March 25, 2023

Hardwood Paroxysm

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The stock exchange in Moscow collapsed, and gas prices skyrocketed

Milan However, it was the worst among the major stock exchanges in Europe with a final drop of 4%, influenced by groups like Unicredit (-13%) instead in the Russian market, with Piazza Affari burning 30 billion of capital.

Old Continent and Russia – List prices in Frankfurt recorded a decrease of 3.9% and in Paris and London by 3.8%. Bad day, with a “loss” of 331 billion euros from the ancient continent’s first 600 titles. It was much worse for the Moscow Stock Exchange, which collapsed by more than 30%. And it was a panic day for Russian and Ukrainian government bonds: 10-year Moscow bonds grew by more than 400 points to 15.2%, while Kiev bonds jumped by as much as 778 basis points. A final average of 22.1. %. Too bad also for the ruble, which lost more than 5% against the euro and about 7% against the dollar.

Gas, oil and gold – However, what matters most to Europe is the strong current of natural gas purchases. The price of methane, after larger intraday spikes, ended up jumping 51% to 134 euros per megawatt-hour, even if it stayed a long way from the record 166 reached just before Christmas. Much less robust was the rally in oil, which at the end of the session in New York rose about 4% at $96 a barrel, while European Brent crude remained above $100. And gold, which tried during the day, is calmer. Moderate increases, before returning to nearly $1,930 an ounce. Corn (+3%) and wheat prices, up about 5%, did not show dramatic increases on the global lists.

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European Central Bank decisions The conflict in Ukraine may delay the European Central Bank’s exit from monetary stimulus programmes. Austrian Bank Governor Robert Holzmann, a member of the European Central Bank’s board of directors, and the other member, Isabel Schnabel, both speculated, explaining that the uncertainty over the Russian invasion required a piecemeal, data-driven approach. Thus, the spread between 10-year BTPs and German bonds closed sharply at 164 points, with a yield on the Treasury product at 1.81%.