Weak stock markets in Asia, reduced trading and declining futures on US markets. With the air of a boxer returning from a KO, this morning Toro tries to get out of the corner without too much conviction. But it won't be easy to get back up after the deadly blows suffered in the first six months: Wall Street (-21%), marked the highest loss since 1970. The decline of Business Square (-22%) and other European lists.
The ax of central banks, the Fed above all, has hit even harder on the bond front. The XNUMX-year Treasuries, the main benchmark of the money market, has lost more than 10 percent in six months. According to Deutsche Bank, it is necessary to go back to the end of the eighteenth century to find a similar blow.
But, without bothering Napoleon, the operators are already focused on the second half: when is the recovery? That is, waiting for the season of continuous rate increases to pass, when will it be possible to re-enter the market, full of securities on sale? For those seeking the solace of history, there is a precedent that bodes well: in 70, at the time of Nixon, after -21% in the first six months, Ubs reminds us, a sensational +27% arrived. History is unlikely to repeat itself, though. And there are few who believe it, judging by the first jokes of July.
The future of the index Euro Stoxx 50 is down 0,8%.
Japan suffers, China restarts
The Nikkei of Tokyo loses 1,7%. The Tankan index on expectations of large manufacturing industries fell in the second quarter to 9, from 14 in the first quarter.
CSI 300 of the price lists Shanghai e Shenzen down 0,3% after a bullish start. The index on the expectations of purchasing managers of manufacturing companies participating in the survey organized by Caixin is better than expected, in June the reading was 51,7, from 48,1 in May. The Chinese stock market is recovering strongly from the April lows (+20%) benefiting from low inflation.
Xi Jingping returns to Hong Kong
Hong Kong closed because today we remember the end of the British colonial period. Chinese President Xi Jinping, who arrived in the city tonight, said that “there is no reason to change the model one country, two systems” which has been regulating relations between Beijing, Hong Kong and Macao for 25 years, which maintain their long-term capitalist system and enjoy a high degree of autonomy. The president added that leaving power "firmly in the hands of the patriots: it is essential to safeguard stability and security".
The best bag? Indonesia
The bag of Taipei is today among the worst: -3%. The palm of the best list of the first half of 2022 belongs to Indonesia (+ 5%).
Underwhelming final of the semester yesterday at Wall Street: S&P and Dow Jones -0,8%, Nasdaq -1,33%.
The T-Note drops below 3%. S&P, expected to open lower
Wall Street's S&P500 index future loses 1%. The most significant data concerns the ten-year Treasury Note, which is strengthening to 2,96% yield, from 3,10% yesterday morning. Expectations on inflation are falling, also following the drop in one of the indicators most taken into consideration by the Federal Reserve. Consumers' personal spending adjusted for inflation rose 4,7% yoy, slightly less than expected.
Also on the European markets, under the pressure of the possible recession, the positive note was the drop in the yields of government bonds.
Btp at 3,25 but auction rates rise
The 3,25-year BTP fell to 3,38%, from 194% the day before. On the other hand, the rates of Italian bonds placed in yesterday's auction for a total of seven billion have soared to an eight-year high. However, the spread increases to XNUMX points.
Milan -22% at the halfway point. Saras +155%
Piazza Affari closed the six months in June with a negative balance of around -22% and yesterday lost 2,47%, falling back to 21.293 basis points, with almost all blue chips down.
The best title of the semester was Saras (+ 155%).
OPEC+ confirms production levels, Bitcoin -57% since January
Il Petroleum WTI moved little, at 105,4 dollars, from -3,7% yesterday. The member countries of OPEC and the 10 allied states of the organization have confirmed an upward adjustment for oil production to the extent of 648 barrels per day for August
THEgold it trades just above 1.800 dollars an ounce, at its lowest level since May.
Breathe the Bitcoin, up 3% to $19.333: the first half ended with a 57% drop.
