Milan – 3.40 pm. European markets are accelerating dramatically and the spread between BTPs and German bonds is narrowing after the European Central Bank in its extraordinary meeting tasked technical staff to speed up work on an anti-spread shield. An expected step Latest ads – At the end of the extraordinary purchases of securities and the rise in interest rates that will begin at the end of July – it caused the sovereign bond yields to rise, and Italy took the lead. Yesterday a member of the European Central Bank Governing CouncilAnd the Isabelle Schnabelhe said he was monitoring the situation “closely”, and was ready to use both existing and new tools if he encountered an “unregulated” market.
The Spread between BTP and Bund Thus, it drops below 220 basis points, when it touched 250 points yesterday, and then stands in the middle of the day at 226 points with the Italian ten-year yield of 3.9%, less than the psychological threshold of 4%. As often happens in these cases, banks and managed savings stocks are the first to react positively and help make it happen. Milan to advance + 2.1% (but reached +3%). Other European price lists also performed well: London 1.1% salt, Frankfurt 1% e Paris 0.9%.
The other focus of the markets remains the Fed: Who US Central Bank It is expected (in the Italian evening) that the cost of money will rise by at least half a percentage point, although recently – especially after the higher-than-expected inflation reading in May, which appeared last week – bets rose by 0.75 points: it will be the strongest Since 1994.
The public debt is 2758 billion dollars
Among today’s macroeconomic data update on the trend Public debt Italian. According to the data sent by the Bank of Italy, it reached 2758 billion in April. The cash surplus of public administrations (5.3 billion) – emphasized Via Nazionale – was offset by the increase in treasury liquidity (5.5 billion, to 101.1) and the effect of returns and premiums on issuance and redemption, revaluation of inflation – linked securities and change in exchange rates (3.3 billion euros).
Weak stock exchanges in Asia, positive data on China
Sharp stock market closing Tokyo The Nikkei closed the session -1.14% at 26,326.16 points. This is the fourth consecutive session of losses. They come from China The news is getting better On the economy: May retail sales fell again (-6.7%) but less than expected, while industrial production (+0.7%) beat expectations. In fact, the Chinese stock exchanges closed the session on a positive note, but far from the intraday rallies: Shanghai It rose 0.50% to 3,305.41 points, while Shenzhen It represents an increase of 0.47% at 2098.99.
The currency front is in flux, with the dollar at a 20-year high. Analysts at Goldman Sachs note that “against a backdrop of high inflation, rising rates and mounting fears of a recession, the S&P 500 has had its worst start to the year since 1962,” who also say that “a potential rise in inflation probably won’t be enough to figure out the bottom.” from this downward phase, which can only end when the Fed returns to a more favorable policy.” After the announcement of the European Central Bank meeting, however, theeuro Increases the dollar’s gains: in the middle of the session, the European currency changed hands at 1.0479 on the dollar, with a difference of +0.67%. The pound is trading at 1.2119 against the dollar after hitting a 15-month low of 1.1934.
Bitcoin drop affects more and more wallets
Bloomberg Indicates that the bear market Bitcoin It entered its “deeper and darker” phase, which led to the entry of the Glassnode. Even those who have held cryptocurrency in their wallets for the longest time, and who have so far been able to enjoy relative peace of mind because they were bought at low values, are now under severe pressure. There is actually an indicator known as the “realized price” or the average buy price of all the bitcoins in circulation. It is like the average price endurance for all bitcoin holders. Well, the leading cryptocurrency is currently a thousand dollars less than the average value of 23,430, according to the company. These days the collapse is starting to affect many portfolios.
Yesterday the sector was in turmoil because of Queen Piece announced that it would cut 18% of its workforce, which in total consists of about 5,000 full-time employees; Consequently, about 1,100 people will lose their jobs. Moreover, shares of Microstrategy, a software company for entrepreneur Michael Saylor, responded positively to pressure from the sharp drop in Bitcoin and closed 3.1% higher, despite the doubts of many experts and after declines in the primary market. small strategy In fact, it has more than 129,000 bitcoins, and with bitcoin briefly dropping below $21,000 (and then back to around $22,500), many experts started talking about a possible forced liquidation, which would further erode bitcoin’s value. Saylor refuted the hypothesis, asserting that the company had enough virtual currency to cover the collateral requirements for a $205 million loan and that it would only need to add collateral if the bitcoin price fell below $3,562.
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