October 4, 2022

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Stock exchanges are at the mercy of central banks. The super dollar pushes the euro below 0.99

(Il Sole 24 Ore Radiocor)bags Still at the mercy of the central bank’s moves: the increasingly tangible possibility of a new rate hike of 75 basis points by feed it In fact, the upcoming September 21st still weighs heavily Stock Lists, who are awaiting a similar tightening from the European Central Bank, at their meeting on Thursday, September 8. Sales mainly affect i energy and commodity papersalso affected by poor data on trade in china that fuel demand concerns. On the macro front, signs of an economic slowdown are back again GermanyIndustrial production fell 0.3% m/m in July due to higher energy prices.

So investors are exempting portfolios from riskier assets, and sales imply government bondswith 30-year Treasury yields at their highest since 2014, while dollar It is gaining strength against other major currencies, putting pressure on commodity prices. Asian stocks fell to levels hit in the 2020 pandemic crisis while the Nasdaq closed on Tuesday its seventh straight day with a loss, the worst streak since 2016.

Milan oil stocks are still low, heavy amplifier

In Piazza Avari FTSE MIB He sees among the larger capitalized Milan stocks that the heavy energy sector with crude oil is under pressure due to the strength of the dollar as well as by the mini-production cuts decided by the OPEC + countries. in red TenarisAnd the where are you And the Saipem. Also in red A2a And the ampliphonewhile gaining ground against this trend prismian.

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Euro below $0.99 awaits the European Central Bank

Euro is still under pressure, pressured by the super dollar below 0.99. Meanwhile, the first major appointment is with the European Central Bank: the market seems to be considering a 50 basis point rate hike more likely than 75. “Such a rise would be considered insufficient to support the single currency, which broke the 0,9870 level, It could accelerate towards the target of 0.9590”, says ActivTrades analysts. “In terms of technical analysis – they say – remember that the dollar’s strength is not running out and that significant corrective and consolidation moves are needed to be able to consider a reversal which is highly unlikely at this point. What makes the most sense is the steady and slow descent into a sudden final collapse that can push Euro/Dollar towards 0.8225, which is the lowest level ever recorded on October 16, 2000.”

The oil price is still falling, also in light of the “symbolic” production cut by OPEC + countries: Brent with November delivery loses 1.58% to $91.36 a barrel, while WTI for October is down 1.61% to $85.48. Natural gas on the Ttf platform in Amsterdam is down 6%, just under €225 per megawatt-hour.