October 4, 2022

Hardwood Paroxysm

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Weak start to the week for European stock exchanges, Fed forecast, London closed due to mourning

(Il Sole 24 Ore Radiocor) – After the weekend European stock exchanges It does not seem that they regained their calm and started the session lower as happened in the Asian markets and in the wake of Wall Street which closed the eighth worst since June. Highlighting inflation, above all, on the meeting Federal Reserve From Wednesday, the veil will be lifted from their decisions. If new strict measures are taken by the Fed on interest rates (75 basis points, if not 100, as some analysts predicted after last week’s US rate data), the market will want to understand what direction the US central bank will take in the coming months . “We have to wait for the Fed to raise rates and then understand the next moves and expectations, and then adjust,” analysts at JPMorgan Chase said. More volatility may arise from uncertainty about other central banks’ options, with the Bank of England and the Bank of Japan in the lead. The Tokyo Stock Exchange is closed today for holidays. The London Stock Exchange will also be closedNote that the state celebrates a day of mourning on the occasion of the funeral of Queen Elizabeth II. They move in red FTSE MIB In Piazza Avari DAX 40 In Frankfurt, on CAC 40 in Paris andAEX in Amsterdam.

FTSE Mib stock market trend

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In Milan, the banks are down, and the power is down, too

Banks line up on Ftse Mib (Banco BpmAnd the Pop eh bankAnd the Intesa San Paulo), with Telecom Italia and energy science (Saipem And the where are youThanks to the coupon separation as mentioned). Instead they hold out A2aAnd the ampliphone And the Campari. CNH Industrial It started with about a tenth and then declined on the day the first $50 million payment under the planned $300 million buyback program was released.

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Gas declines, the euro is less than par with the dollar

On the energy front, oil futures fell (-0.8% to $84.42 per barrel in October WTI, and -0.82% to $90.6 in Brent in November) and gas prices in Amsterdam (-6.2% October contracts to 176 euros per megawatt). . hour). On the currency, the euro is still below the dollar level and is worth $0.997 (up from $0.9992 on Friday). The euro/yen exchange rate is 142.898 (from 143.43) and the dollar/yen exchange rate is at 143.27.

BTP/Bund spread trend

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Spreads slightly down to 226 pips, yield at 4.01%

The session started slightly lower due to the spread between BTp and Bund in the MTS secondary market for European government bonds. The yield differential between the ten-year BTp benchmark and the same German maturity is indicated initially at 226 basis points from 228 points from the last reference recorded on Friday. The benchmark 10-year BTp yield has also fallen to 4.01% from 4.03% at the previous close.