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Saturday, September 24, 2022

Negative European stocks, Milan worst: Piazza Affari loses 3.3%, spread at 233

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An entirely negative day for European stock markets, with Milan finishing worst in the last session before the election: the Ftse Mib Index closed 3.3% lower to 21,066 points, the low of the day. Of the major stocks in Piazza Affari, the sharp drop in Tenaris (-8.3%), also on oil weakness hurt Leonardo (-6%) with Eni and Intesa, both of which sold 4.7%. Iveco also performed poorly (-4.9%), while at the banks the declines of Intesa-S.Paolo (-4.75%) and Banco Bpm (-4.42%) are striking. Finally a significant slowdown for Tim (-4.41%). The sale overwhelmed all sectors, from energy to industrial, from banking to services. Only drugs survived, with Amplifon (+0.77%) the only stock in the basket up slightly. He also tried to keep Atlantia, which lost only 0.3%.

European stock markets have accentuated losses during the session on recession fears and euro weaknessor. At the end of the session, they all closed sharply: the Amsterdam stock market closed 2.7% lower, followed by Madrid losing 2.4% and Paris 2.2%. The Stoxx 600 index, which brings together the main European stocks, lost the last 2.37%, which is equivalent to 232 billion euros of capitalization burned in one session. Piazza Affari alone has “lost” more than 19 billion. The London list lost 2% in the final, while Frankfurt lost 1.9%. The UK market, in particular, appears to have disapproved of the contingency plan presented by the UK government and formalized in Parliament today: a package of measures for the next five years, including tax cuts to revive economic growth and the expensive help fight life.

The spread

With the decline in Piazza Affari, the spread on the German Bund rose, which closed at 233 points (see the spread trend in real time at this link), up sharply from the 221 points of the last reference. The yield of the 10-year BTP benchmark also rose significantly, reaching a final position of 4.36%, slightly above the 4.35% recorded in October 2013 (4.19% at yesterday’s close).

Foreign exchange and oil

On the foreign exchange front, the euro is trading at $0.9813 at the start of trading (from 0.9824 at the close yesterday), while the yen is worth $142.29 after hitting its lowest point since December 1998 on the eve. reaches. yen at 139.66 (139.47). Gas slightly decreased to 184 euros per MWh (-1.9%), as did oil: the WTI fell to -2.6% in November to $81.33 a barrel, Brent to $90.1 (-0.3 percent).

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Source: Corriere

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