MILANO – 11:30 am. Day that starts in decline for the European stock exchanges. Markets continue to watch with apprehension at protracted lockdowns in China and their repercussions on global growth. Growth already threatened by the inflation rush (the new US data coming on Wednesday) and by the counter-moves of the central banks that are trying to activate the lever of the rate hike to counteract the increase in prices. After the retouching announced by Fed a few days ago, the spotlight is now on Bce, with the hawks pushing for a rise as early as the summer. “It is important to send a signal in that direction. The key rate should be raised in the third quarter, probably in July,” said the governor of the Finnish central bank. Olli Rehn. A rate hike, which would be the first since 2011, “in my opinion is possible in July”, he had already stated last Tuesday Isabel Schnabel, another member of the ECB. Spotlight also on parade in Moscow to celebrate the day of victory over Nazism in World War II with Russian President Putin accusing the West of having “prepared a war on our borders” and justifying the invasion of Ukraine as “preventative”.
The European indices thus move downwards, continuing along the lines of the last octave: Milano loses 1.2%, with Cellularline in evidence for the takeover bid launched by Esprinet. The others are also down: London -0,9%, Frankfurt -0,9% e Paris -1.2%. Sitting in great trouble for the Asian lists. Nikkei 225’s Tokyo lost 2.53% to 26,319 points, Seoul’s Kospi 1.25% to 2,611 points. The Shanghai Composite was also down, falling below the parity of 0.065% to 2,999.61 points and the Shenzhen Component, which lost 0.63% to 10,742 points.
Lo spread meanwhile it remains special observed. The BTP / Bund spread rises to 206 points with the rate on the ten-year bond which saw 3.2% in the morning, levels of November 2018, and then retraced slightly. Among currencies, starting week declining due toeuro which trades at 1.0513 dollars (-0.36%). The pound fell to 1.222 while in Asia the yen changed hands at 131.04 and the Australian dollar fell below 70 cents for the first time since January.
Among commodities, futures on the gas. Ttf futures traded in Amsterdam yield 3.15% to 98.5 euros per MWh. Oil is also down, waiting for Europe to find an agreement on the ban on imports of Russian crude oil. The WTI of Texas thus falls by 0.5% to 109.2 while the Brent of the North Sea falls by 0.4% to 111.9.