(ANSA) – MILAN, MAY 12 – European stock exchanges remain heavy and continue to discount fears of a gloomy macroeconomic scenario, in which the rise in rates and prices, China’s squeeze against Covid and the war in Ukraine threaten the recovery. Milan loses 2%, London and Paris 2.5% and Frankfurt 2.4%. Futures on Wall Street are also in the red (-1.1% on the Nasdaq and -0.7% on the S&P 500), which continues to pay off concerns over the Fed’s reaction in the face of inflation that is struggling to be tamed.
Growth fears weigh on commodities, with oil down 1.5% and copper slipping up to 3.8% in London, below $ 9,000 a ton. Risk aversion pushes investors towards government bonds, whose yields are falling sharply: that of the ten-year BTP drops by 15 basis points to 2.74% while the spread on the Bund is reduced by three points to 188 The dollar continues to strengthen, pushing the euro to new lows since the beginning of 2017, with which it is trading at 1.0426. The price of gas in Europe goes against the trend, with futures in Amsterdam jumping 14.4% to 107.4 euros, in tension due to the reduction of a third of Russian gas in transit from Ukraine and Russian retaliation against Gazprom Germany , which came under the control of the German energy regulator.
On the stock market, luxury and clothing stocks collapse, with Hermes and Kering losing more than 5%, raw materials (-3.5% the sector Stoxx index), information technology (-3.3% ), cars (-3.1%) and energy (-2.8%). In Milan Diasorin loses 6%, Amplifon 5.6%, Recordati 5.2%, Ferrari 4%, Cnh 3.9%, Iveco 3.5%, Mediolanum 4%, Nexi 3, 7%, Moncler 3.5%. The escape from risk affects cryptocurrencies, which continue to fall after the collapse of the stablecoin Terra USD: Bitcoin drops 2.9% below $ 28,000. (HANDLE).
Source: Ansa
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