“We're not buying on falling stocks because valuations haven't really improved, there's a risk of overly tightening policy from the Fed, and pressures on profit margins are mounting.” So thinks one of the most aggressive teams in global finance, that of Blackrock Investments. No wonder in the face of so much uncertainty if, after a first attempt at recovery, the European stock exchanges have resumed the downward path. Piazza Affari, already on the rise, at 13 pm leaves just under a percentage point on the ground. Similar script on the other squares of the Old Continent. The Zew index on investor confidence in Germany stood at -28 in June, lower than expected, but up on May (34 points). The estimates for the month of June were at -26,8 points.
The Stock Exchange Fails to Rebound: Here's Why
In the USA, where it will begin in a few hours the meeting of the Federal Reserve, futures signal an upward start. But the Vix, the index of fear which measures market volatility, is at its highest. At 14.30, a figure of great importance for understanding the trajectory of inflation comes out, that on producer prices. The consensus expects an increase of 0,8% in May, from +0,5% in April. Compared to the previous year, the increase should be 10,9%. Excluding the volatile components, food and energy, the year-on-year increase should be 6,9%. Analysts assume that the Fed will raise rates by half a point tomorrow and will do the same in July and, probably, in September. But not even a three-quarter point hike is ruled out.
The Stock Exchange fails to rebound: Btp with record yields
Returning to Italy continues the pressure on the bond market. The ten-year BTP rises more than 4% in yield, from 3,91% this morning. The spread rises to 242 points. This morning the Treasury awarded Btp at 3, 7 and 30 years at the highest level since July 2012. The three-year was awarded at 3,04%, the seven-year at 3,75%. The 30-year bond also rose to 4,2%, the highest yield since April 2014-
About half of the blue chips that make up the FTSE MIB rallied in the morning before slowing pace. Among these were several banks: Unicredit +1.4% (after a maximum of +2,7%), preceded by Banca Mediolanum + 2%. Also recovering Italian post office +1% already weighed down by concerns about the stability of government bonds in the portfolio. He misses out Intesa Sanpaolo -0,6%. Heavy decline of Bpet -3%.
In negative territory Nexi -2,5%, which slips to a new low since the IPO. The worst title is Amplifon, it moves down by -6% on price levels it hasn't seen since July 2020. It is the fourth consecutive drop. From January 45 to today it has accumulated a loss of around -XNUMX%.
In the oil sector, very volatile Saipem which maintains an increase of 1,6% after reaching peaks of +8%. The title comes from five consecutive negative sessions in which it lost more than 26%. The grouping of ordinary and savings shares in the ratio of one new share for every 10 shares held has been operational since yesterday, in view of the capital increase which triggered strong share sales. Driving the stock today is, in addition to the strong oversold on shares, also the announcement of theagreement with Trevi +3,9% for the joint development of a project involving two drilling systems for large diameter foundation holes for wind farms.
