Declining session for Piazza Affari and the other stock exchanges of the Old Continent. The Ftse Mib ends down 0.5% at 28,575 points, with sales mainly on Amplifon (-4.3%), Mps (-3.2%), Hera (-2.2%) and A2a (-2 .15%), while Telecom Italia (+1.7%), Moncler (+1.7%) and Eni (+1.5%) advance.
Risk aversion still lingers in the markets after the Fed meeting, which revealed that rates could rise further and will remain high for a prolonged period of time. Members of the American central bank also spoke today, including Michelle Bowman, in favor of further increases in the cost of money to combat inflation.
The PMI indices of the main European economies and the USA were released during the day. The Eurozone continues to show a contraction in economic activity, despite a partial recovery in the tertiary sector, while US SMEs indicate an almost stagnant services sector and a manufacturing sector that is still declining, albeit improving.
Among raw materials, oil (Brent) fluctuates between 93 and 94 dollars a barrel, in a market that focuses mainly on fuels after Russia’s temporary ban on diesel and petrol exports.
On the Forex, the euro/dollar is stable at 1.066 while the dollar/yen rose above 148 after the meeting of the Bank of Japan, which maintained negative rates and left monetary policy unchanged, confirming the view that the Inflation is decelerating.
In the bond sector, the BTP-Bund spread widens to 184 basis points, with the Italian ten-year bond above 4.57%.
As for next week, attention will focus on eurozone inflation, due on Friday, and on the interventions of several bankers, including Fed Chair Jerome Powell.