July 2, 2022

Hardwood Paroxysm

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Weak stock markets, still concerns about inflation. Medicine queue at Avary Square

(Il Sole 24 Ore Radiocor) – In the wake of great session (Milan best at +1.65%), thanks to the possibility of a European Central Bank “shield” against proliferation to support European countries, European stock exchanges It’s slowing, also in the wake of weak Asian markets. Focus on inflation and central banks still waiting European Central Bank Governing Council Thursday. Meanwhile, a signal came from the Reserve Bank of Australia surprisingly raising the cost of borrowing by 50 basis points to 0.85%, the fastest pace in 22 years, a move that contributed to drop in yen at a 20-year low (the dollar hit 132.955 against the Japanese currency, the highest since 2002) and alarmed investors.

The market then waitsUS inflation In May (it was +8.3% in April), scheduled for Friday. The price level will be observed to understand the Fed’s next moves: “The figure is expected at 8.2% but could surprise again to the upside given the fuel and gas race,” say analysts at Mps Capital Services. The market is estimating with a high probability of increasing interest rates by half a percentage point also in September, as well as in June and July.

Meanwhile, in Europe, the Orders for industry in Germany It underwent further decline in April, registering a 2.7% decrease compared to the previous month, disappointing growth expectations of around 0.5%. In the year, the contraction was 6.7%. The March figure was revised to -4.2% from -4.7%. “The data is clearly affected by both problems in supply chains that have come under pressure from restrictions in China and outages due to Russia’s invasion of Ukraine – say Mps Capital Services analysts – and helped support the revision’s expectation to lower the ECB’s growth estimates.”

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In Milan below Varmas, energy is saved

At Piazza Afari, even if the dips aren’t very noticeable, the FTSE MIB Almost everything is negative, while Leonardo and energy are saved (SaipemAnd the where are youAnd the prismian), with oil supported somewhat by the rise in crude oil prices. In the waiting list there are pharmaceuticals, all over Europe with the EuroStoxx 600 index of the sector among the worst (my recordingsAnd the Diasurin). Attention to the sector Managed savings, while group-specific data arrives. In the spotlight too general On the day of the board of directors, the issue of replacing Francesco Gaetano Caltagironi, who resigned at the end of May, will be discussed.

Gas, price still falling, update to pre-war lows

The price of gas circulating in Europe is falling in search of an opportunity to fall below the threshold of 80 euros per megawatt-hour. Initially, contracts expiring in February fell 2.8% to €80.25 per megawatt-hour. On February 22, before the start of the war in Ukraine, the price of gas was at 78.66 euros (the Russian invasion began on February 24, and gas prices on that day rose above 129 euros, reaching a peak in the following weeks above 200 euros).