(Il Sole 24 Ore Radiocor) – In the aftermath of one high voltage seatwith the indexes of the Old Continent that have lost more than two points (Milan -2.7%), the European stock exchanges attempt redemption and travel on the rise, while Wall Street futures are also up wellafter the crash of the eve (-2% the Dow Jones, S&P below 4,000 points for the first time since March 2021 and Nasdaq -4.3% at the minimum since November 2020).
According to experts, this is a technical rebound since however, the apprehension has not diminished, on the one hand due to a more sudden rise in interest rates by the Federal Reserve, despite the assurances of the president of the American Central Bank Jerome Powell (the data on US inflation of tomorrow is crucial), and on the other for the state of health of the he asks, given that in China, the largest oil importer in the world, lockdowns and restrictions are going ahead made necessary by the increase in infections from Covid-19. Investors therefore fear “an imminent deterioration in economic conditions,” said IG analysts.
In the background also the evolution of the conflict in Ukraine, which will also be among the hot topics of the meeting between Prime Minister Mario Draghi and American President Joe Biden in Washington. Thus stood up on the FTSE MIB of Milan, returning just above the threshold of 23,000 points, the CAC 40 of Paris, on DAX 40 in Frankfurt, the FT-SE 100 of London, theIBEX 35 of Madrid andAEX of Amsterdam.
Eyes on the Fed’s moves
To restore price stability, the Fed has embarked on the most aggressive interest rate hike since 1980 accompanied by a rapid reduction in the balance sheet, which soared to $ 9 trillion with the pandemic. After raising rates by a quarter of a point in March, the US central bank adjusted them by another half point in May and opened the door to a series of 50 basis point hikes in upcoming meetings. The squeeze, is the fear of economists and investors, risks slipping the American economy into recession, not yet fully recovered after the pandemic, or even worse, into stagflation.
The Fed, in its six-monthly report on financial stability, states that persistent high inflation along with a sudden rise in interest rates are among the major short-term risks for the American financial system. The central bank also warns that the war in Ukraine could impact financial stability as well as the global economy as noted by Treasury Secretary Janet Yellen.
In Piazza Affari, Bper clicks after the accounts, good car
As for the titles, in a Ftse Mib almost all positive, it stands out above all Pop Er Bank, in the aftermath of the accounts for the first quarter which showed a profit down to 112.7 million, but still higher than expected. Spotlight also on Saipemwith the company working to speed up the timing of the sales and the 2 billion capital increase, possible by the summer, as the CEO Francesco Caio said in an interview with Sole 24 Ore. They also recover the titles of the car (good Pirelli & C, StellantisAnd Iveco Group), which on Monday were among the most penalized, along with energy. The latter continue today on the path of weakness, especially since, after the sharp drops on the eve of the day, with crude oil that has lost more than 5 points, oil continues to decline. In line Atlantiaon parity, e Leonardo – Finmeccanicastruck by the achievements in the aftermath of a session in contrast with the rest of the list.
Spread rises again, 10-year yield remains above 3%
Slightly higher trend for the spread between BTp and Bund. The yield differential between the ten-year benchmark BTp (Isin IT0005436693) and the same German duration is indicated at 204 basis points, one more than the previous final. The yield of the benchmark ten-year BTp rises slightly, balance above the 3% threshold, to 3.15% from 3.14% on the eve of the previous year.
Oil still down, euro stable
After the sharp falls on Monday, with crude oil losing more than 5 points, oil continues to fall: the June WTI contracts fall by 0.9% to 102.15 dollars a barrel, the July Brent contracts lose 0, 85% at € 105.04.
On the currency market, the euro is little moved on the greenback and changes hands at 1.0573 dollars (1.057 yesterday closing) and 137.827 yen (137.9 on the eve). The dollar / yen exchange rate is at 130.36.
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Stock exchanges, Europe is looking for a rebound. In Milan, Bper shoots
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