May 20, 2022

Hardwood Paroxysm

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Piazza Affari is down 3.9% and the Bund-Btp spread reaches 171 points – Corriere.it

The winds of war in Ukraine worry the markets. In Avary Square Index After touching a 4% drop during the session, the FTCI MIB closed down 2.04% to 26,415 points. Madrid closed down 2.5%, Paris 2.2%, and Frankfurt by two percentage points. Amsterdam and London eventually fell 1.7%, with Moscow moving down between 3 and 2% in various indices. International tensions eased slightly Thanks to the words of the Russian Foreign Minister, Sergey Lavrov, who spoke this afternoon about the possibility of resolving the crisis diplomacy, but fears of a Russian invasion of Ukraine continue to worry investors. Stoxx 600 . Indexwhich includes 600 of the main stocks of the ancient continent, after even greater declines It lost the last 1.9%, which translates to 201 billion capital Burned out in one sitting.

The prevalence is at its highest level since June 2020

The spread between BTP and Bund starts the first session of the week with a jump and reaches 171 pips and then closes at 169 pips with the Italian 10 year yield at 1.97%. According to Bloomberg results, this was the maximum since June 2020. In the middle of the morning the yield gap between government bonds widened again to reach 169-170 points again and then, In a real swing, back down to 165. But our 10-year yield remained virtually unchanged around 1.9%, indicating a rally (with a subsequent dip in yield to 0.19% and then slightly higher, at 0.24%, compared to 0.29% on the day). last Friday) of the package, safe haven security par excellence when the red alert continues in the markets. So investors are turning to German quality, buying more bonds, but not asking Italy to pay more for now.

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Addresses

In Piazza Avary pThe banking sector was particularly punished. s.Private Unicredit (-4.23%)the bank with the most exposure in our country is in Russia, the country from which comes about 3% of the group’s operating profit. Banco Bpm held up better (-0.65%), which remains in the center of attention as a potential champion of banking risk. Intesa Sanpaolo was also weak, down 3.01%. At the peak of Banca Mps who lost 6.03%. Rumors that the FTID would have given the green light to sell 80% of Banca Carige to Bper have instead given wings to the Genoese Bank title which, with a jump of 2.28% to €0.7901, is practically in line with the takeover offer price announced by Popolare di Emilia Romagna on the ratio The remaining 20% ​​is at 0.80 euros per share. Male Telecom, Inc., is down 2.75% from its board day on the progress of its business plan. The Automotive segment sold, with Iveco Group at -3.95%, Cnh Industrial at -3.86%, and Stellants at -2.56%. In the main list, unlike Inwit which is up 1.79%, and Snam which is up 0.83%.

the oil

In the foreign exchange market, risk aversion weakened the euro, which also fell below the 1.13 threshold and was valued at $1.1304 at the close (1.1333 at the beginning and 1.1393 at the end of Friday) and 130,715 yen (130.71 and 132.17). One dollar equals 115,629 yen (115.32 and 116.00). After a volatile day, with European markets closed, the price of oil is starting to rise again: the contract cIn April, Brent crude gained 0.37% at $94.79 a barrel and the March expiration mark on West Texas Intermediate crude gained 0.77% at $93.82 a barrel.. The price of gas has also gone up.

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Between economic policy and inflation

From a longer perspective, all government bonds and bonds as well as price lists remain outstanding Discounting in advance, as it always happens in the markets, the approaching change in the pace of economic policy

. In the US, the first rate hike in March, followed by two or three more Fed interventions by the end of the year, is virtually certain. Some analysis houses even assumed it could be up to six. In Europe, where inflation is increasing but not as much as in the United Statesi, where the last poll was close to 7.5%, the new rate has no specific date, but the recent statements of Christine Lagarde, President of the European Central Bank, were greeted by markets with concern. Higher interest rates, even if it heralds an economic recovery, is never an easy move for those who are investing.