December 8, 2022

Hardwood Paroxysm

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+ 57% sudden rise in oil prices. Bags – Corriere.it collapse

The military attack on Ukraine began overnight. The move by Putin’s Russia caused panic in the markets, with the prices of commodities, energy, grains and metals skyrocketing and stock exchanges crashing. Crude oil price under pressure: Brent crude rose above $100 a barrel for the first time in more than seven years, then settling at $99, while Brent crude futures rose 7.71%, at $104 a barrel. The upward race, apparently without brakes, also continues on gas prices. March futures traded in Amsterdam rose 57.2% to €139.75 per megawatt-hour, while the April maturity date rose 56% to €138.67. The increase was contained in US-traded futures, up 5.12%.
The Moscow Stock Exchange collapsed almost 30% after Russia’s attack on Ukraine. The Moscow List, which was held near the announcement, extended losses recorded at the start and sees the Moex index post a record low of 28.8%. The Russian dollar-denominated RTS index collapsed to -38%, to an intraday low of 960.24 points. The Russian attack on Ukraine shattered about $180 billion in capital on the Moscow Stock Exchange, according to Bloomberg calculations. The Russian authorities were forced to suspend trading for the second time after the Moex index fell by 28.8%, in what is the largest drop in its history.
In the afternoon, the stock market is still in sharp decline after the negative start of the session on Wall Street. The Ftse Mib rose only a few fractions of a point, and scored -4.51% at 24,784 points. In Piazza Avari, the decline affected Unicredit (-12.8%) with other banks such as Intesa (-8.4%), BBM (-8.5%) and Bir (-7%). Pirelli sells 10.7%. They kept Eni (-0.2%), Snam and Saipem at 1.3%, Terna 1.7% and Leonardo at +3%.
here, Stock prices and trend of major indices in real time.
here, BTP-Bund spread adjustment in real time: live markets.

Avary Square “burns” 30 billion dollars

Piazza Afari closes sharply with Ftse Mib less than 25,000 points (-4.01%, to 24,890 points), which is equivalent to more than 30 billion “burned” capitals in one session. The race to sales started at the opening bell, and has spread to almost the entire menu, except for a few titles like Oil. On the other hand, the most pronounced declines were as expected for companies most closely related to Russian business. In the first row banks, with a discount Unicredit -13.49% exposure in the Russian market. Intesa in turn produces 7.96%, Bpm is already 8.19%, Bper is 7.60%. Among the industrialists, they pay Pirelli (-10.40%), Maire (-7.86%), Buzzi (-7.84%). Stellantis closed at -6.06%. With regard to oil, Eni eases the decline to -0.48%, while Saipem is up 1.85% after presenting preliminary results for 2021, while a review of the order book revealed no further implications with respect to those already known. Leap by Leonardo (+4.34%), which operates in the defense sector, as well as Diasorin (+2.47%), Amplifon and Campari (+1.81%), the latter recovering from a 10% drop on Wednesday.
European stock markets ended the session sharply lower After Russia invaded Ukraine. The London Ftse 100 index fell by 3.82% to 7212 points, the Paris Cac 40 index fell by 3.91% to 6515 points, the Frankfurt Dax 30 by 3.92% to 14,057 points, and the Ibex 35 lost 2.85% at 8199 points.

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Spread is closed

Closing spread for BTp / Bund . There was a two-phase session on European fixed income: the first was marked by a brief flare-up at the start of the day which led to the differential yield between the ten-year Btp standard (Isin IT0005436693) and the same Russian. Maturity up to 175 basis points from 171 basis points from the previous close. Late afternoon, on the other hand, the yield dynamics on the euro curve (which generally did not register any sudden movements) changed direction. At the basis of the transformation are the words of the Governor of the Austrian Central Bank, Robert Holzmann, member of the Governing Council of the European Central Bank, according to which The European Central Bank after the attack on Ukraine could slow the exit plan from the economic stimulus program for the eurozone economy. This approach was also repeated by Isabel Schnabel, another member of the ECB’s Executive Committee. At the end of the session, the spread settled at 164 basis points from 171 yesterday, while the benchmark 10-year BTp yield ended at 1.82% from 1.90% yesterday.

All European indices are traded sharply. The CAC 40 in Paris lost 4.35 percent to 6,492 points, and the DAX 30 in Frankfurt lost 4.29 percent to 14,003 points. Madrid’s Ibex 35 index loses 4.99% to 8,069 points.

Tokyo is down 1.81% and Hong Kong is down 3.2% (tech is losing more than 5%). Wall Street futures also fell about 2%, after the S&P lost its initial gains on the way yesterday, closed down about 2%, and entered further into the correction phase, leaving the market at .18% since the last peak in November. The Dow Jones and Nasdaq in turn ended the decline at their lowest levels for the year. Markets are telling us Russia will now do what it wants given the weakening of sanctions, said Ray Atrell, chief strategist at National Australia Bank, judging by the real concern that Europe is now cut off from Russian gas.

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Gas, oil and aluminum prices skyrocketed

The price of gas has risen on the Amsterdam market, which is the methane standard for continental Europe. After the Russian attack on Ukraine, futures contracts rose to the maximum By 30% to 114 euros per megawatt-hour, it is the fourth consecutive day of increases.
The price of aluminum reached an all-time high: the price of the metal reached $3,382.50 per ton, surpassing the previous peak of $3,380.15 recorded during the global financial crisis in July 2008. With Brent hacking $100 in the hours of Russia’s attack on Ukraine. Late in the morning, Brent prices reached $105 a barrel for the first time since 2014, an increase of 8% over the previous session. WTI’s high-quality crude oil is also a move from $100 to $99.4 (+7.9%).

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Ruble at historic lows, Bitcoin below $35 thousand (-9%)

As investors abandon riskier assets and turn to safer ones: the euro fell to a three-week low against the dollar, which is considered a safe-haven asset, The ruble, at an all-time low, is losing more than 9%. The Central Bank of Russia is carrying out interventions in the foreign exchange market to stabilize the situation after the fall of the ruble. Gold rose to its highest level since November 2020 at $1,944 an ounce.
Cryptocurrencies also fell after Russia’s attack on Ukraine. Bitcoin drops -8% below $35,000 and there is a 12% drop in Ethereum. It should be noted that from the $64K limit reached last November 9, Bitcoin has now lost about 50% of its value.

Food prices continue

The euro falls against the dollar after the Moscow attack on Ukraine. The single currency lost 0.54% to 1.1246 against the US currency. The exchange rate with the yen also fell sharply to 128.79 (-1%).
Grain prices rose after the Russian attack on Ukraine. The cost of wheat, of which Kiev is a major producer and exporter, increased by 5.90%. But the prices of soybeans (+2.87%), corn (+5.47%) and oats (+4.81%) rose.