Another day in the red for the stock exchanges put under pressure by the winds of the recession that undermine investor confidence, now in free fall.
In July the Zew index regarding economic growth expectations in the Eurozone worsened to -51,1 points from -28 points in June. The figure has been at its lowest for over two years.
Meanwhile, BlackRock advises underweighting European and American stocks: "The Great Moderation, a period of stable economic growth and stable inflation, is over," said BlackRock vice president Philipp Hildebrand in a mid-year outlook. . “Instead, we are facing a new world characterized by greater volatility in the macroeconomic environment and higher risk premia for both bonds and equities,” he added Overall, according to BlackRock strategists, investors they should no longer expect tandem rally for stocks and bonds, as has happened in the last 20 years.
Stock exchanges in the middle of the day
In line with this not comforting picture, the Stock Exchanges of the Old Continent are proceeding in the red, affected by fears of an energy supply crisis. Luxury also suffers, in the wake of the new closures in China. TO Milano the index leaves 1,14% on the ground.
The spread is under pressure around 205 points, despite the drop in the yield on ten-year BTPs to 3,08% from 3,24%: spending the risk of an imminent political crisis.
However, yields drop at auction of 12-month Treasuries placed at the lowest yield since May: 0,722% compared to 0,893% of the previous placement.
Also brake Nasdaq future -0,4%. Anticipation is growing for the US consumer price index, due to be released on Wednesday, and for comments from Federal Reserve officials. Estimates project an inflation figure of nearly +9% in June. You bought the 2,91-year Treasury Note whose yield fell to 3,09%, from XNUMX% on Friday night.
Continue in the meantime the march of the dollar: The cross against the euro dropped to 1,0002, just a whisker from parity and at its lowest since 2002.
Bad day for the banks
Black day for the banking sector, the weakest on our list: Bper and Bpm experience losses of more than 5%, Unicredit -3,12% on the launch day of the 1,6 billion buyback. The bank has already repurchased securities for 1,4 billion euros, equal to 6,5% of the capital.
Of note is the impact on Renault-1,4%, of the closure of operations in Russia, its second most important market. Worldwide sales were down 29,7% from last year to just over one million vehicles. Excluding the businesses of Avtovaz and Renault Russia, the number of units sold decreased by 12% compared to the previous year.
Oil down, gas up
Oil Brent and WTI it is down 2% on fears of a slowdown in demand from China.
Il price of natural gas in the United States it rises by 1%. In Europe prices run: + 5% to 174 euro MWh. Italy prepares a contingency plan to deal with a total blockade of the flow from Russia.
Saipem collapses in Piazza Affari, Leonardo runs
At Piazza Affari Saipem leaves more than 35% on the ground after the closure of the capital increase. The operation was concluded with the subscription of 1,377,339,640 new shares equal to approximately 70% of the total and for a value of approximately 1,4 billion. Therefore, 6,284,082 rights have not been exercised for the subscription of 596,987,790 new shares (about 30% of the total) for a value of 605 million to be covered thanks to recourse to the banking consortium.
At the top of the index it stands out once again Leonardo +2%. Moody's improved its rating outlook to 'positive' from 'stable', confirming the rating at the Ba1 level.
Tenaris also advances +1,5%.
In the rest of the price list to report Sesa -5% after the positive results: the BoD approved the separate and consolidated financial statements as at 30 April 2022 with a consolidated Ebitda of 167,7 million euros (+33,1% y/y), revenues of 2.389,8 million and a result adjusted net accrual of €81,8 million, up 41,5% y/y compared to €57,8 million as at 30 April 2021.
Fly Prime Industries +15%; the private equity companies Alpha and Peninsula presented non-binding expressions of interest to some shareholders indicating a possible purchase price of 25 euros per share.
