September 28, 2022

Hardwood Paroxysm

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May may start badly for stock exchanges, between slowdown in China and waiting for the Fed

(Il Sole 24 Ore Radiocor) – The European stock exchanges Begin with a sharp decline in May, but between the Ukrainian crisis and high inflation on Budget since early 2022 Very negative (-7.7% Stoxx600 Europe, -11.1% Eurostoxx50, -11.3% Ftse Mib). Other signs of a slowdown in the Chinese economy, which emerged over the weekend from indicators of small and medium-sized companies in the manufacturing sector and increased through the shutdown, added to the tension in the markets for the shutdown in China to contain the rise in Covid cases, the war remains unresolved and approaching Federal Reserve meeting that will intervene in US prices, raising the cost of money by 50 basis points in the US. Other central banks, starting with the Bank of England, are also ready to raise interest rates.

Indices, which are already low, suddenly accelerated lower, lost more than three points and then came back to pare the declines. However, they are all still on a slope FTSE MIB From Milan, after a month in the red and with a larger negative balance (-6.6%) Since the beginning of the conflict in UkraineThe CAC 40 Paris, dated DAX 40 in FrankfurtAEX Amsterdam andIBEX 35 Madrid. The London Stock Exchange is closed for the holidays as well as in Moscow (also stops on Tuesday), in Asia it sits without exchanges for Hong Kong and Shanghai (also stops at 3 and 4).

In Milan, all eyes are on Mediobanca, and Terna is still going

On Ftse Mib’s eyes are still on Mediobanca Among the successes of the board of directors list public, with the support of the first shareholder, the hypotheses of the strengthening of Leonardo del Vecchio in the capital and rumors of strategic alliances. He carries terna, which sold electricity transmission operations in South America for a value of more than 265 million euros. Alternating current italgasAnd Sanam retight gasAnd In the And Hira. Fall among the industrialists StmicroelectronicsAnd Tenaris And IVECO Group. in bending too Telecom Italia.

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The spread is still high at 185 pips, and the return is at the top of 2019

At the beginning of the week, the eighth recorded rise in the spread between BTp and Bund in the MTS electronic secondary market and in returns continued. The yield differential between the Italian ten-year benchmark (Isin IT0005436693) and the same German maturity is indicated at 185 basis points from 184 basis points for Friday’s final. And the 10-year BTp yield continues to rise again, exceeding 2.80%, after closing at 2.79% on Friday, remaining at record levels since February 2019.

The euro is still falling on the dollar

In the currency market, the euro is losing more ground against the US currency in light of the Federal Reserve’s intervention in rates while the Vice President of the European Central Bank, Luis de Guindos – during an interview with Correo at the weekend – emphasized that a rate increase in the eurozone is possible but Unlikely: The EUR/USD exchange rate is 1.0519 from 1.0551. Euro / yen up to 137.23 (136.67) and dollar / yen up to 130.32 (from 129.59).