(Il Sole 24 Ore Radiocor) – After an initial recovery attempt, the European stock exchanges they have lost momentum and are traveling downwards, continuing on the same path of the eve. Investors are adopting an attitude of extreme caution ahead of the ECB summit on Thursday. The increase in rates by the Indian central bank (after the similar move of the Australian one) and the cut in growth estimates by the World Bank contribute to keeping the fears about inflation and the economic impact at the center of attention. monetary policy tightening. The World Bank, in fact, cut its growth estimate for the global economy in 2022 to 2.9% by almost a third, warning that the war in Ukraine has aggravated the difficulties caused by the pandemic.
So I’m downhill on FTSE MIB of Milan, on CAC 40 in Paris, after the trade deficit soared to record levels in April due to the war in Ukraine, the DAX 40 in Frankfurt, after industrial production in Germany rose 0.7% monthly in April while falling 2.2% year-on-year. On also theIBEX 35 in Madrid, l’AEX of Amsterdam and the FT-SE 1000 in London.
Two-speed banks, eyes on Generali
Among the Milanese stocks with the highest capitalization, two-speed banks: se Banca Pop Er salt, in fact, bpm bank is in the queue at the Ftse Mib. The auto sector is up (good Ferrari e Stellaris), while General comes down, after the black smoke on the choice of the new entry in the board of directors in place of Francesco Gaetano Caltagirone. Automotive stocks in the spotlight, on the day the European Parliament will be called to vote on the stop to sales of petrol and diesel cars from 2035, proposed by the European Commission in the Fit for 55 climate reform package.
Spread up to 213 points, yield 3.46%
Upward trend for the spread between BTp and Bund. The yield differential between the ten-year benchmark BTp (Isin IT0005436693) and the same German maturity is indicated at 213 basis points from the 210 points of the previous closing. The yield of the benchmark ten-year BTp also increased, currently marking a position at 3.46% from 3.40% on the eve of the day.
Euro slightly moved, yen still down. Oil modestly up
On the currency market, the euro / dollar ratio did not move to 1.0689 from 1.0696 yesterday at the close. The yen continues to lose share, which after hitting a 20-year low against the dollar, also recorded a 7-year low against the euro: the Japanese currency is indicated at 142.33 for one euro (from 141.74 ) and 133.15 for one dollar (132.53). Oil moderately up, with August Brent close to $ 121 a barrel.
Tokyo up sharply, yen still down
The Tokyo Stock Exchange rallied strongly, for the fourth consecutive session, again thanks to the decline in the yen and the dynamic trading of Hong Kong. The Nikkei Index rose 1.04% to 28,234.29 points and the Topix gained 1.18% to 1,969.98 points. In the wake of rising oil prices, the dollar has continued to rise against the Japanese currency, and even as the cost of imports increases and weakens household purchasing power, the yen’s decline is seen as favorable by large corporations. because it inflates the profits made abroad.
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