MILANO – The energy issue is always the great protagonist of these positive days on the financial markets, yesterday returning from the fifth session in a row with the “plus” sign. The record prices of natural gas and electricity continue to attract attention and keep the alert level high in view of the winter season. And Germany, which is fond of the idea of continuing the life of nuclear power beyond Angela Merkel’s plans, is the epicenter of concern, given its high dependence on Moscow and the difficult game of replacement.
Although the stocks in Berlin are filling up at a faster rate than expected (we are at 77%, two weeks ahead of the schedule that leads to 95% in November), the country – writes Bloomberg – will struggle to have enough fuel to pass winter, in the event of complete suspension of the Russian supply. To say this, complete with a time indication of about two and a half months of survival for the German heating, industrial and energy demand, is the president of the Federal Networl Agency, the German energy authority, Klaus Mueller.
Words that come just as the Russian high-gas bill emerges on the German energy giant Uniper, the subject of a bailout plan by the state to ensure its solvency: in the first half of the year it recorded a net loss of 12.3 billion euros. due to the falling deliveries of Russian gas, a consequence of the war in Ukraine. “In order to respect the contracts with its customers, Uniper has been and is forced to buy gas at high market prices”, reads a statement. The result was also affected by the accounting adjustments linked to the reduction in deliveries and the Nord Stream 2 gas pipeline.
Among these arguments and concerns, always with an eye to the graphs on gas prices, the lists are in any case continuing their positive phase. Yesterday Wall Street happily recorded the quarterly accounts of Walmart (+ 5%) and Home Depot (+ 4%), and awaiting the publication of the minutes of the last meeting of the FOMC, the monetary policy arm of the Fed, today. the Dow Jones gained 239.60 points (+ 0.71%), the S&P 500 rose 8.10 points (+ 0.19%), while the Nasdaq closed down 25.50 points (-0 , 19%).
The session was also positive in Asia (Tokyo + 1.2%) on speculations that China could field more consistent stimuli: Premier Li, the financial agency writes, told local governors of six provinces (which account for 40% of the Dragon economy) to accelerate pro-growth measures.
Positive closing for the Chinese stock exchanges
The Chinese stock exchanges closed the session in positive territory, close to intraday highs: the Shanghai Composite index rose by 0.45%, to 3,292.53 points, while that of Shenzhen gained 0.69%, to 2,242, 45.
The EU markets open higher pending the Fed minutes
The European stock markets opened with a slight rise, in a session that looks volatile pending the publication of the minutes with the report of the last Fed meeting from which some indications could come about the next rise in interest rates.
At the opening, Milan led by +0.51 at 23,114.68 points. Followed by the Cac40 in Paris which gained 0.24% with 6,589.29 points, London 0.21% at 7,539.95 points and the Dax in Frankfurt 0.13% at 13,896.74.
Positive Asian stocks awaiting stimulus
Positive stock exchanges in Asia and Pacific with investors waiting for new economic stimuli in China to stimulate growth, as recently asked by Prime Minister Li Keqiang to the main provinces of the country. Futures on Europe were positive, those on the USA were little moved. In the Old Continent there was a double-digit inflation rate for the first time in 40 years in the United Kingdom, waiting for the EU’s GDP. Weekly mortgage applications, retail sales, company inventories and weekly crude oil stocks are expected from the US. Also scheduled are two speeches by Michelle Bowman, member of the Federal Committee of the Fed.
Crude oil rises (Wti + 1.06% to 87.45 dollars a barrel) which still remains below the threshold of 90 dollars, gas falls (-1.29% to 223 euros per MWh) on the market in Amsterdam while it appears unchanged gold above $ 1,777 an ounce. The other metals did not move, except for steel (-2.4% to 4,038 dollars a ton) due to lower Chinese demand.
The dollar rose to 1.016 against the euro, while the pound strengthened to 1.21 dollars and the yen fell to 134.48 on the greenback. A circumstance, the latter, which favors the car manufacturers Toyota (+ 2.92%) and Honda (+ 2.81%) together with those of electronic devices Soiny (+ 3.06%), Nikon (+2, 04%) and Sharp (+ 2.64%).
Gas starts again down below 230 euros
Natural gas opens down at 221.6 euros per MWh on the market in Amsterdam, where yesterday it reached peaks of well over 240 euros per megawatt hour, the highest since March. Futures contracts for the month of September are down 1.91%.
Spread slightly down on opening
Opening slightly down to 215 points due to the differential between Italian BTPs and German ten-year bunds, against the 205.8 points scored at the end on the eve. The Italian annual yield unchanged at 3.124%.
Stable start for the euro, positive futures on the EU stock exchanges
Stable start for the euro traded at $ 1.0181 (+ 0.10%). The single currency is at 136.80 against the yen (+ 0.22%).
Futures on European stock exchanges are proceeding in positive territory towards the opening of the lists, pending the minutes of the last meeting of the Fed which could give indications on the next increase in interest rates. In Pargi the contracts on the Cac 40 mark + 0.67%, followed by the Dax in Frankfurt with + 0.33%, then the Ftse 100 in London with + 0.25% and the Mib in Milan with + 0.27% .
Tokyo closes positively: + 1.2%
The Tokyo Stock Exchange closed higher with investors encouraged by a cheaper yen. The Nikkei index finished trading gaining 1.23%, with 29,204.00 points.
UK, inflation at the top since 1982
The UK’s annual inflation rate increased to 10.2% in July 2022, up from 9.4% in the previous period and slightly above market forecasts of 9.8%. This is the highest reading since February 1982.