December 9, 2022

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Stock markets today, July 14. Government towards crisis: Piazza Avary in dark red, yield of BTPs rises

Milan The imminent opening of the government crisis, with the Five Star Movement not voting Confidence On the aid decree, destabilize negotiations a Piazza Avari: In the afternoon, the Ftse Mib loss touched 4%, while yields on Italian government bonds rose. Spread Between the German BTPs and Bunds, the classic thermometer of pressure flowing into Italy from the financial markets sees 220 points, from 206 at yesterday’s close. Ten years BTP return on the platform Bloomberg approximately 3.4%.

Negative, but with losses contained, other European exchanges too, with liabilities hovering around 1.5%. as well as the future Wall Street It is weak, while the first quarterly reports of major US banks are showing serious signs of slowing. The race is stronger than expected US inflation It is fueling markets’ fears of more intense pressure by central banks to counter higher prices, at the expense of economic growth. Growth already cut in Europe by forecast European Commission for 2023 while 2022 is reviewed for the best.

Euro still special after breaking the dollar parity wall lower this morning exchange It is placed just above the minimum at 1.002.

On the energy side, the Gas Slightly lower partly despite the signals sent by Gazprom yesterday, which I suppose Longer Northern Stream 1: In Amsterdam, Europe’s reference market, natural gas is trading at €176 per megawatt-hour, down 2% compared to yesterday’s close. A little bit down for petroleum: In New York, prices lost 1.15% to $95.19 a barrel.

Milan is close to -4%, but the difference is narrowing. Wall Street in red

European stock exchanges confirmed the red color with the decline of Wall Street. Milan is still the worst with the continuing political crisis and Prime Minister Draghi Kole to resign. The Ftse Mib is expanding at 20446 points and is close to achieving 4% (-3.97%). Among the worst Unicredit (-7%), Pepper and Tim (-6%).

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On the other hand, the spread between BTPs and Bunds again decreases to 212 pips with the Italian ten-year yield stable at 3.3%.

Among the other fields, Frankfurt posted -1.75%, Paris at -1.56% and London at -1.38%.

EU stock exchanges fell, Milan the worst. BTPs yield sees 3.4% with government crisis

European stock exchanges are gradually extending their losses, following the US data, with Milan (-3.3%, Ftse Mib at 20,579 points) pushing more to the current political crisis. The area’s index, the Stoxx 600, fell by a point and a half as energy, financial and real estate pressures came. Frankfurt lost 1.75%, Paris 1.56% and London 1.38%.

The spread between BTPs and Bunds continues to rise with the spread on the Bloomberg platform approaching 220 pips and the Italian 10-year yield at 3.4%.

Oil continues to drop, still below $100. West Texas Intermediate crude fell 1.6 percent to $94.6 a barrel, and Brent crude fell 1.45 percent to $98 a barrel.

Gas also bends, leaving 1.1% at €178.5 per megawatt-hour. In Piazza Avary, bankers are falling behind with Banco Bpm (-6%), Unicredit (-5.58%) and Intesa (-4.7%). Tim was among the worst (-5.6%) and Enel (-5.2%).

Intermonte: “A very concrete scenario for early elections”

“We are facing a government crisis that is nearing the end of the legislature. Uncertainty is extreme: on the one hand, we have record inflation and restrictive countermeasures implemented by central banks, and on the other we have the Ukraine war, which angers the international community, poses serious risks to gas supplies And it exacerbates inflation problems,” notes Andrea Randon, Head of Small and Medium Business Research at Intermonte. “The serious instability that has clearly emerged is weighing on the Italian stock market and should primarily affect domestic securities, such as banking and insurance. We also expect negative effects on those securities, such as TIM, which need a specific policy framework. Implementation of important strategic choices. Implementation of the recovery plan may also be at risk. The basic scenario we act on, preferably in the stock market, is that the government crisis may return or the Draghi bis arrive but the scenario of early elections on the other hand, no Certain stocks, among them Moncler, Campari and Diasorin, due to their type of business, should be affected by the current crisis, as has already happened in times of similar uncertainty.”

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US, new orders for support grow by 9,000 units, exceeding expectations

New applications for weekly unemployment benefits in the US grew by 9,000 to 244,000. The number is higher than the 238,000 units that analysts had expected. 4-week average grows to 235,750 units from 232,500 units, over 235,000 units expected by market

JP Morgan, its second-quarter profit falls

Morgan Stanley’s profit fell in the second quarter. Second quarter profit $2.5 billion. Profits for the same period in 2021 amounted to $3.5 billion. The New York-based bank reported earnings of $1.39 per share for the quarter ending in June. The results came in less than Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was $1.55 per share in earnings.

China, urgent meeting on the boycott of mortgage

Chinese banking and supervisory authorities have called for an emergency meeting with lenders due to the growing number of borrowers who are refusing to repay loan installments for unfinished real estate projects. Bloomberg Agency, quoting sources close to the file, reported that the meeting will be held this week with the participation of the Ministry of Housing and Urban and Rural Development, financial regulators and major Chinese banks. The boycott will reverberate in the markets.

Cryptocurrencies, Celsius Network Bankruptcy

Celsius Network, one of the world’s largest platforms for managing crypto assets, is heading for bankruptcy by following the path opened by other small and large digital companies mired in the wave of sales that have hit cryptocurrencies, including Bitcoin in the past. months. The Chapter 11 resumption comes a month after Celsius Network froze its clients’ assets and is an “opportunity to stabilize the company” and undergo a restructuring to maximize value for all shareholders.

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The euro is falling, just below the dollar

The euro is retreating and still breathing above the dollar, after yesterday it fell below it as it has not been since 2002, after the release of US inflation data. The euro is now trading at 1.0023 against the dollar, down 0.37%. The European currency is strengthening against the Japanese yen, trading at 138.71 with a growth of +0.36%, while declining slightly against the pound, with the exchange rate now at 0.8452 and a minimum drop of 0.04%.

Saipem Agreement with Saudi Aramco

Saipem and the Saudi construction company Nasser S. Al-Hajri has signed an agreement with Saudi Aramco, as part of the Industrial Investment Programs Initiative, to implement onshore EPC projects in Saudi Arabia through a newly established joint venture.
This was stated in a press release issued by the Italian company.