Home Business Wall Street drags Europe into the red, Piazza Affari ends at -1.15%

Wall Street drags Europe into the red, Piazza Affari ends at -1.15%

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Wall Street drags Europe into the red, Piazza Affari ends at -1.15%

Closing down for Piazza Affari and the other European stock exchanges, also weighed down by the negative performance of Wall Street. The Ftse Mib closes trades down by 1.15% to 24,265 points, with sales above all Diasorin (-3.4%), Nexi (-3.1%), Amplifon (-2.95%) and Iveco ( -2.9%). Leonardo (+0.8%), Unicredit (+0.7%) and Erg (+0.5%) went against the trend.

During the day, Istat released the new estimates relating to Italian GDP for the two-year period 2022-2023. The values ​​for the current year have been revised upwards compared to the previous June study, with a growth of +3.9% on an annual basis (against +2.8%). The forecasts for 2023 were instead cut to +0.4% from the previous +1.9%.

On Wall Street, the S&P500 dropped 1% and the Nasdaq 1.4%, with Tesla down again (-1.8%) after yesterday’s rumors, denied by the company, of a production cut at the Shanghai.

The observations of the managers of some US banking giants contribute to curbing the lists, who renew the fears of a recession. Jamie Dimon, CEO of JP Morgan, has admitted that inflation could trigger a recession in the US during 2023, adding that a Fed terminal rate around 5% may not be enough to dampen inflation.

Goldman Sachs chief executive David Solomon also expressed a negative opinion on the economic outlook, stating that “difficult times” are likely to await.

As for the eurozone, ECB Governing Council member Constantinos Herodotou reiterated that the institute will raise rates again, which however are now “very close” to the neutral level, in which monetary policy is neither expansionary nor restrictive .

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The anticipation for next week’s Fed and ECB meetings is therefore growing. On both occasions, expectations indicate a 0.5% adjustment to the cost of money.

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