December 7, 2022

Hardwood Paroxysm

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Stocks, recovery week with the gas crash (-20%) and political change in the UK

Wall Street: Twitter ko, Musk ready for maximum layoffs

Twitter stock fell 5% to Wall Street, after falling to -16%. There are two important rumors: The Washington Post wrote that Elon Musk will have the intention, once the purchase of the social platform is determined, to lay off 75% of the staff within a few months. However, Bloomberg’s website reads that the Biden administration could subject Musk’s affairs, starting with the Twitter purchase, to an assessment in terms of national security. According to Bloomberg, the administration is concerned about Musk’s recent threat to stop providing Starlink satellite services in Ukraine, as well as about tweets about peace proposals between Kyiv and Moscow. Meanwhile, another social network, Snap, collapsed nearly 30% despite higher-than-expected earnings, due to its slowest quarterly revenue growth ever.

Spread stable at 233 pips, return close to the top since 2013

The upward trend of the spread between BTp and the Bund in the secondary market Mts of European government bonds with the return back to near the maximum since June 2013. The yield difference between the standard ten-year BTp (Isin IT0005494239) and the same German maturity indicated 233 basis points in line with the close tonight . The yield for the ten-year benchmark Italian rose sharply again to 4.77% from 4.73% for the previous end, and returned to approach the maximum since June 2013 (4.88%).

BTP/Bund spread trend

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Euro stabilizes, yen rebounds thanks to Bank of Japan intervention

In the currency market, the euro at the end of the session is largely in line with yesterday’s values ​​against the dollar (0.9807 from $0.982). Sterling slows after recovery after Prime Minister Liz Truss resigns: USD/GBP exchange rate at 1.1206. A strong recovery of the yen against the dollar which, according to the operators, can be attributed to the intervention of the Bank of Japan to support the Japanese currency: the exchange rate between the US dollar and the US dollar, the yen reached a 32-year high, then rose to almost 152. Suddenly, in the middle of a period In the afternoon, the stock market crash fell within two hours to 146 yen to one dollar. “In just over two hours, the USD/JPY collapsed 500 pips for a possible BOJ intervention which has yet to be officially confirmed – said Saverio Berlinzani, Senior Analyst at ActivTrades – it is clear that without the support it would have been impossible. Almost watching such a movement..And we also repeated yesterday, that the Bank of Japan wants to curb a very rapid decline of the local currency, and the intervention is taking place on the day when it has risen more than 1% since the opening of 150 currencies, forcing the monetary authorities to intervene.At this point, we should To expect comments to limit further declines in the currency.” Japan’s Nikkei newspaper reported government intervention to support the currency. Finance Minister Shunichi Suzuki said the government would not tolerate excessive currency speculation. The yen would have responded appropriately after observing the developments in the foreign exchange market

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Oil is recovering, gas prices are falling sharply

Gas fell 11% to €113.5 per megawatt-hour in Amsterdam, and little oil moved at $84.3 per barrel in WTI in December and $92.5 per barrel in Brent in December.