Europe closes in contrast and Wall Street it moves uncertainly in the first few hours of trading, after yesterday's crash due to more stubborn-than-expected US inflation. For the New York stock exchange, the session on the eve was the worst since June 2020 and over 500 trillion dollars went up in smoke on the S&P 1500, but now the three indices are on a cautious rise. In essence, the markets are looking for stability, after pricing in a still aggressive Fed at its meeting on September 20 and 21.
On the currency leuro dollar traded around parity, while among raw materials oil was in money, Brent rose by 1,43% to 94,51 dollars a barrel. It also grows gas price, over 210 euros per megawatt hour in Amsterdam, after the EU Commission has filed for the time being the ceiling on natural gas prices.
Instead, Brussels intends to collect over 140 billion to cushion the blow of price increases on consumers by capping the incomes of low-cost electricity producers and putting a cap on the extra profits of fossil fuel companies.
Piazza Affari stands out in Europe
Europe went in no particular order, weighed down by utilities and pushed by retail and banks. The latter allow a Business Square to finish in pole position, with an increase of 0,49% to 22.413 points. The secondary also limits the damage, which was in the red for most of the session. The 4-year BTP rate, after exceeding 3,96%, returns to 1,69%, while that of the Bund with the same duration closes at +XNUMX% for one spread stable at 227 basis points (+0,56%).
In general, the pressure remains high on sovereign bonds due to the tightening initiated by central banks, which is destined to last longer than hoped. Overseas, T-Bond prices are falling and rates are rising; the two-year stock reached 3,805% at the start, the highest level since November 2007.
Returning to European equities, Madrid limits losses to 0,03% thanks to Inditex (+3,96%) owner of the Zara brand, which recorded a 24,5% increase in semi-annual sales and a higher profit than a year ago, ending the month on solid footing before fashion demand started to weaken last month due to inflation.
Red is on a Frankfurt, -1,22%, where Uniper fell (-18,22%), the main importer of Russian gas into Germany on the verge of nationalisation.
The declines are fractional a Paris, -0,37% and Amsterdam, -0,49%, while London lands loudly with a 1,47% drop. In August, British inflation fell slightly compared to July, but the core data, surprisingly, accelerated, by 0,5% on a monthly basis and by 9,9% on a year-on-year basis (from 10,1% in July).
Nervousness waiting for the Fed
Stock markets therefore remain nervous, after yesterday's US consumer price data and in view of next week's Fed meeting. The odds of an increase of 75 basis points they have strengthened, but together, albeit to a lesser extent, the chances of a one percentage point increase have also increased. Markets are now pricing the so-called terminal rate (of the Fed hike cycle) at 4,35% next March, a third of a percentage point higher than where they were right before the CPI report and since its June peak, Reuters reports. . And they don't see policy rates falling below 4% for at least a year.
Goldman Sachs economists believe that the ECB's tightening of inflation will necessarily be lighter than that of the Fed.
Today in the US they say little i producer prices, down 0,1% from July, in line with expectations. The "core" component rose by 0,4%, against expectations of +0,3%. Compared to a year earlier, producer prices increased by 8,7%, after 9,8% in July, against expectations of +8,8%. For the 'core' figure, an increase of 7,3%, after 7,6% in July, against expectations for 7%.
In Piazza Affari, Nexi shines and the Cavallino fascinates
The main index of Piazza Affari appreciates above all thanks to financial stocks. The list of increases starts from nexi +3,76% and continues with Bper + 3,76% Finecobank + 2,83% Bpm bank + 3,16%. Unicredit rises by 2,47% after the go-ahead with 99% and more of votes for the second tranche of the one billion buyback out of the 2,6 overall.
It also exudes charm Ferrari, +2,53%, after the presentation of his highly anticipated first SUV, the Purosangue, a 12-cylinder petrol engine. According to estimates by Banca Akros, the group could sell 1.250 units of the Purosangue starting from 2023 at an average price of 300.000 euros, which implies an additional Ebitda of around 144 million.
In luxury it reappears among the best titles Moncler + 1,66%.
Ivy it is the worst stock (-3,61%) in a sector, that of utilities, sold overall. In fact, the losses are also substantial for A2a -2,76% Italgas -1,82%.
It proves weak Interpump -2,47%, along with automotive stocks such as Cnh -1,84% and Iveco -0,98%.
