(ANSA) – MILAN, MAY 12 – A heavy start for the European stock exchanges, which suddenly awaken from the euphoria that pushed the lists yesterday. The markets of the Old Continent are dealing with the umpteenth session no of Wall Street and of the Asian markets, which have discounted the figure of American inflation, which fell less than expected despite the start of monetary tightening by the Fed, and the forecasts by the president of the ECB, Christine Lagarde, for a start of the rate hike also in Europe in July.
Fears of the impacts that prices and rates will have on growth, in addition to worries about the war in Ukraine, are sinking all European stock exchanges, with Milan losing 1.7%, Paris and London 2.1% and Frankfurt 2.3%. The flight from risk pushes investors towards government bonds, with yields all falling sharply, including the BTP, which yields 2.76%, down by almost 13 basis points while the spread with the Bund little moved at 189 basis points.
Growth concerns are reflected in oil costs down more than 2%, with WTI trading at $ 103.3 and Brent at $ 105.3. On the other hand, the price of gas is flying in Europe, on fears of a lower influx from Russia, with futures in Amsterdam up 13.9% to 107 euros per megawatt hour. The fears for the European economy also undermine the euro, which touches the lows since the beginning of 2017 against the dollar, at 1.046 (-0.5%). At Piazza Affari (ANSA).
Source: Ansa
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