October 4, 2022

Hardwood Paroxysm

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EU stock exchanges are cautious with the focus on the energy crisis. Gas prices are going down

(Il Sole 24 Ore Radiocor) – In one wake session of dipsdue to the energy crisis and the new stoppage of the Nord Stream 1 gas pipeline, and European stock exchanges They are struggling to recover, but are moving at an uncertain pace, unable to shake off their concerns about the energy crisis (the Kremlin has announced that supplies via Nord Stream 1 will not fully resume as long as sanctions against Moscow), the Expensive and strategies to contain it (On Monday, natural gas contracts rose more than 10% after peaking at +25%, today they are down 3.8% to €236.5 per megawatt-hour) and the risk of recession, with central banks, starting with the Federal Reserve, confirming a strict strategy to contain inflation.
In this sense, Thursday’s European Central Bank meeting will be decisive: an increase in rates of 75 basis points is expected, but operators will try first of all to assess the degree of interest of Eurotower in inflation dynamics, in the words of Christine Lagarde, in a context where macro data indicate, however , to a sharp slowdown in growth in the coming months.

So they travel on alternating current FTSE MIB Milan CAC 40 Paris, dated FT-SE 100 London, on the day Queen Elizabeth II welcomed the new Prime Minister Liz Truss, and DAX 40 in Frankfurt after -1.1% of manufacturing orders in July and -13.6% on an annual basis. Wall Street futures, which are not currently moving much, rose modestly, after the Labor Day holiday.

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Milan striker without tremors: the cars are recovering, under the oil

As for the titles, the FTSE MIB Going smoothly: cars bounce on top (Pirelli and CAnd the StilantsAnd the IVECO Group), following a forgetting session, and they’re traveling on the right foot too Telecom Italiawhile according to press leaks, Open Fiber will be directed to make a non-binding bid for Tim’s network immediately after the September 25 elections, and Diasurin. in layout Tenaris And the where are youOn Monday, it was better with oil higher and profit taking affected, also thanks to the slowdown in crude oil.

Low gas, but still above 230 euros

Following the rally session (contracts traded in Amsterdam on Monday ended up at €245.92 per megawatt-hour, after peaking at €284), natural gas prices resumed modestly. Initially, on the Dutch platform Ttf, contracts ending in October recorded a first price of €235.325 per MWh, and at the moment it is down 3.83% to €236.5. But in the past five sessions, a total of 15.9% of contracts have been sold, having set the closing record of €346.522 on August 26. However, it should be noted that a year ago the prices were about 30 euros per megawatt-hour. A meeting of EU energy ministers is scheduled for Friday to discuss setting a cap on the price of Russian gas.

Oil is slowing down, the euro is always below the dollar

Slow down the oil, after an accelerated eve in the aftermath OPEC+ production cut: West Texas Intermediate crude futures for October are down 0.66% to $88.65 a barrel, and Brent crude futures for November are down 0.8% to $94.97.
On the stock exchange, the euro, which fell to its lowest level since 2002 on the dollar to less than 99 cents, is recovering slightly, but Still below par to $0.9958 (from $0.9993 closed yesterday). EUR/JPY at 140.538 (from 140.36) and USD/JPY at 141.142.

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