MILANO – It is the day of the European Central Bank. To counter the inflation rush, the ECB is preparing to announce a maxi rate hike of 75 basis points today, after the 50-point hike already decided in July, the first in 11 years. This at least is the indication that comes from most market analysts, even if within the board of the Central Bank there would be divisions on the appropriateness of such a drastic choice, given the possible consequences for the European economy, already at risk of recession. .
Tassi, at the ECB it is time for the hawks. The fear of inflation wins
by our correspondent Tonia Mastrobuoni
The stock exchanges of the Old Continent, however, look positive at this appointment putting aside the tensions on the energy front for a moment. Tomorrow Europe is preparing to discuss a plan of measures agreed at European level, including the introduction of a cap on the price of imported gas and a series of measures to reduce consumption. These maneuvers have helped to push down the prices in Amsterdam. At the TTF, the raw material starts trading below 200 euros: the price of the futures contract expiring in October drops 7.8% to 197 euros per megawatt hour.
Asian and Pacific equity markets held Very well Tokyoup 2.3% with the Nikkei 225 index after Japan’s domestic product data, up 0.9% in the second quarter compared to the ‘flash’ data of a 0.5% increase and after a rise 0.1% revised in the first quarter.
Upward opening for the stock exchanges
The Cac 40 in Paris rose by 0.43% to 6,132.31 points, the Dax 30 in Frankfurt recorded a progress of 0.61% to 12,994.82 points and the Ftse 100 in London advanced by 0.34% to 7,262 , 52 points. At Piazza Affari the Ftse Mib index gains 0.59% to 21,616.48 points.
Spread slightly choppy
Decline in tension at the start of the session on European government bonds, which await the decisions of the ECB on rates: all the bonds of the Old Continent recorded a drop in yields and the spread between 10-year BTPs and German Bunds opened at 227 basis points , on the same level as yesterday’s closing. The Treasury output rate is 3.8%.