(Il Sole 24 Ore Radiocor) – Le European stock exchanges start with a sharp decline in May, but between the Ukrainian crisis and rising inflation on budget since early 2022 is very negative (-7.7% Stoxx600 Europe, -11.1% Eurostoxx50, -11.3% Ftse Mib). The further signs of a slowdown in the Chinese economy, which emerged over the weekend from the SME indices on the manufacturing sector and accentuated by the lockdown, were added to the tension in the markets for lockdowns in China to contain the rise in Covid cases, the war still without solution and for the approach of the Federal Reserve meeting that will intervene on American rates, raising the cost of money by 50 basis points in the United States. The other central banks, starting with the Bank of England, are also ready to raise interest rates.
So they are all downhill on FTSE MIB of Milan, back from a month in the red and with an even more negative balance (-6.6%) since the beginning of the conflict in Ukraineil CAC 40 of Paris, on DAX 40 in Frankfurt, theAEX of Amsterdam andIBEX 35 of Madrid. London Stock Exchange closed for holidays as well as Moscow (also stops on Tuesday), in Asia sitting without exchanges for Hong Kong and Shanghai (also stops on 3 and 4).
Mediobanca stands out in Milan, while Terna also does well
On the Ftse Mib it still stands out Mediobanca (after + 1.3% on Friday) among the success of the board of directors of General, supported by the first shareholder, the hypotheses of a strengthening of Leonardo Del Vecchio in the capital and the rumors of strategic alliances. Also good Terna, which sold its electricity transmission operations in South America for a value of over 265 million euros. They keep utilities with Italgas, Snam Rete Gas, Enel e Hera around parity. Down among the industrialists Stmicroelectronics, Tenaris e Iveco Group. In flexion too Telecom Italia.
Spread still up at 185 points, yield at the top from 2019
At the start of the week, the rise recorded last eighth in the spread between BTp and Bund on the MTS electronic secondary market and in yields continues. The yield differential between the ten-year Italian benchmark (Isin IT0005436693) and the same German maturity is indicated at 185 basis points from the 184 basis points of Friday’s final. And the ten-year BTp yield continues to rise again, which exceeded 2.80%, after closing at 2.79% on Friday, remaining at record levels since February 2019.
Euro still falls on the dollar
On the currency market, the euro loses further ground against the American currency in view of the Federal Reserve’s intervention on rates while the vice president of the ECB, Luis de Guindos – during an interview with Correo over the weekend – stressed that an increase in rates in the eurozone is possible but not probable: the euro / dollar exchange rate is 1.0519 from 1.0551. Euro / yen to 137.23 (136.67), Dollar / yen to 130.32 (from 129.59).
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