MILANO – Cautious upward start for the European stock exchanges. Despite yesterday’s negative session, exchanges are supported by the more conciliatory tones of some members of the ECB on Frankfurt’s next monetary policy moves. In particular, according to some members of the board, the Central Bank should move with greater caution on the front of rate hikes in order not to run the risk of excessively depressing the economy. The governor of Bank of Italy and a member of the ECB management also followed this thought, who yesterday said that the Central Bank could also be “less aggressive” on the interest rate front.
On the other hand, trading in Asia was negative, weighed down by the decline in tech stocks. In China, fears of a rise in inflation weigh heavily: the stock markets close the session with little movement, around parity: the Shanghai Composite index drops 0.155, to 3,115.43 points, while that of Shenzhen gains 0.06% , reaching 2,039.21. Down too Tokyowith the Nikkei stopping at -0.35%.
Positive Europe, only London lags behind
Positive start for the European Stock Exchanges. In the first few minutes of trading, Milan recorded +0.55% to 24,662 points, Frankfurt scored +0.82%, Paris traded at +0.39% while London started trading at parity.
Opening down for gas
Opening in sharp decline for the price of gas. In Amsterdam, prices fall to 104 euros per megawatt hour, with a drop of 8.2%.
Currencies, euro down slightly
The euro is down slightly against the dollar this morning. The single currency is traded at 1.0374 on the greenback (+0.19%). The exchange rate with the yen was at 144.79, down 0.16%.
Declining opening for the spread
Start of the day down for the spread between Btp and Bund. The differential drops to 190 points, compared to 192 points at yesterday’s close. The Italian 10-year yield also fell to 3.89%