It doesn't stop the hemorrhage on the financial markets: Wall Street moves down for the fifth consecutive session and European stock markets close another day in the red, after having left behind a month of August to forget.
Business Square it lost 1,19% and dropped to 21.302 basis points, after last month's -3,78% balance. Losses are worse at London -1,89% Amsterdam -1,97% Frankfurt -1,58% Paris -1,48%. On line Madrid -1,08%.
Technologists are doing badly, sensitive to interest rate growth and weakened by the restrictions imposed by the US administration on the sale of chips to China by Nvidia (-10,75% in New York).
Mining and luxury stocks are also down, strongly exposed to the celestial empire.
On the other hand, the general picture is not changing and indeed is getting worse due to therising inflation in Europe and increasingly concrete forecasts of a recession, to which the drop in manufacturing and newcomers are now added lockdown in China. The major city of Chengdu announced restrictions and a massive four-day campaign of COVID-19 testing. The dragon's manufacturing PMI also fell below the 50 line in August, at 49,5 points.
They also remain in check government bonds and the ten-year BTP, in the course of trading, came within a whisker of 4% before returning close to yesterday's levels. The gas is volatile, which jumped 25% last month.
The news from Beijing weighs on the Petroleum, which confirms its retreat: Brent -2,34%, 93,3 dollars a barrel.
Stable the spread and yields
Bonds find partial peace. The spread between the 234-year Italian and the 0,08-year German it closes at XNUMX basis points (-XNUMX%), but yields continue to rise. The BTP is at +3,91% and the Bund at +1,56%.
In the United States, the two-year bond reached a new 15-year high overnight (+3,52%). i go down T-bond prices in today's session and the 3,261-year yield is up to 3,123% from 132% yesterday. It is sold, awaiting the release, tomorrow, of the US report on employment for August. Weekly jobless claims data came in better than expected today, while yesterday the number of jobs created last month in the private sector, 225, was lower than expected, against estimates of XNUMX.
Euro below parity; yen at 24-year low against the dollar
On the currency market the euro it breaks back below the dollar's waterline and trades around 0,993, down 1,2%. The various indications of a lurking economic crisis are making themselves felt on the single currency. Eurozone manufacturing activity posted its second consecutive monthly decline in August (49,6, below the 50 line separating contraction and expansion). The survey showed that, due to weaker demand, factories were unable to sell as much as they produced, building up inventories of finished goods at a record pace.
Returning to the foreign exchange market, the black jersey goes to the yen, at 24-year lows against the dollar (it takes 140 yen for a greenback) due to the different attitude of central banks. The Fed has embarked on the path of monetary normalization, as have virtually all central banks of the G7 countries, while the Japanese central bank has remained alone in persevering with an ultra-accommodative policy.
Frost in Piazza Affari
While the government announces the reduction of one degree of heating in public and private buildings and the radiators being turned off an hour earlier, the frost has already descended on Piazza Affari.
Most blue chips have a minus sign in front of them starting at Interpump -3,62% Leonardo -3,35% Exor -2,92% Moncler -2,55% Saipem -2,45%, to limit ourselves to the worst stocks.
The short list of the big caps that survived this Caporetto starts from Telecom, +0,58%, on which Bestinver confirmed the "Buy" in the daily, emphasizing that it could benefit from a possible increase in telephone tariff prices if it were introduced to deal with the leap in inflation. Small steps for Unipol + 0,17% Ivy + 0,04% Prysmian + 0,03%.
Banks are in decline and to find the worst you have to leave the Ftse Mib: it's once again Ps -3,4% which is preparing to face the 2,5 billion capital increase in a not exactly comforting market scenario.
