Beginning of the new week with a prevalence of sales in Piazza Affari which however limits the damage after a start in substantial decline. On Friday, Wall Street ran into the worst session since June (the S&P 500 and the Nasdaq Composite lost 3.4% and 3.9% respectively) thanks to the statements by Fed chairman Jerome Powell who confirmed the bank’s determination central US to stop inflation, admitting that the increase in interest rates will be in a way that will cause “some suffering” to the US economy.
The Ftse Mib closed at 21,841 points (-0.24%). Obvious drops for Pirelli at –1.82% and Leonardo (-2.55%). The banks, on the other hand, remained stable with + 0.97% for Intesa, + 1.8% Unicredit and + 3% for Banco BPM. Shore for banks comes from the rise in government bond yields on expectations of more aggressive rises by central banks.
Utilities are in sharp trouble today (-1.99% A2a, -1.26%, Snam -3.06% Hera -0.6% Enel) in a day that saw the price of European gas drop to over – 20% in the wake of the faster-than-expected increase in German stocks and a possible agreement in the short term between France and Algeria (third supplier to Europe after Russia and Norway) for an increase of about 50% in gas imports liquefied natural.
In Italy, according to Il Corriere della Sera, the Draghi government is studying how to raise resources of up to 20 billion euros for a second energy package to mitigate the impact of the increase in gas and electricity prices on households and businesses. Among the proposals, the government is considering increasing taxation on the extra-profits of energy companies, which is now set at 25%.