MILANO – The clouds over the European economy continue to multiply. The fears of recession and the ongoing price trend linked to the war are now being joined by signs of tension coming from the United Kingdom. The maxi tax plan announced by the new premier Liz Truss it was greeted with great concern by markets and international observers, causing the pound to plummet to all-time lows and British bond yields to the upside. An acceleration that forced the Bank of England to intervene with a temporary purchase of securities. In the background, the energy crisis continues to cause concern, after the possible sabotage of the Nord Stream gas pipeline, with gas rising again yesterday, while a fourth leak was identified in the morning.
All signs that push operators to be cautious and in the morning Europe starts with the handbrake on and then becomes heavier during the morning. It fares better in Asia, where Tokyo files trades at + 0.95%.
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The European stock exchanges are weighing down
The European stock exchanges are weighing down
European stock exchanges continue to decline sharply after a weak start, despite the positive close of Wall Street which yesterday interrupted the series of six sessions in a row in a decline. Fears of geopolitical tensions and an impending global recession weigh on the lists. Europe’s economic prospects remain extremely uncertain even in light of the ongoing energy crisis, exacerbated by gas leaks in the Baltic Sea and the approach of winter. About an hour after the start of the 1.9% contrl’1, the Dax drops 1.93% and Paris 1.76%. Milan scores -1.72%
Stable spread at 240 points
The spread between BTP and Bund opens stable at 240 points. Stable, the yield of the Italian 10-year rises to 4.6%, compared to 4.5% at yesterday’s closing.
Pound still falling
The pound lost more than 1% against the dollar after yesterday’s Bank of England intervention. The British currency is worth $ 1.0775, having previously fallen to $ 1.0763.
Oil in decline
Oil prices are down this morning. The American WTI fell by 0.8% to 81.49 dollars, while the Brent listed in London was down by 0.76% to 88.64 dollars a barrel.