MILAN – Day in slight recovery for the markets, waiting to understand what the central banks will want to do: today the data on GDP arrives from the USA and the Jackson Hole symposium starts, where Powell will speak tomorrow. And the ECB publishes the minutes of the latest minutes, those of the July meeting in which for the first time in over a decade it raised the spread, which moves in the area of 230 basis points. While the gas rush does not stop: at the Ttf in Amsterdam, the reference hub, contracts jump to 315 euros per megawatt hour, with an increase of about 7%
Germany, business confidence declined
German business morale declined in August due to economic uncertainty which remains high. The Ifo Business Climate indicator for Germany fell to 88.5 from 88.7 revised up in July. It is a new low since June 2020, even if the figure is higher than market expectations of 86.8. A recession is looming, with Ifo expecting a contraction of the German economy of around 0.5% in the third quarter
Milan, up with industry and energy
On the Milan stock exchange, industrial and energy stocks immediately show themselves off. The Ftse index Mib it rose by 0.67% at the opening to 22,580 points. At the top of the list are Tenaris (+ 2.13%, Interpump (+ 1.5%), Eni (+ 1.6%) and Cnh (+ 1.27%). At the bottom, in negative territory, Nexi ( -0.14%) and Terna (-0.08%)
Ft, hedge funds bet against Italy
According to the Financial Times, the mix of gas tension, on which Italy largely depends for energy generation, and early elections since the end of the Draghi government is leading hedge funds to build positions against Italy. Citing data from S&P Global Mar, the mix of gas tension, on which Italy depends largely for energy generation, and elections ahead of the end of the Draghi government is leading, according to the Financial Times, hedge funds to build positions against Italy. Citing data from S&P Global Market Intelligence, the City newspaper explains that hedge funds have borrowed bonds to bet on a drop in their prices of approximately $ 39 billion during this month – a peak level since 2008. “It is the country most exposed in terms of what happens to the price of gas, and the political climate is challenging,” explained Mark Dowding, head of investments at BlueBay Asset Management, which has 106 billion assets in its belly and is using the future to bet against the ten-year tricolor
The race in the price of gas does not stop: now it is at 315 euros per megawatt hour
The race in the price of gas in Europe does not stop. At the Ttf in Amsterdam, the reference hub, contracts jump to 315 euros per megawatt hour, with an increase of about 7%
The European stock exchanges open higher. Milan + 0.65%
The European stock exchanges open higher. In addition to Jackson Hole, the markets are also looking at a series of macroeconomic data: Germany’s GDP grew by 0.1% in August, better than estimated; in France, the business confidence index remained stable. Thus the Frankfurt Dax index rises by 0.71% to 13,314.41 points; the Paris Cac index gains 0.64% to 6,427.80 points; the London FTSE index rose by 0.48% to 7,507.48 points; the Madrid Ibex index grew by 0.45% to 8,236.50 points. Milan opened at + 0.65%
Waiting for Jackson Hole
The anticipation increases for Jackson Hole, the annual symposium that starts today and welcomes representatives of the main central banks. The market expects indications from the meeting on the extent of the next increases in the cost of money, in a context of still rising inflation and possible recession. The Fed Chairman Jerome Powell’s speech is scheduled for tomorrow afternoon