(ANSA) – MILAN, JUN 24 – European stock exchanges are still well set up after the positive start of Wall Street. The lists of the Old Continent try the rebound after yesterday the pan-European Stoxx 600 index fell to its lowest level since February 2021. Milan advanced by 1.3%, behind London (+ 1.8%) and Paris (+2.3 %) and ahead of Frankfurt (+ 0.8%).
Fear of a recession pushes money market traders to bet on a less accelerated Fed rate hike trajectory, despite President Jerome Powell’s still recently displaying determination to tackle inflation. Government bond yields in Europe are all up with the BTP-Bund spread back above 200 basis points, waiting to know the extent of the anti-fragmentation shield that the ECB is developing. On the macro front, the German Ifo business confidence index fell unexpectedly, penalized by fears over Russian gas supplies.
Precisely the price of methane drops almost 2% in Amsterdam, at 131 euros, while oil picks up again, rising by 2% to 106.3 dollars, after two sessions in decline. Recession fears, which the Fed does not discourage, are also holding back commodity prices and hopefully they can do the same with inflation.
In Piazza Affari, Saipem suffers, suspended with a theoretical decrease of 22% in view of the capital increase, weak Unicredit (-1.1%) and Eni (-0.4%), fresh from the withdrawal of the Plenitude hypo.
On the other side of the price list, Recordati (+ 6.8%), Inwit (+ 4.3%) and Interpump (+ 4.2%). Bene Generali (+ 2.4%) and, among bankers, Banco Bpm (+ 2.6%) while Mps (+ 0.3%) did not move much after the presentation of the plan. (HANDLE).
Source: Ansa
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