October 3, 2022

Hardwood Paroxysm

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Stocks bounce with focus on Fed. BTp 10 Years Up 2019, Bund Up 1%

(Il Sole 24 Ore Radiocor) – Following a descent session, to be determined in the morning from “sudden collapse” Then it is reabsorbed European stock exchanges The rallies rebounded and consolidated gradually, always focusing on the central banks and above all on the Federal Reserve, which is supposed to announce on May 4th its largest rate hike since 2000 with a 50 basis point adjustment. In a mixed session for Asian stock exchanges, with Japan and China closed for the holidays, the Reserve Bank of Australia announced a higher-than-expected rate hike (25 basis points to 0.35%, versus expectations of 15 basis points), promising further hikes. The cost of money in the coming months. also The Bank of England will meet this week Investors are focusing on whether tightening monetary conditions to control inflation will affect the economic recovery.

While banks, energy and cars are working, they all work FTSE MIB Milan which Again above 24,000 pointsThe CAC 40 Paris, dated DAX 40 in FrankfurtAEX Amsterdam andIBEX 35 Madrid. lag more than FT-SE 100 In London, despite the support of giant BP (+2.6%) after record earnings, miners weighed. pressure on bondswith US 10-year Treasury yields remaining at 3%, German bond yields above 1% and BTp yields at 2.89%.

However, much attention remains on the war and sanctions front: the European Commission must propose a New round of restrictions against Russia, which will be discussed next Wednesday. In the sixth package, the gradual reduction of Russian oil imports and the imposition of new sanctions on Russian banks, as emphasized by the High Representative of the Union for Foreign Affairs, Josep Borrell. In terms of stocks, the quarterly season continues with oil giant BP posting record profits for 10 years, however, net worth write-offs in Russia amounted to $25.5 billion.

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In Milan, eyes on Campari and launched on Board Day

In the stock market, the board of directors David Campari And CNH Industrialwhile among the banks devaluation of Russian assets Unicreditaccording to what he writes sun 24 hours. To follow too Stilants Who announced the purchase of Share Now and after April sales fell 41%. Also good Ferrari And IVECO Group. Finally, the government announced an increase in the tax on additional profits from 10% to 25% for energy companies: a few steps anyway In theAnd IreneAnd A2a. In the queue, the energy is accelerating, while it is accelerating on the opposite front prismianAnd Stmicroelectronics And Diasurin.

The difference in height, ten-year yield is still at the top of 2019

The rise in prices does not stop, and at the start of the session on the electronic secondary MTS, the ten-year BTp records a return of 2.88% after closing at 2.85% on vigil, hitting a new three-year high. The spread with bonds widens even more: the yield spread between the Italian ten-year benchmark (Isin IT0005436693) and the same German maturity is 189 points higher than the final benchmark on the eve of 185 basis points.