Stock markets are rising, waiting for Lagarde and Powell. Germany’s economy is in recession

Stock markets are rising, waiting for Lagarde and Powell.  Germany’s economy is in recession

(Il Sol 24 Radiocore ore) – the European stock exchanges Bulls accelerated after a cautious start, as investors waited for European Central Bank President Christine Lagarde and Federal Reserve Chairman Jerome Powell to intervene at the symposium in Jackson Hole. Markets will evaluate central bankers’ statements for guidance on upcoming monetary policy moves on both sides of the Atlantic. in Afari Square ftsimip It is moving in positive territory, performing slightly better than the leading indices on the Old Continent, with Dax 40 frankfurt, CAC 40 paris fexe extension Amsterdam.

FTSE Mib Stock Exchange Performance

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In Milan, Iveco Group is recovering, and Banca is weak

In Piazza Avari, among the main stocks of Milan, it is regaining strength Iveco GroupWhich has lost 15 percent since the third of August. On the other hand, the banking sector: most of the stocks are on positive ground, directed upwards UniCreditwhen MBS Bank He continues to accuse weakness. Go back up Stellantis After braking on the eve, when the purchases are also rewarding Saipem.

The dollar is at an 11-week high, and oil is rising

On the currency marketThe dollar reached its highest level in 11 weeks against the other major currencies: the exchange rate with the euro reached 1.0787 from 1.0829 at yesterday’s close. The greenback is also valued at 146.07 yen (from 145.71), while the euro/yen ratio is 157.58 (from 157.79). high price PetroleumBrent contract for October delivery increased by 0.43% to $83.72 a barrel, and the contract for the same maturity of West Texas Intermediate crude rose 0.49% to $79.44. The price of natural gas in Amsterdam rose 0.4% to 32.1 euros per megawatt hour.

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And in Germany GDP unchanged in the second quarter, the Ifo index fell

On the macro front, in the second quarter, Germany’s GDP was unchanged compared to the previous quarter while it decreased by 0.2% compared to the same quarter of 2022. These are the final data confirming the interim data that have already been released. Moreover, the climate of German business confidence as measured by the Ifo institute worsened more than expected. In August, the index fell to 85.7 points from 87.4 points recorded in the previous month of July. Estimates were for a less clear drop, to 86.5 points. The current conditions index narrowed to 89, from 91.4 in July. The expectations index fell to 82.6 from 83.6.

The spread is stable at 166 pips and the yield rises to 4.19%.

Stable seat’s opening It spreads between BTp and Bund On the Mts secondary market for European government bonds. The yield spread between the benchmark 10-year BTP and the German stock for the same period actually started trading at 166 basis points, the same level as yesterday’s close. The yield on Italian 10-year bonds rose slightly, to 4.19% from 4.18% a day earlier.

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