MILAN. Opening in red for European stock exchanges, weighed down by recession fears after the negative closing on Wall Street and in view of the ECB meeting scheduled for Thursday. Eurotower is expected to raise rates by 0.25%, and this would be the first tightening in 10 years. Investors are waiting to know the details of the anti-fragmentation shield, the so-called anti-spread shield. In Frankfurt the Dax opens at 12,864.52 points with -0.74%. London’s FTSE 100 stands at 7,188.90 points, losing 0.48%. Down also Paris where the Cac 40 records 6,042.53 points down by 0.77%. Milan also starts in the red: the Ftse Mib scores 21,008 points down by 0.82%.
European stock exchanges start down even after two recovery sessions, and with Apple’s moves weighing on technology: the Cupertino group, according to rumors, has revised the hiring and spending programs of some divisions in anticipation of a slowdown in the economy in 2023. Amsterdam and Paris are the most penalized in Europe and retreat by 0.5% as does Frankfurt while Piazza Affari contains the decline to 0.11%.
Down StMicroelectronics (-1.7%) which has the main customer in Apple, Saipem awakening (+ 2.8%). Leonardo rises by 1.4%: a maxi contract by Lockheed Martin with the US Department of Defense for the F-35s, of which the Italian group is a supplier, is near, but further announcements of orders are expected from the international fair of the air force in Farnborough, near London, which opened yesterday. Among the banking groups, Unicredit and Intesa Sanpaolo rose by more than one percentage point: the Cariplo Foundation increased its stake in Intesa to 4.812%. On the energy front, the price of gas rises with Europe preparing to launch the emergency plan for the autumn while the tension on the Nord Stream 1 case is high: the gas pipeline has been interrupted for maintenance since 11 July last and Gaprom indicated force majeure that would prevent its immediate restoration.
On the Ttf platform, the August contract marks 159 euros per megawatt hour (+ 1.1%). Oil confirms the levels reached yesterday, which in London marked 106.4 dollars a barrel in September delivery and which dropped by 0.3% to 102.3 dollars a barrel in the August WTI. The exchange rate between the euro and the dollar dates back to 1.051 (from 1.019). Euro / yen at 140.05, dollar / yen at 137.75.