European stock markets are falling after a cautious start, with the pan-European Stoxx 600 index extending its series of negative sessions to eight, a negative record not seen since 2016. London, Paris and Frankfurt lose 0.3%, Milan, down 0.5%, leads the declines, while futures are also slightly down in New York. Government bonds also lost the good tone of the start, with the BTP yield rising to 4.34% and the spread with the Bund at 173 points. The clouds over global growth and the wait for the decisions of the ECB, called to make a difficult decision on rates, are weighing on the markets, where Asian stock markets had already closed lower, in the wake of the below-expected Japanese GDP figure for the second quarter and the day before sales on Wall Street. The above-expected industrial production data in July in France (+0.8% on June) and Spain (-1%) do not lift the mood of the price lists, while German inflation is confirmed to be slowing down slightly, but still well above above the ECB’s targets in August (+6.1%). Meanwhile, the price of gas rises in Amsterdam, with TTF futures in tension (+6.4% to 34.8 euros) after strikes began in Chevron’s gas liquefaction plants in Australia, while oil is little moved , with Brent hovering around 90 dollars a barrel and WTI at 86.8 dollars. In Piazza Affari, Fineco suffers, cut by Jp Morgan, Mediobanca (-2.1%), grappling with the list for the renewal of the board of directors, Cnh Industrial (-1.8%), Pirelli (-1.7%) and Eni (-1.2%), with MPS still struggling (-1%). in contrast, however, Saipem (+1.1%), Erg (+0.8%) and Iveco (+0.7%), with Tim defending the increases (+0.2%) awaiting developments on the net.
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2023-09-08 10:04:00
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