September 30, 2022

Wire Service Canada

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Positive European stock exchanges, Saipem takes off in Milan. Oil is falling as Shanghai closes

(Il Sole 24 Ore Radiocor) – put aside the uncertainties of the first few columns, and European stock exchanges They decidedly took the hiking route and quickened their pace, looking for ideas to consider the war in Ukraine with less apprehension. In this sense, we like the words of an official from Kyiv, who reported that the delegations of Russia and Ukraine are ready to continue talks in presence, in Turkey, and not by default, as happened in recent days. The meetings are expected to take place from 28-30 March. It comes after Ukrainian President Volodymyr Zelensky said he is ready to discuss Ukraine’s neutrality over the weekend as part of a possible peace deal with Moscow. This is precisely one of the requests that the Kremlin considers necessary. However, there is still concern about the conflict’s military developments, with Berlin considering an anti-missile shield and US President Joe Biden who raised his tone over the weekend, calling his Russian counterpart Vladimir Putin a “butcher” who “should not” remain isolated from power, only to back down to a certain point.

So they are all rising sharply FTSE MIB Milan, dated CAC 40 Paris, dated DAX 40 in FrankfurtIBEX 35 in Madrid, the Ftse 100 in London andAEX Amsterdam. open the Moscow Stock Exchange , where all 50 Moex stocks come back to trade, the main list, albeit with restrictions (eg, short selling is still prohibited): Moex loses about 2%. This is while the return of Covid to Asia, with the shutdown of Shanghai, is causing crude oil prices to fall and the topic of inflation putting pressure on government bonds: for the first time since 2006, the yield curve and maturity in the United States have inverted .5 years yielding more than 30. In Japan, Nikki 225 Tokyo closed lower, dragged down by the performance of chemicals and electronics shares.

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Eyes on Tim, the best is Saipem. eyes on general

At redemption Piazza Avarian Saipem After the plan and financial maneuver that caused prices to fall. focus on Telecom. In a note, the group specified that “discussions with Kohlberg Kravis Roberts (Kkr) are continuing in order to obtain the information necessary to judge the appropriateness, suitability and attractiveness of the non-binding event and the indicator sent on November 17, 2021.” Tim also specifies that on March 25 “a non-binding offer was received from CVC, for the acquisition of a minority interest in a company, which would be created in the event of the transaction being completed, which would include Tim’s Enterprise Division (i.e. Communications and ICT Services) as well as the Noovle and Olivetti, Telsy, and Trust Technologies”. The memo concludes that the proposal will be subject to “the decisions of the Tim Board of Directors.” live generalThen, according to what was reported on Sunday sun 24 hoursThe Banking Committee called on CEO DonNet to seek clarification on seven points, including lists, governance, shares, profits and programs.

Oil drops with shutdown of Shanghai, gas too

Oil slowed sharply due to demand concerns from Asia. In China, the city of Shanghai decided to impose a two-phase lockdown to deal with the new rise in Covid-19 infections, which has raised uncertainty about the potential for weakening energy demand. “The new restrictions led to a flurry of sales, with investors disappointed because they thought the lockdown would be avoided in Shanghai, a city of 26 million people,” Fujitomi Securities analysts said. After last week’s highs, the first rise after two octaves of decline (Brent + 11.5% and WTI + 8.8%), oil returns to decline: contracts expiring in May of WTI are down 4, 64% to 108.61 and prices for a barrel of oil fell Brent with a maturity of 4.33% to $115.36. Gas prices listed on the European market also fell on the back of the US proposal to provide Europe with less dependence on Russia: the April contracts traded in Amsterdam fell by 5% to 96.1 euros per megawatt-hour.

BTP/Bund spread trend

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Government under stress: the inversion of the US Treasury curve

The return of central banks from highly expansionary policies is followed by investors who are selling bonds quickly and paying the returns. Inverted yield curve on US government bonds, between 5 and 30 years For the first time since 2006 With short and medium term returns higher than long term returns. The 10-year US yield exceeds 2.5%. In Europe, the German 10-year bond yield is peaking at 0.6% and the BTp yield is at 2.1% with diffusion Which expands to more than 150 points.