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(Il Sole 24 Ore Radiocor Plus) – A Federal Reserve that confirms itself as “hawkish” pushes the European stock exchanges downwards: in the aftermath of the misstep in the first session of October, in the early stages the FTSE MIB is declining, as is the CAC 40 of Paris, the DAX 40 of Frankfurt, theIBEX 35 of Madrid and the FT-SE 100 from London. The American Central Bank, as vice-president Michael Barr reiterated, does not rule out further increases and hypothesizes that rates could remain high for longer than expected, which has put the brakes on Wall Street and, in its wake, also on Asian markets, which are at their lowest this year. It should be noted that in Hong Kong, Evergrande, the real estate giant crushed by debt, was readmitted to trading and, after starting at +30% and recording an almost double increase, it then slowed down and continues to be very volatile. Even in Europe, the ECB reiterated that it has not yet won its battle against inflation and that it still has work to do, as explained by the ECB’s chief economist Philip Lane
Saipem does well in Milan, utilities down
Among the stocks on the Milanese list, it is doing well Saipem and they hold Davide Campari, Leonardo – Finmeccanica e Unicredit. In the spotlight Mediobanca, after Delfin presented the list of candidates for the Board of Directors and board of auditors for the three-year period 2024-2026, with the aim of “bringing the value of constructive change within the board”. In line Iveco Group e Cnh Industrialas well as utilities. Stellar does not benefit much from the further recovery of the car market in France and Italy in September. Moncler is weak, with the stock trending lower. The down jacket maison, on the eve, announced the market launch of the collection for Adidas in the shops and online stores of the two brands
Euro loses ground, oil and gas decline
On the currency market, the dollar continues its upward trend in the wake of the increase in Treasury yields, which have reached new multi-year highs. According to some analysts, the greenback is moving towards parity with the single currency. The euro it is worth 1.0466 dollars (1.0574 on the day before) and 156.807 yen (from 157.91). The dollar/yen exchange rate is at 149.809. Oil, after having reached three-week lows yesterday, is losing further ground on the strengthening of the dollar and in the wake of profit-taking by investors: November WTI futures are down 0.63% at 88.26 dollars a barrel , those of Brent December 0.88% to 89.92 dollars. Natural gas traded in Amsterdam is also decreasing: November contracts, after having achieved a first position at 37.7 euros per megawatt hour, lose 4.2% to 37.6 euros.
Boom Evergrande a Hong Kong
The Chinese real estate giant, Evergrande, has returned to trading on the Hong Kong stock exchange after trading on its securities had been stopped a few days on the news that its founder, Xu Jiayin, had been placed under surveillance by the police for « suspicion of crimes”. Yesterday, surprisingly, the debt-burdened group asked for the resumption of negotiations, indicating that in the opinion of the board of directors “the company’s activities continue normally and there is no other information regarding the company that needs to be made public”. When prices recovered, the stock achieved a 30% increase. Markets in Hong Kong were closed on Monday for a holiday, while those in mainland China will be closed all week for Golden Week. The China-Hong Kong Stock Connect program has also suspended trading for this week.
The Tokyo Stock Exchange slows down
The Tokyo stock market closed sharply lower with the Nikkei index finishing down 1.6% at 31,237.94 points. Sell orders prevailed on the market over concerns that the strong production data in the US, where the manufacturing PMI rose to 49 points in September from 47.6 in August, could lead to further increases in interest rates. Also from Japan we learn that the government has declared that it is monitoring the exchange market and is ready to intervene to avoid an excessive decline in the yen. “The government is watching the foreign exchange market” with a strong “sense of urgency,” Finance Minister Shunichi Suzuki said. “We will take all possible measures against excessive movements of the yen,” he added. Suzuki reiterated that the government is not targeting any specific level for the currency and is focusing on volatility.
2023-10-03 07:41:15
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