MILANO – 9:30 am. Yesterday’s Wall Street rally does not drag European stock exchanges, which are moving downwards waiting for the Fed chairman to speak, Jerome Powell, to the American Senate to give some more indications on the July executive and the next anti-inflation moves. The bets are for a new three-quarter point hike in interest rates. News could come from the White House, with the president Joe Biden which could announce today the temporary suspension of the federal gasoline tax of 18.4 cents per gallon. The news, coming from Reuters, is in line with what Biden said on Monday: that he was considering asking for a suspension of the tax, an operation that would meet considerable opposition in Congress, even from many Democrats.
After the first few bars, Milano marks a decline of more than 2%, with Saipem falling sharply after the launch of the capital increase: it is also passing through a phase of suspension. The others are also bad: Frankfurt -1,7%, Paris -1,4% e London -1,3%.
The indications that came from the Asian markets were of strong skepticism regarding the riskiest assets. On the other hand, as a note Bloombergfrom Morgan Stanley to Goldman Sachs, analysts and economists’ forecasts are wasted, taking into account lean times for stocks and economic prospects.
The Asian stock exchanges, on a volatile day, lost the momentum inherited from Wall Street: lo JPY hit a new 24-year low against the dollar e Tokyo drops 0.07% after rising 0.82% and having recorded the highest level for almost a week at 26,462.83. Shanghai loses 0.24%, Hong Kong moves back by 1.19% e Only leaves 2.24% on the ground.
Il Btp Italy starts again today for the third placement day, the last one dedicated to the retail sector before the window opens for institutional investors. On the second day of placement, Tuesday, the demand faded while remaining at good levels: the 17th issue yesterday collected orders for € 2.444 billion in over 74 thousand contracts. Overall, therefore, in the first two days of placement, BTP Italia totaled orders for € 5.85 billion, less than the more than 8.7 billion (of which 4.7 billion on the second day) of the previous May 2020 edition. The phase dedicated to institutions will take place only on Thursday 23 June. The Italian BTP has a duration of 8 years and has a maturity of 28/06/2030 and is a bond indexed to the Italian inflation rate, with coupons paid every 6 months together with the revaluation of the capital due to the inflation of the same semester. The minimum real rate fixed before the issue is 1.6% and can only be adjusted upwards.
The prices of the Petroleum travel downward on Asian markets following US President Joe Biden’s pressure on the country’s major energy companies to reduce soaring fuel costs during peak summer consumption: WTI crude drops 4.34% to 105 , 85 dollars a barrel while the North Sea Brent fell by 3.03% to 111.16 dollars a barrel.