(Il Sole 24 Ore Radiocor) – European stock exchanges are clearly down in the wake of the performance of Asian markets and concerns about inflation given the prices of the raw which touched in New York i maximum since 2014 above $ 79 per barrel (Wti November). Brent is approaching $ 83 a barrel in December delivery, again at top from October 2018. The German data on orders to industry dropped beyond forecasts in August (-7.7% monthly against expectations of -2.1%), while the market expects the September report on new employees in the US (which will be released on Friday 8 October) for further confirmation on the state of the US economy. There prospect of monetary tightening of the US central bank drives up government bond yields in both Europe and the United States.
In Milan only oil stocks are saved
The basket of the 40 big names on the Milanese price list is almost completely in red: only Saipem, which takes advantage of the increases in crude oil and the new onshore drilling contracts in the Middle East and South America, remains afloat. Piatte Banco Bpm and Unicredit confirm the interest in the banking sector given the expectation of an acceleration of M&A, starting with the Unicredit-Mps axis, after the administrative elections in Italy. Down Stmicroelectronics, Moncler and Campari, sales also on Mediobanca and Stellantis.
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Natural gas, prices in Europe hit records at 130 euros
The run of natural gas prices in Europe does not stop. The spot contract on the Dutch market TTF, one of the largest and most liquid in continental Europe, reached 130 euros per megawatt / hour (MWH), a level never reached before. The contract front-month for November it grew by more than 400% since the beginning of the year.
Purchases on the dollar continue, with the euro below 1.16
The euro / dollar exchange rate consolidates below 1.16: purchases on the American greenback are fueled by the prospect of a monetary tightening of the US central bank and investors
Tokyo closed a mixed session in decline
The Tokyo Stock Exchange closed down a mixed session in which it attempted, unsuccessfully, to interrupt the session series of seven negative sessions which characterized it in this phase. Failed attempt for a turnaround with the Nikkei index of 225 leading stocks which scores 27,528 points in the final, down 1.05%. At the start, the Tokyo Stock Exchange took an upward trend in the wake of the positive closing of Wall Street and investors returned to buy also in search of bargains after the list in the last sessions overall lost about 8%. However, declines in auto and airline stocks caused the turnaround. The markets are nervous about the rapid rise in energy prices which is raising global inflation expectations.