The stock exchanges open the week upwards waiting for US inflation, still on the banks

The stock exchanges open the week upwards waiting for US inflation, still on the banks

(Il Sole 24 Ore Radiocor) – European stock markets rose in the first session of the week, still supported by the positive trend of banking. Without the indications of the Chinese and South Korean lists, closed for holidays, investors await the publication of new data on theUS inflation, scheduled for tomorrow. The continental markets continue to find support in banking sector securities, after the Bundesbank president, Joachim Nagel, over the weekend signaled the need for further decisive interventions on the interest rate front. Meanwhile, in Tokyo, the Nikkei closed on highs for over two weeks. The lists are also supported by the hope, obviously still to be verified, that Ukraine’s recent military victories can help bring peace with Russia closer. The FTSE MIB in Milan moves in positive ground, as well as the DAX 40 in Frankfurt and the CAC 40 in Paris.

After the European Central Bank’s massive 75bp hike in interest rates last week, now the wait is for Federal Reserve: Investors are now aiming for another 75-point increase, which would be the third in a row, at the FOMC meeting on September 20-21. The strength of the labor market is also suggesting that the Fed will maintain an aggressive policy, with new claims for unemployment benefits falling for the fourth consecutive week.

FTSE Mib stock market trend

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Banks still on the rise, assets under management are doing well

The increases in banks continue, which last week pushed the leap in the last two sessions: from 2 pm on Thursday 8 September, the sector indices rose by 7.6% in Milan and 7.32% in Frankfurt. Banks are benefiting from the rise in interest rates, which increases their interest margin. But also of the decision to increase the interest rate on deposits that the banks themselves have with the ECB. This is 670 billion euros which until Thursday yielded zero and are now starting to produce profits for Eurozone credit institutions. In Piazza Affari, Banca Pop Er, Banco Bpm, Unicredit and Banca Mediolanum and Finecobank among the assets under management are in particular highlighted. Highlights Iveco Group and Stellantis, when Prysmian and Stmicroelectron move below par.

The single currency regains momentum, gas below 200 euros

On the currency market, the euro rose to a three-week high against the dollar. The single currency is worth 1.0159 dollars from 1.0034 on Friday and 145.17 yen (from 143.03), while the dollar / yen ratio is at 142.85 (from 142.54). On the energy front, the price of oil loses due to fears about the resilience of energy consumption: the November future on the WTI drops 0.59% to 92.29 dollars a barrel, while the October delivery on Brent loses 0.76 % at $ 86.13. The price of natural gas on the Ttf platform in Amsterdam fell below 200 euros per megawatt hour: the October future dropped 4.2% to 198.4 euros. On Friday, the EU energy ministers invited the European Commission to propose measures to limit expensive energy by mid-September, including a cap on the price of gas.

BTP / Bund spread trend

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Rising BTp / bund spread, yield 4.07%

Btp / Bund spread starts to rise in a context of general weakness for euro area government bonds. In the early stages, the yield differential between the ten-year benchmark BTp and the same German maturity widens up to 233 basis points, from 231 points on the eve of the day. The yield of the ten-year benchmark BTp also increased sharply, consolidating well beyond the 4% threshold, settling at 4.07% at the start, from 4.01% at the closing on the eve of the eve.

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