index.
They are little moved Amsterdam +0,09% and Madrid +0,08%, is down Paris -0,26%, soars Frankfurt, +0,49%, where Volkswagen gains 1,1% on the eve of placement of Porsche, which will debut on the stock exchange on September 29th. The German company values its spearhead between 70 and 75 billion euros, less than the initial ambitions (85 billion euros). On the other hand, the pessimism induced by the war in Europe and by the tug of war on Russian gas weighs on the assessments and mood of the Germans. According to the Bundesbank, the German economy will contract throughout the winter due to the closure of the gas taps.
World banks at work, great expectations for the Fed
The nervousness of world markets is largely induced by the choices of central banks starting from Fed, which after the disappointment on consumer prices last week will not be able to lower its guard against inflation at its meeting on 20 and 21 September. The expectation is for a third rate hike of 75 basis points, but not even a 1% hike is ruled out. The words of Jerome Powell will also have great importance, if from these it will be possible to draw indications on the path that the Fed intends to follow in the next meetings.
Monetary policy decisions are also expected from the authorities Japan, Sweden, Switzerland, Norway and the United Kingdom and by the central banks of a number of emerging markets, such as the Philippines, Indonesia, Taiwan and Turkey.
Euro-dollar flat
Forecasts of further tightening are making themselves felt T Bond, which see prices falling and yields rising. The 3,5-year bond rose by more than 2011% to its highest level since 3,46 (and then fell back and is currently at 3,92%), while the two-year bond reached 2007%, its top since XNUMX.
The index of dollar looks flat, but the greenback remains close to 20-year highs. L'euro trade at par.
I'm in red cryptocurrency, with losses reaching even 5%.
Limit the damage Petroleum, weighed down by concerns that aggressive monetary policy could stoke a recession and weaken demand for crude oil. Brent crude is down 0,64% to $90,76 a barrel.
It also goes down price of natural gas, which left about 12% on the field on Friday. The contracts expiring in October fell by mid-afternoon by 5,7% to 177,5 euros per megawatt hour, after having touched a low for the day at 171,33 euros, against a closing of over 187 euros on Friday.
In Piazza Affari, Telecom rears its head
After the thud of the last session, he raises his head Telecom, while CEO Pietro Labriola continues to invest in the stock in the belief that it will recover. On Friday, the share reached an all-time low of 0,1820 euros also due to a study by Barclays which reduced the recommendation to 'underweight' with a target price of 0,15 euros. According to the broker, the macro scenario and the growing uncertainties about the single network weigh on the group's prospects. Many unknowns weigh on its future starting from the elections, from moves by Cdp and the battle over the price of the network with Vivendi to get to the elusive Piano Minerva announced by the right.
At the top of the main list is Cnh, on the day the first tranche of $50 million was launched as part of the planned $300 million buyback program.
Bene Amplifon + 2,19% Iveco + 2% Banca Mediolanum + 1,14% Moncler + 1,38%.
stm is in progress, +1,36%, despite the dividend of 0,0603 euro.
Not so for Eni, which lost 1,92%, in a tough day for oil stocks and for the ex-dividend of 0,22 euro per share.
In black jersey goes to Saipem, -5,6%.
Red is on for Diasorin -1,68% and Finecobank -1,11%.
The banks are weak. They lose altitude Bpm bank -1,07% and Unicredit -0,45%. Outside the main basket the fall of does not stop Ps, -6,48%, while the capital increase of 2,5 billion is approaching.
Colorless spread, yields rise
Lo spread between the Italian and German ten-year period it remains stable at 226 basis points (-0,59%), but yields continue to rise. The Btp 10 years the Bund of the same duration grew by +4,04%, by +1,78%.
