There is no peace on the European stock markets which continue the week in decline, while on the exchange market it is still the super dollar and oil is running high among the raw materials, further complicating the fight against inflation by central banks. Instead, gold retreats.
Also Wall Street is struggling to hit the rebound, after yesterday experiencing the worst session since March. The Dj loses 0,19%. The stocks of the car manufacturers held in check by the workers' strike, with which US President Joe Biden has sided, showed little change. stellantis, on the NYSE, lost 0,3%.
The fear index is slowing down, but it remains high, having yesterday reached its highest level since May.
Europe closes lower
Europe closes down and Business Square it fell by 0,31%, stopping at 28.012 basis points. The Mib is plummeting on the Ftse Monte Paschi Bank, -6,6% with rumors that give credence to the possibility that the Treasury will place an initial quota of around 8% on the market as early as October. The rise in Italian government bond yields does not stop either, on the day in which the Council of Ministers is due to launch (in the evening) the update note to the Def. The meeting starts at 18,30pm, but we already know that the estimates have been revised downwards for this year and next. In 2023, +0,8% is estimated (from +1%) and in 2024, +1% instead of +1,4%. The maneuver will be prudent, around 20 billion euros.
in the rest of the continent London loses 0,53%, Madrid -0,44% Frankfurt -0,21% Paris -0,13%.
Euro falling, oil soars, gold suffers
THEeuro it loses half a percentage point against the dollar and changes around 1,051.
Prices are soaring Petroleum: the December 2023 Brent future is above 94 dollars a barrel, while the Texan crude oil, November 2023, appreciates by almost 3%, approaching 93 dollars a barrel. Also further inflaming the prices of black gold would be the stocks at the important storage hub of Cushing, Oklahoma, which fell below minimum operating levels. There is then talk of a probable "soft landing" for the US economy, to use the words of the president of the Minneapolis Federal Reserve Neel Kashkari, according to whom, however, there is a 40% possibility that the Fed will still have to increase rates of interest “significantly” to beat inflation.
THEgold however, it is suffering from the strength of the dollar and is trading today down by around 1%, with spot gold at 1883 dollars an ounce.
It is confirmed as volatile gas in Amsterdam, which today loses 2,66%, for a price of 39,250 euros per MWh.
Spreads and rates rise
The weakest conjuncture, the ECB more aggressive and the balance between debt and growth which is struggling to find a balance, weigh on the Italian map. The secondary closes in the red again today and it spread between the ten-year BTP and its German counterpart it rises to 194 basis points (+1,15), with growing rates for all, respectively at 4,77% (from 4,71% the day before) and 2,83% (from 2,8%).
Furthermore, the cost of refinancing Italian debt continues to rise on the primary market: yesterday the ten-year BTP hit 4,7% and today the six-monthly BOTs are updating the rates compared to the previous auction. The increase was 17 cents, for a yield of 3,997%.
Oil stocks celebrate in Piazza Affari
The rise in crude oil prices favors oil stocks which are the best today on the main list of Piazza Affari. We start from Tenaris +2,51%, followed by Saipem +1,57% ed Eni + 1,28%.
It also highlights Leonardo +1,52% and bounce nexi + 1,12%.
At the bottom of the basket there are mainly utility banks. Banco also slips with Monte Paschi bpm -1,44% and Bper -1,13%, with the shareholder Unipol -1,77%. For the Sienese bank, CEO Luigi Lovaglio told Class CNBC that the institution is focused on its strategic plan, which has already brought results but which can further highlight the value of the bank. To questions about the future he replied that for banks like MPS, and therefore for medium-sized institutions such as Banco BPM and Bper, size matters and consolidation is something that the market should expect in the future. “Every decision, however, is up to the shareholder”.
Among utilities, they are at a net loss Ivy -3,05% and A2a -2,91%.
It's letter for again Moncler, -1,77%, after updates on the Chinese real estate crisis: Bloomberg in fact, he wrote that Hui Ka Yan, president of the giant Evergrande Group in crisis, was placed under police surveillance.
