Milan stock exchange today, ECB hawkish on rates: Piazza Affari sinks

Bad day for the European Stock Exchanges. The general climate among investors has turned gloomy again, after some US data indicated a real slowdown in the world’s largest economy. At the same time, the president of the ECB, Christine Lagarde, confirms the course on interest rates: they will continue to rise in the coming months to counter inflation.

For the number one bank, the consumer price index in the Eurozone is still too high, however 2023 will be better than expected. In short, according to the ECB there will be a slight decline in the major economies and not a deep recession. This is the same forecast of the European Commission.

The price of gas at the TTF in Amsterdam remains at 60 euros per megawatt hour. Then the value of oil grew, with Brent and Wti up by almost 1%. In Milan, the Ftse Mib lost 1.75% and closed at 25,596.28. The spread between BTPs and German Bunds is stable, around 176 basis points. The yield on the ten-year bond increased, to 3.77%. Iveco (+1.62%) and Leonardo (+1.89%) performed well on the main price list in Piazza Affari. The aerospace company has announced that it has signed a contract to buy an additional 18 helicopters for the Austrian defense ministry. The contract has a value of 304 million euros.

On the other hand, stocks in the oil sector were negative. Eni loses 1.42%. The company has communicated that the total amount of the public subscription offer of the “Eni Obligation Sustainability-Linked 2023/2028” bonds, equal to 2 billion euros, has been entirely placed and therefore the program has been blocked. Saipem (-3.32%), Tenaris (-4.91%), A2a (-3.13%), Stm (-3.76%) and Cnh (-3.40%) were also bad. Finally, Snam is down (-2.20%), after presenting the industrial plan up to 2026, which provides for 10 billion in investments and an increase in dividends. (in collaboration with Money.it)



Source-www.adnkronos.com