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Thursday, December 08, 2022

Down 3.3% and extends to 233

Negative day for European stock markets, ending a very busy week for all markets. Milan, which had the worst performance of last season before the election: Ftse Mib index falls 3.3% to close at 21,066, its lowest level of the day, Among the main stocks of Piazza Avari, a sharp decline in Tenaris (-8.3%) due to weak oil hurt Leonardo (-6%), with Eni and Intesa selling 4.7%. Among banks, shares of Iveco also fell (-4.9%), while Intesa-S.Paolo (-4.75%) and Banco Bpm (-4.42%) fell among banks. And, finally, the sharp downturn in Tim (-4.41%). Sales across sectors ranging from energy to industry and from banking to services were hit. Only drugs were saved, the only stock in the Amplifon basket (+0.77%) showing a slight increase. It also tried to keep up with Atlantia, which is down only 0.3%.

European stock markets confirmed losses during the session on bearish fears and a weaker euro.hey, At the end of the session, they all closed strongly: the Amsterdam Stock Exchange closed down 2.7%, followed by Madrid down 2.4%, and Paris down 2.2%. The Stoxx 600 index, which combines the main European stocks, lost the last 2.37%, which equates to a capitalization of 232,000 million euros in one session. Piazza Afri alone suffered a loss of more than 19 billion. London lost 2% in the list final, while Frankfurt lost 1.9%. In particular, it seems that the British market did not appreciate the emergency plan presented by the British government and formalized in Parliament today: a package of measures for the next five years that includes tax cuts to restart economic growth. And to help deal with the cost of living.

loose shadow

A shadow of stagnation is looming over Europe. The Italian government is also worried about the coming months. The Italian growth forecast for 2023 projects a slowdown in GDP, setting it at only 0.5% or less than 1% in any case, thus registering a sharper slowdown than in 2022 and an estimated 2.3% in April. in comparison. GDP growth at the end of this year will be between 3.3% and 3.4%, higher than the 3.1% projected. These are the numbers for the Deaf (nadef) update that Mario Draghi’s (now outgoing) government is working on, which should be introduced on September 27th. Thus, the recession outlook is mainly due to the energy crisis which is also threatening to weaken world economies and promote uncertainty with rising inflation in 2023. Nadef should come up with the trend frame for next year only this week and then send it to Brussels. But the new government will have to deal with a budget law that must be approved before December 31, 2022. The political elections due tomorrow and therefore the formation of a new executive run the risk of being too long and on the horizon. There is a tentative budget exercise. But in the meantime, Ispat yesterday revised its GDP forecast to 6.7% for 2021, confirming the economy’s strong recovery in 2021, compared to a fall of 9.0% in 2020. Finally, the European Commission leaked that it had finalized its affirmative opinion. Italy’s request for a second tranche of $21 billion provided by the National Rehabilitation Program.

Spreads, forex and assets

With the collapse of Piazza Averi, the spread increased, the German bond spread closed at 233 points (in this episode, the direction of the spread is in real time.), a sharp increase from the 221 points of the previous reference . The benchmark 10-year BTP index return has also risen significantly, coming in the previous spot at 4.36%, just up from the 4.35% recorded in October 2013 (4.19% at yesterday’s end).
In the exchange area, the euro is trading at $0.9813 (from yesterday’s close of 0.9824) at the start of the price, while the yen is trading at $142.29, having reached its lowest level since December 1998 a day earlier. – 139.66 (139.47) on the yen. Slight reduction in gas to 184 euros per megawatt-hour (-1.9%), as well as in oil: West Texas Intermediate crude fell -2.6 percent to $81.33 a barrel and Brent crude to $90.1 (-0.3 percent) in November.

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