(Il Sole 24 Ore Radiocor) – European stock exchanges try to recover after slipping on the eve, with fears Recession And the inflation Which continued to hold, while oil rose to 100 euros and the euro remained at its lowest level in nearly 20 years. A better-than-expected number of orders from the German manufacturing industry, which rose by 0.1% month-on-month in May versus an expected 0.3% decline, helps mood for the listings. Investors, meanwhile, are waiting for the final minutes to be read at the end of the day feed itThe cost of borrowing was increased by 75 basis points. The market is setting aside an almost 85% chance of squeezing another 75 points this month and sees US interest rates in the 3.25-3.5% range by the end of the year. Meanwhile, the spread on bonds narrowed to about 205 points, while the FTSE MIB index in Milan rose. The main financial centers of the Old Continent are on the rise, such as Paris (CAC 40), Frankfurt (DAX 30), London (FT-SE 100) and Madrid (IBEX 35).
In Piazza Avary, Eyes on Tim, at the top of Nixie. Saipem . slips
In Piazza Avary, assets under management rose with Banca Mediolanum, Banca Generali, Finecobank and Azimut. Nexi moves to the top of the list, while purchases reward several banks, starting with Intesa Sanpaolo (Banco Bpm alone). Investors’ eyes are particularly focused on Telecom Italia on Board Day which, in addition to the accounts, will redesign the group’s overall strategy (from a business reorganization, with a split between NetCo and ServCo, on the One Network theme, after signing a Memorandum of Understanding with Cdp Equity and Kkr Funds). and Macquarie). Still in “red” Saipem, also bad Iveco group and major pharmaceutical stocks.
Germany: +0.1% industry orders in May
Orders to German industry in May rose 0.1% monthly, versus an expected 0.3% decline and recorded a 3.1% year-over-year decline according to data released this morning by Destatis. Domestic monthly orders fell 1.5% while orders from abroad grew by 1.3%. German traders are also anticipating supply problems until the middle of next year, according to a survey by the independent research institute. Ifo. Indeed, in June, 75% of the sample of retailers in Germany complained that not all ordered goods were delivered, slightly lower than that recorded in May (80.1%).
The euro has been at a 20-year low, and oil is back at $100
In the currency market, the dollar settled at its highest levels in 20 years with the euro at 1.0264 (from 1.024 as of July 5) and 138.9 yen (from 139.08). USD/JPY at 135.39 (135.74). On the crude front, WTI rose in August above $100 to 101.24 (+1.75%) after the overnight collapse of 9% and Brent crude in September to $105 (+2.35% after -8%). In refrigeration, however, the price Gas 154 euros per megawatt-hour (-6.7%) after the Norwegian government called off a strike that put supplies in Europe even more at risk.
Spread shrinks to 205 pips, return to 3.27%
Tonic session for Italian government bonds traded on the MTS electronic secondary. Thanks to the slow start of the Bundes losing steam, in fact, the gap between Italians and Germans closes at the age of ten again. After the first trades, the spread between the ten-year BTp benchmark and the same German maturity is indicated at 205 basis points, from 209 points for the final on July 5. There was also a slight drop in the yield of the benchmark ten-year BTp to 3.27% (3.28% at close on eve). Ten-year Bono has a hard time, losing ground compared to the Bond (with about 123 spread points).