(ANSA) – MILAN, June 29 – The session on the European stock exchanges continues to decline, weighed down by fears of a recession to which the current monetary tightening could contribute and which Morgan Stanley assumes in the fourth quarter of the year.
Milan lost 1.4%, preceded by Frankfurt (-1.6%) and Madrid (-1.6%), which suffered a new inflation record in June (+ 10%). Paris falls by 1.1% and London by 0.5% while futures on Wall Street have also turned, albeit slightly, into negative territory, which is not helped by China’s confirmation of the ‘zero Covid’ policy.
The lists await the interventions of the presidents of the Fed, ECB and Boe in Sintra while the voices of the ECB hawks, which do not exclude a rise of 50 basis points in July, and the race in prices (at 14 there will be the inflation data German government bonds) are holding back the rises in Eurozone government bonds, with the BTP yield rising to 3.48% (after falling to 3.41% in the morning) and the spread with the bund which remains at 187, in drop of five basis points on yesterday.
In Piazza Affari, Mps suffers (-9%), grappling with the 2.5 billion capital increase, and Saipem, whose rights on the 2 billion recapitalization sell over 50%. Sales also on Campari (-3.2%), Ferrari (-3.2%), Exor (-3.1%), Cnh (-3%) and Stellantis (-2.6%), with the ‘car in deep red on the day in which the EU decided to ban combustion engines starting from 2035. On the other hand, the Popolare di Sondrio (+ 2.3%), with its industrial plan, and Banco Bpm (+ 1.7%).
The race in energy prices resumes, with oil seeing the wti exceeding 112 dollars per barrel (+ 0.4%) and brent’s quoting 118 dollars (+ 0.1%). Gas is much stronger, with the price in Amsterdam jumping 5.4% to 136 euros due to the Russian squeeze on supplies to Europe.
(HANDLE).
Source: Ansa
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