December 6, 2022

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Stock exchanges, Europe cautiously looks at the moves of the European Central Bank and the Federal Reserve, Milan lines up with banks

(Il Sole 24 Ore Radiocor) – The European stock exchanges They struggle to find the way up by decision, yet Eve sudden braking, which ended the rise in the mini index earlier in the week. waiting list FTSE MIB From Milan, affected by weak banks and financial stocks. Markets remain strong suspicionboth for geopolitical context high voltage, both due to investors who continue to question the direction of the economy, inflation, and the actions of central banks. Some disappointing macro data earlier in the week suggested that the Fed (and possibly the European Central Bank as well) would be more cautious in raise rate In the coming months, in favor of recovery.

On the European macroeconomic front, the data underscores the difficult moment in Germanyrdini for industrydown 2.4% from the previous month in July. This is a worse than expected result as it indicated -0.5%. The downside, compared to August 2021, was 4.1 percent. In this sense, the publication of A minute from the European Central Bank

US data and unemployment forecast on Friday

In Wednesday’s session, October 5, new data was announced in the states that highlighted economy contract, dampening hopes that the central institute will decisively revise the intention to tighten the screws, raising the cost of money dramatically. The ISM Services Index last month reached 56.7 points, beating expectations by 56, with a clear improvement in the employment-related component. In addition, the private sector recorded an increase in new jobs equivalent to 208,000 units, against expectations of 200,000. If today is outside Weekly unemployment claimsOfficial data on the September labor market will be released on Friday, October 7, and will be closely followed by federal economists, who also recognize that the labor market always moves with a delay relative to the economic cycle.

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Tim bounces in Milan, below Saipem

At Piazza Afari, purchases are back again Telecom Italiaamong the worst stocks in the session, Wednesday, October 5. Stmicroelectronics continues the positive streak, after good performance eve. Keep the focus on Banka Generalwhile the market continues to question the future of the company that general can give way. After the previous session’s highs, oil stocks are falling: Saipem Which rose more than 8 percent at the end of the list, weak where are youfans Tenaris. Outside the main market, volatile Banca Mps is waiting for a capital increase.

BTp/Bund spread above 240 pips

Moves above 240 points Spreads between BTp and Bund in the secondary market. Confirm BTPs for ten years Yield above 4.4%, also prompted by Moody’s warning that if the NRP steps are not respected, Italy will risk a scissors cut in judging its debt. Not only that: In Wednesday’s session, European Central Bank data on Pepp purchases in the August-September period also arrived, which showed the institute loosening its grip on peripheral securities, withItalian net purchases which was negative for 1.2 billion euros (+9.76 billion in the previous two months). “It should be taken into account – say Mps Capital Services analysts – that the government’s portfolio has shrunk by $4.32 billion, likely due to the fact that some securities that expired at the end of September have not yet been fully reinvested.”