Bags towards a weak start. Stable BTP-Bund spread
Falling Asian stocks and negative European futures on the eve of the Jackson Hole central bankers symposium. Investors now expect confirmation of an aggressive stance in the fight against inflation, even if yesterday Fabio Panetta, member of the executive committee of the ECB, promised caution in choosing the next monetary policy steps in light of the growing recession risks. The MSCI Asia-Pacific index lost 0.7%, weighed down by Chinese stock exchanges (-1.4% Shanghai and -1.2% Hong Kong), where Logan Group plunged 48%, another victim real estate group of the real estate crisis in the country.
Returning to Europe, the lists are preparing for a start in the sign of caution: futures on the Eurostoxx 50 yield 0.2%, while in Piazza Affari the contracts mark -0.18%. On the currency market, the euro is back below par against the dollar and is indicated at $ 0.9944 from $ 1,0002 yesterday’s close. The single currency is also worth 135.93 yen (from 136.12), while the dollar / yen ratio is at 136.71 (from 136.08).
On the government bond front, the spread between Italian BTPs and German Bund counterparts opens at 233 points, in line with yesterday’s closing. The yield remains above the 3% threshold, standing at 3.68%.
The price of oil fell slightly after the run on the eve of the eve: the October future on Brent dropped 0.4% to 99.82 dollars a barrel, while the similar contract on the WTI slipped by 0.22% to 93.53 dollars . Finally, the price of natural gas on the Ttf platform in Amsterdam rises again: the reference contract earns 2.5% at 276 euros per megawatt hour, on the level of the historic closing record set on Monday.