December 3, 2022

Hardwood Paroxysm

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Stock Markets, Europe in the red between Federal and US inflation. Milan black jersey

(Il Sole 24 Ore Radiocor) – Another weak session for European stock exchanges, with Milan’s black shirt pierced by the bankers, as they looked at the “totoministri” to form the new government. Investors’ attention is focused on crucial US inflation data, which will arrive on Thursday, October 13th, and the minutes of the Federal Reserve’s latest meeting expected on Wednesday, which will be able to give important clues about the upcoming moves. The US central bank, which is likely to continue with a very strict strategy. Meanwhile, the escalation of conflict between Ukraine and Russia, with Moscow’s missiles falling a few steps away from government buildings in Kyiv and the new attack on Zaporizhia at night, does not appear to be shaking the markets. On the other hand, the risk of a recession is worrying, which seems increasingly tangible, as also reported by the International Monetary Fund, the World Bank and the European Commissioner for the Economy, Paolo Gentiloni, according to which a contraction of GDP in the eurozone in 2023 cannot be ruled out. And so the indicators move. Home of the ancient continent to below par, in Milan on the date FTSE MIBin Paris on the date CAC 40in Frankfurt on Dax 30 And in AmsterdamAEX .

Banks retreat in Milan, Recordati resists

As for the stock, in Piazza Afari almost all Ftse Mib are in negative territory, with my recordings lonely on the rise and other stocks in the pharmaceutical health sector that fluctuate equally (ampliphone And the Diasurin). banks (Banco BpmAnd the Pop Er Bank, Unicredit And the Intesa San Paulo), Interpump Group and utilities, while recklessness and denial about Germany’s openness to new EU debt continues to counter the gas crisis.

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The Bank of England will extend bond purchases to index-linked bonds for stability

The Bank of England announced that it will expand UK debt purchases into index-linked bonds to ensure financial stability for markets that have been plunged into turmoil due to the comprehensive budget package of the Liz Truss government. The monetary institution launched a program on September 28 to buy back long-term Treasuries of up to £65 billion, and yesterday it had already raised the maximum daily repurchase volume to £10 billion, among other measures.

The euro and oil are falling, gas is rising

On the currency, the Euro weakened further against the Dollar and traded at $0.968 (0.9797 yesterday at the close). It is also worth 141.177 yen (from 141.92). The exchange rate of the dollar against the yen at 145.829. Oil is down, with November WTI futures losing 0.38% to $90.78 a barrel, and December Brent crude futures losing 0.26% to $95.91. In the first part of the session, gas contracts traded in Amsterdam rose 2.1% to 157.5 euros per megawatt-hour, after the start, declining 2% to 151 euros.

Spread rises to 240 pips, yield to 4.72%

A bullish start for the spread between BTp and the Bund. The yield difference between the 10-year BTp benchmark (Isin IT0005494239) and the same German maturity points to 240 basis points from yesterday’s 232. Yield is 4.72% from 4.64% on Eve.