MILANO – A weak restart is expected for Western markets, with investors worried about evaluating how much Chinese stimulus actions will be able to revive the economy after the lockdowns to clear Covid. Investors are watching the minutes coming from the Fed on the latest meeting this week with concern. The fear of insiders is that the process of raising rates to fight inflation will end up derailing the economy. “The big risk is that the Fed misses the signals coming from the macro picture and continues to march with its very aggressive monetary tightening program,” summed up Margaret Patel of Allspring Global Investments on Bloomberg television. “But if they look at the real world out there, they’ll see it’s time to take a big break in the” monetary tightening path “and maybe they can find a way out without falling into recession.”
The downward pressure for European lists comes from the decline in US futures, which slipped after the collapse of Snap’s shares in post-market trading (-28%). The Eurostoxx 50 lost 0.79%, futures on the London Ftse 100 index fell 0.73% and those on the Frankfurt Dax 0.72%.
Wall Street he has just returned from a very positive session, with the Dow Jones reaching + 2%, then disappointed by the failure of the parent company of the Snapchat messaging app to achieve its quarterly targets.
Asian stocks slid after optimism about yesterday’s US close evaporated: Tokyo loses 0.80%, Hong Kong 1.45% and on mainland China Shanghai drops by 1.26%.
On the currency front, theeuro is confirmed above $ 1.06 and maintains yesterday’s gains in the wake of the ECB president’s speech, Christine Lagarde, according to which the central bank is likely to come out of negative rates by the end of September. The single currency changes hands at 1.0670 and is slightly down against the yen at 136.14. Dollar / yen stable at 127.60. Slight enlargement for it spread. The differential between German BTPs and ten-year Bund opens up at 203.3 basis points. The annual yield of Italian bonds was unchanged at 3.02%.
Petrolium down at the start of the day: WTI changed hands at 108.94 dollars a barrel (-1.22%), Brent at 112.16 dollars (-1.11%). Oro stable at 1,853.37 dollars an ounce (-0.01%).