(Il Sole 24 Ore Radiocor) – Initially afraid of dataInflation in the United Statesunexpectedly above expectations, the European stock exchanges At the end of the session, they regained courage, reclaimed the floor and closed all the day’s highs (as in Wall Street, which started in the red, reversed course and moved sharply upwards). Although fears RecessionIn fact, bank stocks have been the main driver of the old continent’s listings, seeing their profit margins increase with a sharp rise in interest rates by as much as feed it And the European Central Bank. An increasingly tangible prospect, given that the US CPI did not reach the peak that observers hoped for (+8.2% in September vs. +8.1% expected, that the market is already betting on a fourth straight rise. Interest rates are 75 basis points at the beginning of December ). And this despite the slowdown in the global economy, as emphasized by Director International Monetary FundKristalina Georgieva said recession risks are “increasing in many countries” but added that “not raising rates sufficiently will lead to more damage.”
In Milan at the top of Cnh, with oil and banks
In this climate FTSE MIB Milan is accelerating in the final closing at the maximum session. top oil list (Tenarisbanking servicesBanco Bpm), managed savings (Finecobank) And the CNH Industrial It is also supported by a higher price target by Deutsche Bank analysts. Finally it ends ampliphone. In the rest of the list, Mps Bank It collapsed 33.1% after publishing the terms of its “extremely diluted” capital increase cap.
The spread closed a rollercoaster session down at 242 pips
It closes in the regression Spread BTp/Bund at the end of a very volatile day for Eurozone bonds, which rebounded strongly ahead of US inflation data and then was targeted by sales due to the disappointing data. In the end, a major rebound saw eventually yields sharply lower compared to yesterday. In detail, the yield spread between the ten-year BTp benchmark and the same German maturity closed at 242 basis points, down from 245 points at yesterday’s close. The return of the benchmark 10-year BTp ended trading at 4.71%, down sharply from 4.79% in the last benchmark today, after reaching 4.84% after the release of US data. The German Bund, whose return reached a minimum of 2.23%, then jumped to 2.41 % before closing at 2.29%.
In Germany, inflation has been at its peak for more than 70 years
Still on the price front, in Europe,German inflation remains at its highest level in more than 70 years. Germany’s annual inflation rate accelerated in September, marking the highest reading since December 1951, according to final data published by German statistics office Destatis to confirm the preliminary reading. The consumer price index in September rose 1.9% in a monthly comparison and 10% from the same month last year as measured by national standards, in line with economists’ expectations.
Pound jumped after rumors about front-end mini budget
Pound jump on rumors reported by Bloomberg that the British government may re-step its ‘mini’ budget introduced by Liz Truss’ government, which has unleashed turmoil in financial markets. The only hypothesis is enough for the pound to jump to $1127 (+1.6%), while the euro also loses its positions against the British currency. According to other media, Prime Minister Liz Truss is considering the possibility of raising the corporate tax, a move that goes against the direction of the tax cut plan.
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