(Il Sole 24 Ore Radiocor) – Another difficult session for European stock exchangeswhich still move in the sign of risk aversion, after the reductions of the eve: Investors became convinced that the rebound in the price lists on Tuesday relied on overly optimistic assessments of the economy’s resilience in the face of the inflation rush and started a correction on Wednesday. The rise in consumer prices, the consequent tightening of monetary policy, the rigid zero Covid policy in China and the consequences of the war in Ukraine thus continue to weigh on the mood of operators.
Furthermore, the declining quarterly reports of the giants of large-scale distribution, starting with Target (a fall of 25% on the eve), which have fueled fears about the dynamics of consumption, do not help. Thus, the Asian markets experienced a generally down session, as did the FTSE MIB of Milan, on CAC 40 of Paris, on DAX 40 in Frankfurt, the FT-SE 100 of London, theIBEX 35 of Madrid andAEX in Amsterdam.
In Milan eyes on Generali after the accounts, down on luxury
Among the main Milanese stocks, mostly down, General holds up, going against the trend thanks to the accounts for the first quarter. Furthermore, on Wednesday, the shareholder Fondazione Crt ruled out the intention to sell its stake. The Milanese list is also partially supported by the big names in the industry, with Leonardo – Finmeccanica at the top, while sales hit cars, with Iveco Group e Stellaris among the worst, and above all the luxury, with Moncler markedly down.
Spread goes back towards 200, on even ten-year yield
Upward trend for the spread between BTp and Bund on the MTS secondary market of European government bonds. The yield differential between the ten-year benchmark BTp (Isin IT0005436693) and the same German maturity is indicated at 195 basis points from the 192 points recorded at the previous closing. The benchmark ten-year BTp yield also rose to 2.96% after scoring a last position at 2.94% at the end of the eve.
Euro below 1.05 dollars, oil on the rise
On the foreign exchange market, the euro remains below $ 1.05 and is indicated at 1.0483 from 1.0494 closing yesterday. The price of oil raises its head after two days of decline: the July future on Brent rises by 1.23% to 110.45 dollars a barrel, the one on WTI with June delivery of 0.68% to 110.34. Natural gas in Europe is just below par: on the Dutch platform Ttf the price marks -0.6% at 94 euros per megawatt hour.
Tokyo closes down, scares inflation
The Tokyo Stock Exchange closes the session in sharp decline after the collapse of Wall Street, which on the eve experienced one of the worst sessions since June 2020 amid concerns about the economic outlook in a context of high inflation that is also weighing on the quarterly figures of many company. After four consecutive bullish sessions, the Nikkei index of leading stocks left 1.89% at 26,402 points at the end of trading and the broader Topix index lost 1.3% to 1,860.52. points.
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