The European lists close in the red, while limiting the damage in the last few hours driven by Wall Street and after the words of Jerome Powell.
The president of the Fed, with his long-awaited speech in the US Senate, momentarily gave some confidence to the markets, especially the American ones, despite having confirmed the path and pace of rate hikes, to be calibrated if necessary on the basis of the economy and an inflation that is surprising for its arrogance. The race in prices is a global problem, but in the United States, more than elsewhere (for example in the EU) it is caused by demand. A recession it cannot be ruled out, but this is not the objective of the Fed, which wants price stability. The US economy is "very strong" and will be able to withstand the squeeze, guaranteed the banker.
That was enough to get risk appetite back on track, at least in New York where the indices, which started off in decline, have changed course and are currently moving upwards after yesterday's excellent performance. The Nasdaq it appreciates by 0,35%, while on the government bond market the prices of T-Bonds rise and rates fall.
Also in Europe, by mid-afternoon, the rain of sales began to thin out and the indices moved away from the lows, without however managing to turn positive.
At the end of the session Business Square it is in the black jersey and loses 1,36%, falling back to 21.788 points (after having lost more than 2%). They are not far apart Frankfurt -1,11% Paris -0,81% Amsterdam -0,95% Madrid -1,07% London -0,8%.
Weighing on European markets is the leap in inflation in Great Britain to a 40-year high (+9,1% in May, the highest figure of the G7 countries), the drop in crude oil and the uncertainty that the war in Ukraine always keep alive.
Il Brent futures, August 2022, shows a drop of 3,31% and trades at 110,85 dollars a barrel, while Texan crude yields a similar percentage and trades at 105,90 dollars.
At the origin of the sales of the black gold there would be Joe Biden's pressure on the majors for a fuel price cuts. The US president will probably also ask for a temporary suspension of the federal tax of 18,4 cents per gallon on gasoline and his announcement is expected at 20 pm Italian time.
Sul foreign exchange market the euro recovered, but did not deviate much from 1,05 against the dollar.
Piazza Affari ballasted by oil: Saipem -21,56%
Oil-related stocks weigh heavily on the Milan stock exchange. There are no adjectives to comment on the drop in Saipem, which loses 21,56%, on the day in which the board of directors gave the green light to the conditions of the increase from 2 billion euros. "The high volatility of the markets represents a significant risk for the increase to be concluded successfully", writes Bestinver in the daily. The collapse of the title weighs on the shareholder Eni, -3,48%, but the whole sector is affected (Tenaris -5,16%, Saras -2,18%).
Profit-taking then sinks Leonardo -3,97%, after yesterday's leap, while utilities remain negative starting from Italgas -3,74%.
On the other hand, financial stocks are positive: Finecobank earns 2,63%, nexi + 2,31% Banca Mediolanum +0,63%. The banks appear secluded, although in the end they all show a minus sign. The worst is Unicredit -1,08%.
I'm in green Amplifon + 1,37% Inwit +1,2% and Campari + 1,2%.
The spread drops and the Btp Italia for retail closes
The Italian secondary continues to show a good intonation, after the extraordinary meeting of the ECB to accelerate on the anti-spread shield.
The 10-year BTP rate fell to +3,53%. The Bund of the same duration also fell, +1,62%, for a differential of 191 basis points (-0,87%).
Meanwhile, the third day of placement for individual savers of the ended today BTP Italy. Demand appeared lower than that of the last issue, in May 2020, in full lockdown. The second phase, dedicated to institutional investors, will take place tomorrow. The new Btp Italia has a duration of 8 years, with a maturity of 28/06/2030 and is a security indexed to the Italian inflation rate, with coupons paid every 6 months together with the capital revaluation due to inflation in the same semester.
