(ANSA) – MILAN, AUGUST 22 – The main European stock exchanges continue to decline in mid-morning, with Frankfurt (-1.84%) falling more than Paris (-1.65%), Milan (-1.6%) , Madrid (-1.16%) and London (-0.6%). The US fututres are negative, awaiting the Chicago Fed index. Markets sentiment was generally negative, despite the Chinese key rate cut overnight, as they fear confirmation of the Fed’s rate squeeze at the traditional Jackson Hole symposium preceding the last weekend of August.
The central theme remains inflation, to which the cost of gas contributes, today on new highs above 286 euros per MWh in Amsterdam after the new block of the Nord Stream gas pipeline for 3 days announced by Gazprom last Friday. The differential between German BTPs and ten-year Bunds remained stable at 228.2 points, with the Italian annual yield growing by 2.5 points to 3.5%.
Difficulty for the stocks of semiconductor manufacturers Be (-4.1%), Nordic (-3.25%), Asm (-2.8%), Asml (-2.6%), Infineon (-2.4 %) and Stm (-1.7%). The winds of recession penalize the car sector by Volkswagen (-3.4%) and Porsche Golding (-3.9%), with the imminent listing of Porsche on the Ferrari model (-1.22%). A minus sign also for Stellantis (-3.75%), Renault (-3.1%), BMW (-3%) and Mercedes (-2.9%).
Eni (-0.85%), Shell (-0.6%), TotalEnergies (-0.5%) and Bp (-0.2%) are more cautious despite the drop in crude oil (Wti -1, 72% at 89.21 dollars a barrel) Under pressure the banks Unicredit (-3.3%), Bper (-3.34%), Intesa and Commerzbank (-3% both), Bbva (-2.95%) , SocGen (-2.64%), Banco Bpm (-2.52%) and Bnp (-2.4%). (HANDLE).