Putin he does not want to scare Ukraine, but the West. The speech to the nation of Vladimir Putin was supposed to be held yesterday evening, however, it went on stage today, September 21th, between 9 and 10 Moscow time, “when the West is awake”. In declaring a partial mobilization of the country, promising "all means to defend the country" and annexation referendum in Donbass, the Kremlin tenant admitted that he was in trouble. Because with the Ukrainian counter-offensive everything has changed and now the problem for Moscow is no longer just a political one, but also a military one, since the weapons arriving from the West have allowed Kiev to recover a few thousand kilometers of territory. And it may not end there.
Putin's speech on TV: the Moscow stock exchange collapses
The plan of the Russian president is clear. The partial mobilization in Russia, which provides for the recall of 300.000 reservists (men who have already served in the military, with combat experience and military specializations), and the very threats of new weapons and the use of nuclear weapons "if necessary", arise from the awareness of having to go beyond the "Special Operation ” in order not to lose previously conquered territories. But also the acceleration sui Lugansk, Donetsk and Kherson referendums - called to vote from 23 to 27 September for annexation to Russia - are an attempt to be able to "justify" then the mobilization and the use of every means to defend "the sovereignty and territorial integrity of the country".
The usual propaganda to justify the attack on Ukraine and scare Europe. But the worst price for Putin's speech is paid instead Moscow Stock Exchange. The index moex, which had lost 20% on Tuesday 8,8 September, today sank to a maximum of 10% at the start of negotiations to then recover some ground and limit losses to 3,14%.
Oil and gas: prices are running
I oil prices they rear up again after the words of Putin, who announced an imminent partial mobilization in Russia and threatened the West to use nuclear weapons. Brent futures rose 2,68% above $93 a barrel after dropping $1,38 in the previous session. WTI US crude futures gained 2,56% to $86,09 a barrel.
Natural gas on the rise by 6,58% in Europe to 194,25 euros per megawatt hour, from 182,26 yesterday.
Putin's speech: attack or defense?
"The sanctions we have imposed on Moscow have had a disruptive effect on the Russian war machine, on its economy," he stressed. Mario Draghi in a passage of his speech (in the night for Italy) before theUN General Assembly. "The outcome of the conflict still remains unpredictable, but Kiev seems to have acquired an important strategic advantage" added the premier in New York, anticipating today's assessment of the European stock exchanges.
The European Stock Exchanges after Putin's speech
Business Square is the best ofEurope: up 0,73% to 21.933 points, driven by Leonardo (+5,7%), in line with investors' attention to the defense sector given the very high voltage situation in Ukraine and Russia. On the other hand, the climate is different among the other European stock exchanges which, despite Putin's speech and the expectation that the Fed will announce a new tightening on the cost of money in the evening, are limiting losses. Around 10.45, Frankfurt leaves -0,29% on the ground, after opening down by one percentage point. More than Putin, the announcement of the nationalization of the giant Uniper (-30%) to avoid its bankruptcy weighs on Frankfurt. Uniper is Germany's leading gas importer. TO Paris the Cac40 loses 0,41% while London it is up 0,54%, more timid Madrid which earns a 0,13%. Amsterdam it is flat.
The Milan Stock Exchange queen of Europe
A Business Square they keep the oilTenaris + 4,17% Eni +3,11%) due to the surge in oil prices. Volatile Telecom Italy (+2,66%) in a buoyant sector following the announcement by Xavier Niel's (Atlas) investment vehicle that it had acquired 2,5% of Vodafone. While among the industrialists it retreats Pirelli (-1,14%).
The spread did not move much, the euro badly
Stable instead spread. The yield differential between the ten-year BTP is indicated at 227 basis points as at the beginning. The yield on ten-year BTPs fell to 4,12% from 4,19% yesterday.
Bad instead the euro, which discounts the strength of the dollar, with which it trades at 0,99.
