August 13, 2022

Hardwood Paroxysm

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EU stock exchanges passed the ECB test, Milan +1.3% in the week of Draghi’s resignation

(Il Sole 24 Ore Radiocor Plus) – European listings surpassed the ECB’s “hot” week in terms of interest rates. In fact, it was an octave on both sides of the old continent’s stock exchanges: in the early sessions, in fact, thanks to a frantic night of Eurotower decisions on the cost of money and optimism about reopening the Nord Stream 1 gas pipeline – as it had already happened – the lists accumulated points, only to dampen enthusiasm Slightly after the ECB decision and the early end of the Draghi government in Italy, which particularly weighed on the Ftse Mib (while leaving its positive budget for the week). In summary, in this eighth, the best stock markets on the Old Continent are on par with those of Germany and France, with Dax40 and Cac40 each taking 3 percent. It is followed by London (+1.6%), and Milan (+1.3%) at the bottom, but it is still making progress. As for the individual stocks in Piazza Avari, in the main part of the luxury shines with Moncler (+ 8.8%), Energy with Prysmian (+ 8.6%) and Cars with Iveco Group (+ 7%). At the bottom of the Ftse Mib it ends Saipem (-13%) suffer from a complex increase in capital, Enel (-5.5%) and Tim (-4.5%) who have been affected more than other securities by the Palazzo Chigi crisis that could put them in “standby” several hot files ( starting from those on the single network).

Fixed close on Friday 22nd July, Milan +0.07%

After the 50-point “sting” of the European Central Bank, calm returns to the eurozone European price lists who – which They close the dishes at the last session of the week, following a higher-than-expected rate hike by Eurotower. Investors had to deal with concerns aboutinflation The Italian government’s crisis and the conundrum over actual Russian gas supplies is accelerating after Nord Stream 1 restarts at 40% of its capacity (with the European Union launching a contingency plan, however, it does not find consensus from all member states). The contraction of the euro zone economy in July also affected the manufacturing and services PMI, as European Central Bank forecasters revised their inflation forecasts for 2022 upwards to +7.3 percent. In Avary Arena, Ftse Mib closed practically without change (+0.07%), in line with Aex in Amsterdam (+0.06%), Dax40 in Frankfurt (0.05%) and Ftse100 in London (+0.08%), when Cac40 Paris performed slightly better (+0.25%), as well Ibex35 did in Madrid (+0.37%). Wall Street suffers, especially on the Nasdaqafter disappointing quarterly reports on Twitter and Snap.

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BTp/bundle spreads close at 238 pips, yield at 3.43%

Stable spread after yesterday’s session which was marked by tensions related to the downfall of the Draghi government and the rise in interest rates by the European Central Bank. In the end, the fundamental difference between the ten-year BTp standard (Isin IT0005436693) and the same German maturity is indicated at 238 points from 237 on the eve of the day. The Italian 10-year yield fell to 3.43% from 3.58% yesterday.

The weak Wall Street, Snap and Twitter accounts are disappointing

After three consecutive gains, Wall Street moved below par, due to the disappointing calculations of some tech companies: Explode, Explode It fell 29% in pre-market after yesterday’s results fell short of analyst expectations and employment is expected to slow: Sales were flat and posted a net loss of more than $400 million in the second quarter. disappoint accounts TwitterWhich recorded revenues of 1.18 billion, compared to analysts’ expectations of 1.32 billion. As for the US PMI data, manufacturing fell to 52.3 points in July (less than expected), while services fell to 47 points (worse than estimates).

Terna is doing well in Milan, while Unicredit and Tim stumble

In Piazza Affari, Terna (+2.45%), Inwit (+2.39%), Banca Generali (+2.18%) and Prysmian (+2.12%) closed at the top of the main sector. Sales to banks, which exclude the scenario of political instability more than other sectors, from Unicredit (-2.36%) to Bper (-1.6%). red closure for Tim (-2.04%), after Moody’s downgraded the rating “B2” from “Ba3”, with a negative outlook, due to high leverage, deteriorating macro environment, and Fcf which should remain negative in 2023. Reported reckless behavior La Repubblica on the new assessment of Tim’s network infrastructure by Vivendi in light of the reorganization: a much higher rating than the assessments made by the company’s consultants.

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