August 11, 2022

Hardwood Paroxysm

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Weak EU stock exchanges, autogrill jingle in Milan. Twitter -6% in pre-market

(Il Sole 24 Ore Radiocor) – After a sharp drop in the first part of the session, a file appeared European stock exchanges They recover from the ‘crush’ and look for the right signal to get back on the right track: even if the indicators are still in negative territory, ‘red’ is now too clear for FTSE MIB (lost 1.5% initially), and almost completely filled in London, Madrid and Amsterdam (all down less than half a point), while the CAC 40 Paris and DAX 40 Frankfurt. Investors, who are waiting for inflation figures to arrive in the US on Wednesday with consumer price data for June, are digesting better-than-expected US employment figures on Friday, bolstering fears of a more aggressive strategy than the Federal Reserve had anticipated. To understand whether Wall Streetwhen it opens, will raise new shadows over Europe (Futures contracts are declining). Meanwhile, on the Old Continent, the energy crisis is high, after Russia suspended for 10 days, starting today, gas supplies to Germany for maintenance work on the Nord Stream 1 gas pipeline: the suspicion is that once the declared days have passed, supplies do not resume, Which could cause major problems (Meanwhile, August contracts traded in Amsterdam – 3.5% to €169 per megawatt-hour, after -7.5% of commissioning).

Twitter takes to the market on Wall Street: Musk turns

Twitter stock loses 6% in the Premier Market on Wall Street. On Friday, July 8, shortly after the markets closed, news broke that Elon Musk had decided to forgo buying the social platform. In April, it reached a purchase agreement based on $44 billion, or $54.20 per share. According to Musk, Twitter did not provide all the required information about the fake accounts, and thus failed to fulfill its contractual obligations. Taking advantage of this breach and also citing “incomplete and unusable information” he was going to get from the social network’s administration, the billionaire decided to back off. Twitter CEO Brett Taylor announced that the company’s board of directors will “take legal action to enforce the purchase agreement.” In a tweet, Taylor said the tech company’s board of directors was “determined to close the deal at the price and terms agreed with Mr. Musk.” One of the clauses of the pre-contract states that in the event of a unilateral withdrawal, Musk must pay a fine of $1 billion.

Saipem is still on the rise, with Autogrill in red

The titles are accelerating Saipem And the Telecom ItaliaWhile luxury and banking travel at a slower pace, await the quarterly reports of “big” Americans (the first will be JPMorgan and Morgan Stanley, Thursday). In a declining session for European tech companies (-0.6% Euro Stoxx 600), Stmicroelectronics goes against trend after signing a Memorandum of Understanding with GlobalFoundries to establish a new jointly managed manufacturing plant for the production of semiconductors on 300mm silicon wafers in Croles, France. CEO Chery spoke of a “multi-billion-euro” investment with “significant support” from the French government. Outside the main menu, highlight Autogrill After agreeing with Dufry a strategic business combination to create a global conglomerate in the travellers’ catering and retail segment and subsequent OPASS for €6.33

BTp/Bund spread goes below 200 pips initially, then goes up again

At the opening of the European markets, the spread between BTp and the Bund is back below the psychological threshold of 200 pips, and then rises slightly. The yield difference between the ten-year BTp benchmark and the same German maturity is indicated in early trading of the week at 199 basis points, two points lower than Friday’s close. The yield from the ten-year BTp benchmark shrinks to 3.34%, compared to the 3.37% of the previous reference.

BTP/Bund spread trend

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Oil falls and the euro weakens again

Oil prices are still falling, after last week’s declines: West Texas Intermediate crude futures for August fell 2.3% to $102.36 a barrel, and Brent futures for September fell 1.8% to $105.1. On the currency, the euro fell below the $1.01 threshold to 1.009 (1.013 at the start), remains at its lowest level since December 2002, and changes at 138.6 yen (from 138.11). The dollar / yen exchange rate reached 137.06, after reaching 137.28 yen, the highest rate in 24 years, or since 1998, After the Japanese upper house electionsWhich witnessed a clear victory for the Liberal Democratic Party, which, according to experts, will lead to the continuation of the current political and economic course of the country. According to Barclays analysts, “the dollar could continue to rise as long as the risks associated with higher inflation, European energy security and Chinese growth prospects remain.”

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