THEeuro returns to pierce parity with the dollar for the first time since 14 July. The single currency fell as low as 0,9988 on the greenback during the morning before catching up. The slowdown of the euro coincided with fears about blocking the flow of Russian gas: Gazprom announced it stop from 31 August to 2 September of supplies from Nord Stream 1, but it is feared the interruption could be much longer. September TTF futures have rallied more than 10% since opening this morning. Shortly after 10, then, the price touched 282 euros per megawatt hour, an increase of 15,3%. The electricity price in Germany is at levels never seen in history: +15%, to 659 euro Mwh. Record for coal, up 5%, to 335 euros per tonne. The use of the most polluting fuel is bringing up the price of CO2 certificates to around 98 euros per ton.
European stock exchanges in red
The tensions on the price of energy, combined with the expectation of a rate hike, are provoking the decline of the stock markets of the Old Continent, starting from Milano, again the weakest place with a loss of 1,75%, an index just above 22 points. The Index Stoxx 600 loses 1,2%. Above all, the companies of theautomotive (Stoxx -2,5%, Stellantis and Iveco among the worst stocks) and high tech (-2%). banks -1,7%. All sector indices are negative.
The futures of are also in the red Wall Street at the beginning of the week that will end with the Fed symposium at Jackson Hoe.
The stocks most under pressure in Piazza Affari
In Piazza Affari heavy losses for the banks, starting from Bper (-4,5%) after incorporating Banca Carige. Under fire too Unicredit (-3,2%). New all-time low for Ps (-3%).
The black jersey is up to Saipem (-4,3%). Saras is among the few positive stocks today: +0,8%, to 1,3 euros. The performance since the beginning of the year is confirmed as exciting: +136%.
Eni (+0,14%) announced an important gas discovery with the Cronos-1 well, in Block 6, about 160 kilometers off the coast of Cyprus. The block is operated by Eni Cyprus with a 50% stake. TotalEnergies is partner with the remaining 50%.
It plummets just above 20 cents Telecom Italy (-3,10%) on a busy day for the telecommunications sector. Vodafone entered into agreements for the sale of 100% of Vodafone Magyarország Távközlési Zrt (Vodafone Hungary) for a cash consideration equivalent to approximately €1,8 billion.
Spreads and government bonds
Under pressure too spread around 226 points. The Treasury Notes at ten years it trades at 2,94%, -3 basis points. Waist German at 1,17%, -5 basis points. BTP to 3,44%, from 3,47% on Friday.
