Central bankers are about to land a Jackson Hole, Wyoming, a mountainous land crossed by rivers full of fish, sheltered from the terrible drought that has hit the waterways on which the global economy runs, from the Rhine to the Yang Tse, now unable to support the activity of hydroelectric plants . The equity markets, almost immobile in anticipation of the bankers' symposium organized by the Fed, reflect well the uncertainty on the eve of an autumn in which the fears about inflation combine with the risk of a recession which could have unpredictable, however fatal, outcomes. According to Baring, the energy crisis will have a far greater impact on British households than the subprime crisis of 2008/09. The picture is certainly not better for Europe, despite the 280 billion spent so far to dampen the energy crisis. In this frame every word, indeed every syllable pronounced by Jerome Powell tomorrow it will be scrutinized with the utmost attention, in an attempt to identify the turning point of monetary policy, hitherto marked by the utmost severity. And on the markets, this morning, there are already those who are trying to move ahead.
Positive futures in Europe and on the Nasdaq
The indications from the markets before the opening were positive. The future of the index Euro Stoxx 50 earn 0,2%. Nasdaq futures are also up 0,2%.
The stock lists moved little yesterday. On Wall Street the Dow Jones rose 0,18%, the Nasdaq +.41%. To report Nvidia: -5% after the Stock Exchange. The company, a leader in the design of chips for data centers, the production of cryptocurrencies and games, announced a sharp decline in gaming sales.
The giant of the luxury e-commerce is born
Stock exchanges almost flat also in the Old Continent. Business Square it appreciates by 0,23%, roughly the same Frankfurt (+ 0,22%).
On the business front, the big hit of Farfetch, now the leading luxury e-commerce platform, after the purchase of Ynap from Richemont.
Bond rates are rising. Spreads at 231
The anticipation of Jackson Hole made itself felt on the bond markets. The ten-year treasury notes it rose to 3,10%, on its highest level since June due to expectations of a confirmation tomorrow of the Federal Reserve's aggressive rate hike. “I think the market is trying to figure out where in 2023 Powell's attitude change will arrive – says Jim Caron of Morgan Stanley – The US central bank will most likely use the conference to try to align market expectations with its own : bonds are obeying, while equities, supported by the stability of real rates, seem to resist this pressure”.
Il Waist it reached 1,36%, the highest since the beginning of July. Same reaction for the BTP, at 3,67%. The spread between 10-year BTPs and Bunds with the same duration, it closes at 231 basis points. L'euro it is up slightly, but still below parity, at 0,997.
A typhoon shuts down Hong Kong. Incentives in China
In Asia Pacific, a typhoon knocked out the day for the financial market Hong Kong. Nikkei Tokyo is up 0,6%. Tonight, reassurances on the expansionary monetary policy program arrived from the central bank of Japan. A member of the board, Toyoaki Nakamaura, reiterated that there is a need to patiently maintain an expansive attitude: a reversal at this moment would have a disruptive effect on economic activity, especially on families.
CSi 300 of the Shanghai and Shenzen lists +0,2%. The government news agency Xinhua revealed tonight that the government is planning to present a new package of measures capable of stabilizing an economic framework under stress. Bloomberg he specifies that the set of measures anticipated by the State Council (the subject that in China can be assimilated to the government) is worth a trillion yuan, 146 billion dollars. The Ministry of Social Security and Human Resources has announced the arrival of measures in favor of employment.
Korea raises rates by a quarter of a point
Salt on Kospi of Seoul (+1%) on the day of the new increase in the reference rate by the Bank of Korea, which raised the reference rate by 25 basis points to 2,50%, a level not seen since the outbreak of the financial crisis of the subprimes in 2008. In the press release, the Central Bank revises downwards the growth estimates of the Gross Domestic Product for both 2022 and 2023. Inflation also rose: +5,4%, from the previous +4,5% .
The price of gas continues to rise. The first incentives are coming
Il gas the Dutch node yesterday closed up 10% at 288 euros per MWh. The Petroleum WTI is up for the third consecutive day, at $95,3. Brent at $102.
The decree signed yesterday by the Minister of Development, Giancarlo Giorgetti, provides incentives for companies that cut energy consumption by at least a fifth. Help also for those who reduce CO2 emissions. The projects will be able to draw from the dowry of 3,4 billion for development contracts.
Yesterday Switzerland set a voluntary gas saving target for next winter equal to 15% of average consumption over the last five years.
Today in Piazza Affari: Eni relaunches on Libya
The CEO of Eni Claudio Descalzi met yesterday with the president of the Libyan National Oil Corporation (NOC) and expressed his willingness to launch a new phase of investments aimed at increasing gas production in the country.
Tim: Cassa Depositi e Prestiti should present a non-binding offer for its network around mid-September.
Aquafil has signed a non-binding term sheet for a period of five months: the purpose is to carry out a due diligence aimed at the possible acquisition of a majority stake in the Indian company Gujarat Polyfilms Private Limited.
