Our benchmark index, the Ftse Mib, closed the session in the red (-2.37%), the worst performance among the Old Continent indices following the speech by Fed Governor Powell at the Jackson Hole symposium. The Fed will continue to raise interest rates in a way that will cause “some pain” to the US economy. “While higher interest rates, slower growth and weaker labor market conditions will reduce inflation, they will also bring some pain to households and businesses,” Powell said.
In his unusually short speech at Jackson Hole, Powell said the Fed will use its tools forcefully to fight inflation.
Returning to Piazza Affari, only two stocks closed above par, Telecom Italia (+ 0.2%) and Atlantia (+ 0.2%).
While the worst of this session are Amplifon (-6%), Nexi (-5.4%), Finecobank (4.85) and finally Moncler (-4.7%).
The BTP / Bund spread closed the session slightly up 3.5% at 230bps.