Negative week for European stock exchanges, Milan -3.9% with government crisis

Negative week for European stock exchanges, Milan -3.9% with government crisis

(Il Sole 24 Ore Radiocor Plus) – The recovery of the last session of the week does not preserve the balance of the eighth session of the European lists. The Eurostoxx 600 Index lost 0.8% from last Friday’s close, during a week marked by the release of US inflation data, its highest since 1981. Piazza Affari pays the price for government crisis and closes the week 3.9% lower, doing worse than major continental indices. The Dax40 in Frankfurt recorded -1.2%, Ftse100 in London -0.5%, Ibex35 in Madrid -1.9%, Aex in Amsterdam -0.3%, when the Cac40 in Paris closed unchanged. At the sectoral level, the week in Europe saw sales affected by all banking sectors (-5.2%) and commodities (-5.1%). Among the surnames, in Milan Saipem collapse (77.2%) with Bieber -14.4% and Tim -12.7%. St (+4.7%), in the days of announcing the agreement with GlobalFoundries for a new plant in France, Ferrari (+1.2%) was saved.

The last positive session of the week

Sector reversals Sentences And the Energy they paid European stock exchanges Which closed the final session of a nervous week on a positive note, marked by peak US inflation and uncertainty over central bank moves. In Piazza Avary, the Ftse Mib finished trading with 1.84%, in Paris Cac40 by 2.04% and in Frankfurt Dax40 by 2.76%. Negative Chinese data (Q2 GDP grew only 0.4%, the worst number since the start of 2020 due to the “zero tolerance” policy on Covid) did not slow the recovery of the continental indices, which also provided another report. The auto market declined (-16.8% in June and -13.7% in the half year). The number that gave comfort to listings instead was US retail sales: in June they rose 1%, better-than-expected performance. Meanwhile, the quarterly season continues: Among the major US credit companies, came Citi, which showed better-than-expected results even if earnings posted a 27% drop. Against this background, attention remains focused on the Fed’s next moves, with St. Louis Fed President James Bullard saying he would like to see interest rates in light of the latest inflation data. to 3.75%-4% by the end of the year, up from 3.5% previously assumed. As for Italy, yesterday evening, the President of the Republic, Sergio Mattarella, rejected the resignation of the Prime Minister, Mario Draghi, who will send communications regarding the government’s crisis to the Senate and the House of Representatives on Wednesday. Domestically, the Bank of Italy today raised its estimate of Italian GDP for 2022 to 3.2%, while lowering its growth forecast for 2023 and 2024. Wall Street closed sharply higher (Dow Jones + 2.15%, S&P 500 + 1.92% and Nasdaq + 1.79%) thanks to data on retail sales above estimates.

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Stable spread at 223 pips, decreasing return

stable closing of Spreads between BTp and Bund In the wake of the rise that followed the opening of the government crisis. At the end of the session, the yield difference between the ten-year BTp benchmark (Isin IT0005436693) and the same German maturity is indicated at 223 basis points, unchanged compared to yesterday’s close. On the other hand, the yield of the benchmark 10-year BTp, which posted last place at 3.36%, is down from 3.41% overnight.

The euro against the dollar and oil on the rise

As for the currency, the euro remained on par with the dollar at 1.0091 (1.0019 at the beginning and 1.0067 yesterday at the end), when it was worth 139,791 yen and USD/JPY stood at 138.535. Oil is back on the rise: the September contract for Brent gains 2.27% at $101.37 per barrel and that for August WTI gains 2.21% at $97.9. The price of gas in Amsterdam fell: -9.4% to 158.5 euros per megawatt-hour.

New Saipem collapse, good car

In terms of stocks, Interpump (+5.6%), Pirelli (+5.57%) and Iveco Group (+5.56%) in Milan finished atop the Ftse Mib. reverse sign for Saipem (-29.91%), following the news that Union Guarantee Banks will put on the market 68% of unsubscribed securities by investors as part of the capital increase, a package equivalent to 19.8% of Saipem’s post-deal capital (the banks own about 29 %). Piazza Afari’s best performances recorded by Rcs Mediagroup (+ 15.08%) e Cairo Telecom (+13.46%) thanks to the “peace” with the fund Black stone In the building on Via Solferino in Milan. Today, RCS Mediagroup, Blackstone and Kryalos Sgr have formalized the termination of the dispute over the Milan property of the publishing group sold in 2013 to Kryalos, thus closing a dispute that reached the Milan Arbitration Chamber and New York Court. The agreement reached “includes a mutual assignment of all shares and RCS has agreed to pay a contribution of €10 million towards the expenses incurred by Blackstone”. In addition, the publishing group will buy, at a price of 59.9 million euros, the building located in Via Solferino, the historic headquarters of Corriere della Sera, part of the Solferino-San Marco-Balzan complex that is the subject of the dispute.

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