Tonic mid-day European stock exchanges. The Ftse Mib runs and leads the increases in European lists. After the minutes of the Fed, the attention of the lists is directed towards the minutes of the ECB which will be published during the day.
The documents published on Wednesday evening confirmed that the US central bank will increase the cost of money by another 75 basis points at its next meeting on 26 and 27 July, while on inflation the intention is to use the "strong hand". Will the ECB do the same? The markets have some doubts. The fear is that the energy crisis could have a heavy impact on the performance of the economy, forcing the Eurotower to scale back the planned rate hikes.
Ftse Mib runs well, the European stock exchanges in the middle of the day
In this context, continental lists are traveling with the wind in their sails, despite the disappointing data on industrial orders in Germany, which grew by 0,2% in May against expectations of +0,4%.
Leading the increases is Piazza Affari which at mid-day gained 1,9% to 21.320 basis points. Paris and Frankfurt rose by 1,5%, while Madrid recorded +1,66%. London is also largely positive (+1,22%), despite the political upheaval that forced it Boris Johnson to resign.
At Piazza Affari the protagonist is still Tim
In Milan, the eyes of investors are still all up Tim (-0,5%) after the board that approved the vertical separation of the business: services on the one hand with ServiceCo, fixed network on the other with NetCo. Later in the day, on Capital Markets Day, the company will go into detail with investors and the press.
At the top of the Ftse Mib are oil stocks, with Saipem marking a double-digit increase (+12%) and Tenaris gaining 8,24% after Jefferies analysts raised their opinion from hold to buy and the target price from 15,50 to 20 euros. Up 2,9% Eni.
The automotive purchases, with Stellantis and Iveco rising by 4,9% and 6,2% respectively and Cnh increasing its value by 3,76%. Banks are booming: Unicredit (+5%), Banco Bpm (+4,84%), Bper (+3,77%).
The black jersey of the Ftse Mib is Amplifon (-4%), followed by Diasorin (-1%).
Oil on a roller coaster, currencies in fibrillation
Lo spread between BTPs and Bunds it moves above the psychological threshold of 200 basis points, settling at 203 (+2,89%).
Unsure the Petroleum, with Brent above 100 dollars a barrel (+0,8%) and Wti below (99,33 dollars +0,8%). Still on the rise gas price, which travels around 177 euros per MWh.
Turning to the currency, the possibility that the ECB is moving more cautiously than the Fed causes yet another fall of the euro, dropped below the threshold of 1,02 against the dollar.
Opposite movement for the GBP, which after the resignation of Boris Johnson soared to 1,199 in the dollar exchange rate, before settling at 1,197 while the euro fell to a low of 85,12 pence before recovering to 85,23 pence.
