August 11, 2022

Hardwood Paroxysm

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Frequent EU stock exchanges with fears of inflation and recession in the United States. Record Auction Return BTp

(Il Sole 24 Ore Radiocor) – You’re already on the wrong foot, pounds European stock exchanges They have gradually lost height, and in the middle of the day, they travel to minimum sessions with more than 2% discounts. Technology, cars and above all banks are paying the heaviest bill, after Andrea Enria, head of the European Central Bank’s Supervisory Board, warned about the recalculation of dividends in a recessive scenario (in Milan among the worst). UnicreditAnd the Intesa San PauloAnd the Banco Bpm And the Pop eh bank).

Namely the fear that the Fed will act in this aggressive manner Put an end to the economic recession of the United States To keep Old Continent stock markets in check: President Powell of Sintra spoke about the calculated risks of slowing growth, considering the possibility of a recession (currently ruled out) as a “price” to be paid to reach the target of returning inflation to the mid-range targets term. Cleveland Federal Reserve Chair Loretta Mester said she would support a 75 basis point rate hike at the next meeting, more than the market wants. In Italy then for all this Added political tensionswhich nourishesUncertainty about government powerAfter Prime Minister Mario Draghi returns prematurely from the NATO summit in Madrid.

So, if it FTSE MIB Milan is about to close the semester with a 20-point loss, they do no better than DAX 40 In Frankfurt, after the May retail sales data (+06% in the month and -3.6% in the year), the CAC 40 Paris, andibex 35 Madrid FT-SE 100 London andAEX Amsterdam. In the context of the widespread decline across all sectors, the worst performers were banks (-2.3% Stoxx Euro 600), automobiles (-2.9%), retail sales (-2, 1%) and technology (-2.6%). ). Nor is any help even from Wall Street, where futures contracts are still low and, above all,The S&P 500 is heading for its worst first half since 1970 The Nasdaq has fallen 20% in the past three months, the worst number since 2008.

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Bad Banks in Milan, Nora’s Poor Debut

In Piazza Afari, where Ftse Mib is almost passive, utilities (starting with Sanam retight gas And the italgas) also driven by the bio-methane facilities and solar power plants stipulated in the aid decree, and as mentioned, the banks are suffering. Still in the spotlight Saipem With shares plummeting (having briefly recovered to -0.8%) and equity raising rights still down 12.07%. As in the rest of the continent, cars are bad (StilantsAnd the Pirelli and CAnd the CNH Industrial And the IVECO Group) and technological (Stmicroelectron). Outside the main listing, it is worth noting that the De Nora electrochemistry group made its debut in Piazza Affari and recorded the first share price of 13.40 euros, down from the offering price of 13.5 euros, and then fell by 1.7% to 13.27 euros.

The spread is back above 200 pips, the 10-year yield is lower

The spread between BTp and the Bund returns to just over the 200 basis point threshold in the Eurozone bond buying session following Wednesday’s rebound. The yield differential between the ten-year BTp benchmark (Isin IT0005436693) and the same German maturity is indicated at 203 basis points, up from 199 basis points at the previous close. On the other hand, the 10-year benchmark BTp yield is down slightly, starting the day at 3.48% from 3.49% on Wednesday.