December 3, 2022

Hardwood Paroxysm

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Stock exchanges, high tension Monday between the Federal Reserve and Ukraine. Milan (-4%) is the worst waiting for Quirinale

(Il Sole 24 Ore Radiocor) – the European stock exchanges, which was hit by a wave of sales since the beginning of the day, closed in dark red, albeit above session lows, in the wake of Wall Street, and remains in the red after the worst week since March 2020. FTSE MIB In Milan it was the worst, losing 4.5% and even dropping below 26,000 points, to the levels of the end of last November. It didn’t go better than the other Continental squares, with CAC 40 Paris, dated DAX 40 in FrankfurtIBEX 35 in Madrid, the Ftse 100 in London andAEX Amsterdam in dark red. over there Moscow Stock Exchange In free fall (-8% of Rts) and rubles It is clear that he lost his positions against the dollar and the euro.

Thus, indicators have extended the negative line that started last week amid anticipation of announcements Federal Reserve and concerns about itEscalation of tension over the Ukrainian crisis, with US President Joe Biden evaluating the possibility of sending several thousand American soldiers, as well as warships and aircraft, to deploy to the countries of Eastern Europe and the Baltic states that are members of NATO.
In any case, the two-day meeting of the Federal Open Market Committee, the operational arm of the Federal Reserve, scheduled for January 25-26 will take the place. Analysts believe the central bank will choose the status quo, but should provide guidance on moves in March, when borrowing costs are expected to be revised upward, perhaps as much as 50 basis points. Managing Director of the International Monetary Fund, Kristalina GeorgievaHe stressed that it is “extremely important” for the Fed to clearly communicate its monetary policy plans to avoid surprises, stressing that an interest rate increase by the US institution could “cool down” an already weak economic recovery in some countries.

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Wall Street is also down

A bearish trend on Wall Street, after last week’s steep declines. The Nasdaq lost about two points, after losing 7.6% in the previous eighth, recording the worst week since March 2020 (4th consecutive decline), and experiencing the worst start to the year since 2008 (-12% through January). It also ended last week’s correction, which was down more than 10% from its last record on November 19. The Dow Jones and S&P 500 ended their third consecutive week in decline, the worst since 2020, with declines of 4.6% and 5.7%, respectively.

In Milan, focusing on telecommunications, Eni brought Var Energi to the stock exchange

In Piazza Afari, the day of separation from the temporary return of Onethe hump. Enel will split 19 cents per share (at a 2.7% return on Friday’s closing price of 21), hump 0.1048 (2.05%). Sales at the European level particularly affect raw materials, cars, technology and the travel sector: in Milan Stilants e Pirelli and C Record the biggest losses. Attention to where are you, after announcing the listing of Var Energi AS subsidiary on the Oslo Stock Exchange. This operation is part of Eni’s strategy to enhance its assets in order to free up new resources to allocate to accelerating the energy transition strategy. reduce damage Telecom Italia, after Pietro Labriola was appointed Managing Director in recent days and waited for Iliad to reveal its entry into the fixed and fiber services business. But the telecommunications sector is in the spotlight above all due to rumors regarding the possible combination of Italian activities by The Iliad Based on Vodafone.

BTp, spread given Quirinale

incoming increase for Spreads between BTp and Bund Which is not affected at the moment by the ambiguity of the Italian political framework: the process of electing the President of the Republic officially begins. The yield difference between the ten-year Italian benchmark (IT0005436693) and the same German maturity closed at 144 basis points, starting at 141 basis points, unchanged compared to the previous reference. Of note is a slight dip in the 10-year benchmark BTp yield, which at the end of the session settled at 1.35% from 1.36% at Friday’s close.