May 16, 2022

Hardwood Paroxysm

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Stocks are falling, intense Fed pressure is scaring Europe too

(Il Sole 24 Ore Radiocor) The possibility that the Federal Reserve will begin to tighten monetary policy as quickly as possible in recent history continues to weigh on sentiment European stock exchanges, which is moving lower in the last session of the week, albeit higher than the lows reached initially. the worst is FTSE MIB Milan, waiting Standard & Poor’s verdict on Italyafter the closure of Wall Street, and CAC 40 Paris, as a moment of truth French presidential elections, with a vote at the weekend between outgoing President Emmanuel Macron and his rival Marine Le Pen. Downhill too DAX 40 in FrankfurtIBEX 35 in Madrid, the Ftse 100 in London andAEX Amsterdam. Meanwhile, Asian markets closed mainly in the red in the wake of Wall Street, with the exception of Chinese markets, backed by a call from the regulatory authorities, which called on institutional investors to buy more local securities.

Federal Reserve Chairman Jerome Powell has said he thinks it’s “appropriate to move a little faster” on interest rates, and the market now sees the possibility of three consecutive hikes of 50 basis points each (Powell named one, which is already on the schedule for May). ): It will be the fastest restrictive cycle since 1982. The publication of SMEs indices for April is also expected to assess the impact of the war in Ukraine on manufacturing and service activity. Finally, investors continue to focus on the quarterly reports. Viewing accounts affects the performance of individual companies (see the latest Saipem and Tesla bounce or the Netflix meltdown).

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Banco Bpm and Terna are doing well in Milan

Among the Milanese stocks with the highest capitalization, Banco Bpm Accelerates after confirming the start of the process of evaluating the incoming offers for the banking insurance business. After a weak session starts, it also goes up IVECO GroupAnd Sanam retight gas And ternawhile they are at the end of the main basket MediobancaAnd Saipemhit by gains after the rally on the eve of better-than-expected accounts, e Moncler.

Spreads down, stable yield for ten years

Downward trend of the difference between BTp and Bund. The yield differential between the ten-year BTp benchmark (Isin IT0005436693) and the same German maturity is indicated at 163 basis points, four less than the 167 basis points from the previous close. The return on the 10-year benchmark BTp is fairly stable, opening at 2.57% after the last position was recorded at 2.58%.

The euro is about $1.08, as oil and gas prices drop

In the currency market, the euro is sliding towards $1.08 and is indicated at 1.0808 from 1.0856 yesterday’s close. In the meantime, the yen interrupted the process of weakness against the dollar, from its lowest level in 20 years, to 127.90, and against the single European currency at 138.80.
Oil was down 1.04% in London at $107.20 a barrel for June Brent and 1.03% in New York at $102.72 for delivery similar to WTI. + 3.9% to €104 per hour, finally the May contract for natural gas in Europe on the Dutch platform Ttf.

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