MILANO – The European lists are proceeding slightly down after a positive start. A dictating moods are mainly related to the intervention of Christine Lagarde, who this morning reiterated that the Central Bank is planning a new rate hike in July. In Asia, on the other hand, the trend was mixed, with Hong Kong in great shape and Tokyo which closed instead at -0.49%.
12:06
Tajani: “Disappointed by Lagarde, there is a risk of recession”
“I don’t think it is in the interest of growth to keep raising interest rates, especially I don’t agree with the announcements that are made well in advance of interest rate increases. I was a little disappointed by President Lagarde’s statement, which announced today that it will raise interest rates also in the month of July” and “when rates are too high there is a risk of recession and this absolutely must not happen”. This was stated by the deputy prime minister and foreign minister, Antonio Tajani, speaking at the Confsal congress. “We suffer from an inflation that is not due to an internal factor as in the USA, so yes it is right to raise interest rates there, but our inflation is derived from a matter concerning raw materials, in particular because of the war on our borders,” Tajani continued. “Today, increasing the cost of money means putting businesses in difficulty, because entrepreneurs who have initiative and who want to invest, having to have loans at too high cost, give up on their projects and wait for better times. Unfortunately, we can’t waste time either workers, we cannot give up employment. When rates are too high, we risk a recession and this absolutely must not happen”, he concluded.
10:38
Lagarde: “Improbable that we will say maximum level of rates”
“It is unlikely that in the foreseeable future the central bank will be able to declare with absolute certainty that the maximum level of rates has been reached”.
This was stated by the president of the ECB, Christine Lagarde, at the forum of the central institute in Sintra. “The decisions of our monetary policy must in fact be defined from time to time at each meeting and continue to be guided by the data” he said, recalling how “two sources of uncertainty affect the desirable “level” and “duration” of our monetary policy interest rates”
10:37
Lagarde: “Further rate hike in July”
“Our work is not done yet. Barring a material change in the inflation outlook, we will continue to hike rates in July.” This was stated by the president of the ECB Christine Lagarde speaking at the forum of the central institute in Sintra (Portugal). “The overall impact of the 400 basis point rate hikes decided since last July has not yet fully materialised,” she added.
09:09
European stock markets open higher
Rising opening for the main European stock exchanges. In Frankfurt, the Dax rose by 0.36% to 15,869.45 points, in London, the FTSE 100 rose by 0.53% to 7,493.40
points, in Paris the Cac 40 gains 0.52% to 7,221.46 points and in Madrid the Ibex-35 gains 0.56% to 9,325.50 points. In Milan, the ESF Mib marks +0.54%.
09:02
Growing oil
Oil prices on the rise this morning on the commodity markets: the Wti barrel for delivery in August is trading at 69.93 dollars with a growth of 0.81% while the Brent for delivery in August changes hands at 74.71 dollars per barrel with an increase of 0.71%.
08:50
Gas in lieve calo
Gas prices slightly down on the Amsterdam market, a reference for Europe: methane futures for delivery in July opened down 1% at 31.6 euros per megawatt hour.
2023-06-27 13:16:52
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