It will be interesting to see how the markets react to today's words Arnaud de Puyfontaine, chief executive officer of Vivendi, who on Tuesday, speaking from Rimini, opened the way for the creation of the single network, defining it as "the right step to take for Telecom Italia". There is no doubt that this is an important affirmation, but it must be emphasized that the manager has once again glossed over the crucial point of the question on the price of the sale of the Tim network to Cdp.
Germany and Italy: different perspectives
“The impact of the war on the German economy will be 3% this year. And the negative consequences will last at least until 2025”. Martin Fratscher, one of the most influential German economists with a direct line to the government, does not discount: Germany, which will grow by a maximum of 1,5%, is headed for recession.
Gregorio De Felice, chief economist of Intesa Sanpaolo, underlined this morning that Italy e Spain "they are better placed”. Thanks also to the exchange effect on ours manufacturing, benefited from the weak euro (0,9950 the cross with the dollar), according to the economist of the first Italian bank, GDP will grow by 3,4-3,5% this year and will keep the plus sign next year as well. Numbers that reward the action of the outgoing government and justify holding the price list despite the gas emergency, while the pre-election tremors partly explain the rise in yields on BTPs to 3,62%, the highest for two months.
But the strong dollar effect is one of the hot topics characterizing the eve of the symposium Jackson Hole, the Fed party that will culminate in Jerome Powell's speech on Friday, which markets are watching with some trepidation.
Asian bags
Eurostoxx futures fell this morning, US derivatives were flat. Asian stock markets are also down. In the final session the Nikkei loses 0,5%. CSI300 of the Shanghai and Shenzen lists -1,2%. Hang Seng of Hong Kong -1,2%. BSE sensex of Mumbai -0,2%. Kospi of Seoul +0,2%.
Hong Kong
In the list of Hong Kong, the real estate developer Logan halves its capitalization in the first trading session after the suspension following the non-payment of the coupons of some bonds in dollars. The Shenzhen-based firm presented lower-than-expected full-year estimates and warned that it would seek some debt restructuring.
South Korea
At the Stock Exchange Alone automotive companies down after US National Highway Traffic Safety Administration orders the recall of 280 Hyundai and Kia vehicles. The authorities have identified an electrical problem potentially capable of setting fire to the car.
Wall Street
Weak sitting yesterday at Wall Street after the slumps of the beginning of the week. For the index S & P500 came the third drop in three days, -0,2%. The Nasdaq closed on parity. Penalized by the rise in real rates to their highest levels in the last four weeks, the Tech index has lost 4,5% in the last three sessions.
The US is waiting for the Fed
Il Ten-Year Treasury Notes trades to 3,03%, from 3,01%. In response to those who, like Goldman Sachs strategist Ian Hatzius, expect Federal Reserve easing, Minneapolis regional branch chairman Neel Kashkari said last night that his biggest concern is how lightly the market assesses the danger of persistently high inflation: the central bank could be even more aggressive in bringing down the cost of living.
Milan Stock Exchange
In Europe yesterday Business Square (+0,97%) practically danced alone, thanks to oil boom. The other lists are depressed after the release of the PMI indices.
BTPs and spreads
Salt it spread: on the secondary the yield of ten-year BTP closed at +3,63% and that of the Bund at +1,31%; the gap is growing to 232 basis points (+1,35%).
Gas and oil
Il gas, in Europe, closed slightly down, at 279 euros per MWh. The Energy Services Manager announces that at the end of the month the gas stocks will be 90% filled.
Petroleum WTI settling at 93,4, down slightly from yesterday's +3,7%. Brent trades around 100 dollars.
