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Stock Exchange: gas rally sinks Europe and euro, Frankfurt -2.5%

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Gas hikes weigh, aid checks in September (ANSA)

(ANSA) – MILAN, AUGUST 22 – The session on the European stock and bond markets continues in a heavy climate, marked by concerns about the gas race and the impact on growth of the energy crisis. Milan and Frankfurt, the squares of the two countries most exposed to Russian supplies, lead the declines, with the German price list losing 2.5% and the Italian one 2.1%, on a par with Paris. Madrid fell by 1.2% and London by 0.4% while New York opened sharply, with the three main Wall Street indices losing well over one percentage point.

The risk of a recession in Europe, triggered by the closing of the Russian taps, pushes the euro below par with the dollar, with which it is trading at 0.997. European methane futures, after a maximum of 295 euros, remain close to 280 euros, however up 14% on Friday’s close.

The negative tone of investors does not spare the bond market, with the BTP-Bund spread close to 230 points and the BTP yield at 3.55%, in a context of generalized falls for the Eurozone sovereign debt, which fears the inflationary pressures and the monetary response of the ECB.

On the Milanese list, sales hit Saipem, suspended due to an excess of a decrease (-5.5%), Stellantis (-4.8%), Bper (-4.5%), Tim (-4.5%), close to breaking the threshold of 0.2 euro per share, Mps (-4.6%) is suffering from fears of a difficult recapitalization. The entire credit sector was bad with Unicredit (-4.4%) and Intesa (-3.5%), Moncler (-4.4%) and Pirelli (-3.9%) also down. In contrast, pharmaceuticals, utilities and Eni (+ 0.3%) recovering from the discovery of a mega gas field in the Mediterranean. (HANDLE).

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Source: Ansa

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