May 21, 2022

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Stocks closed in red between Covid and the Fed, the euro at its lowest since 2020 against the dollar. Twitter jumps to Wall Street

(Il Sole 24 Ore Radiocor) – The new rise in Covid-19 cases in China, where Beijing is considering further closures as Shanghai previously did, has weighed on stock markets and financial markets in particular for commodities. The Stock exchanges of the ancient continent It closed lower in the wake of the threat of new closures and after a sharp pullback in the last session marked by the Fed’s desire to accelerate the pressure on interest rates, when Chinese prices fell sharply (-5% Shanghai and -3, 7% Hong Kong). In Avary Arena, the Ftse Mib lost 1.53%, in line with the Dax40 in Frankfurt (-1.54%), when the Cac40 in Paris fell by 2.01%, in the London Ftse100 by 1., 72% and in Amsterdam Aex by 2.52%. Fear of a further slowdown in the Chinese economy with repercussions on global demand leads to a decline oil pricewith West Texas Intermediate crude falling below $100 a barrel, and metals starting at copper and aluminium. Also in red Wall Street While rumors circulated that negotiations between Elon Musk and the board of directors Twitter It will be in the final stages: near the agreement to sell the Tesla founder’s social network.

Wall Street in red

A bearish trend on Wall Street after last week’s heavy selling. As for Europe, concerns about the Fed’s rush to raise interest rates and the Covid situation in China are having a big impact. Declining US oil and treasury yields: 10-year bond yields fell to 2.82%, moving away from the recent peak of over 2.97%, to their highest since 2018. After recovering at the end of March, indices began to lose their high again in April: it fell The monthly account, and we’re now at the beginning of the last week of the month, is down about 10% for the Nasdaq Composite, down 5.7% and down 2.5% for the S&P 500 and Dow Jones.

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Crude oil declines, oil stocks ko

At the close of European stock markets, the June delivery contract for North Sea Brent fell 6.06% to $100.21 a barrel, and the June delivery contract for West Texas Intermediate crude oil was down 6.09% at $95.85 a barrel. This had an impact on the performance of oil stocks: strong sales suffered in Piazza Avari Tenaris -6.82% H Saipem -6.44% with where are you -4.79%.

Well-being is weak, Enel goes against the trend

Among the sectors, at the European level, the sectors most affected by sales were raw materials (-5.86%) and energy (-4.72%). Finance is also in the red: banking -2.9% and insurance -2.82%. In Milan, among the titles, CNH Industrial (-5.41%) was among the worst in Ftse Mib, when other stocks in the Agnelli Galaxy also closed in red: Iveco Group -3.34%, Exor -2.54%, Stellantis -2.38% and Ferrari (-0.74%) which in Ultimate damage limit recovering from today’s lows. Moncler And left 4.68% on the ground, in a sales session for the luxury sector due to concerns about the Chinese economy. On the Paris Stock Exchange, all giants in the sector closed sharply lower: Kering -4.35%, Hermes -3.91% and Lvmh -3.75%. In Piazza Avary, they moved in the opposite direction In the +1.5% and Banco Bpm +0.65%, when other banks performed negatively: Intesa Sanpaolo -1.72%, Mediobanca -1.24%, Unicredit -1.19% and Bper -1.05%.

Btp price slightly hits 17 basis points, euro hits lowest since 2020 on dollar

Slightly higher for the difference between BTp and Bund. In conclusion, the yield difference between the ten-year BTp benchmark and the German equivalent term is indicated at the opening levels of 172 basis points, two points more than the 170 basis points from Friday’s close. The return of the benchmark 10-year BTp fell sharply, closing at 2.59% after it last posted a position on Friday of 2.67%. On the foreign exchange front, the single currency is changing at $1.0704, hitting a two-year low on the dollar (1.0718 at the start and 1.0887 at the end of Friday). The value of the euro is also equal to 136.701 yen (137.286 and 139.61 on Friday), while the dollar recorded 127,675 yen (128.094 at the beginning).

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