Stock market, negative start of week for Europeans

Bad start to the week for European stock exchanges, pushed down by negative Wall Street data, with investors disliking the words spoken by Fed Governor Jerome Powell on Friday night. The number one of the American central bank said that inflation in the United States is too high and therefore the path of restrictive monetary policy will continue.



In Milan, the Ftse Mib loses 0.24% and closes down at 21,841.88 points. Tension on Italian government bonds, with the spread between German BTPs and Bunds remaining around 230 basis points, while several hedge funds are selling Italian bonds short, betting on the recession. According to the trader Fabio Pioli, now, “the risk is that the market will resume its bearish trend and that this time the movement will be strong” in the wake of the energy crisis and restrictive monetary policies also of the ECB.

On the main list of Piazza Affari, technological stocks and utilities, especially energy ones, were hurt by the increases in the price of gas on the Amsterdam market. Terna loses 1.84%, A2a 1.99% and Hera 3.06%. Down also Leonardo, (-2.54%), Italgas (-1.77%), Pirelli (-1.82%), Recordati (-2.47%), Prysmian (-2.74%), Moncler ( -2.08%) and Enel (-0.60%).

The rising oil price, on the other hand, is good for Tenaris (+ 4.78%) and Eni (+ 1.49%). Banco Bpm (+ 3.13%), Tim (+ 2.17%), Intesa Sanpaolo (+ 0.97%) and Unicredit (+ 1.80%) also rose. Saipem also gains 0.44% after signing an agreement with Quantafuel to build chemical recycling plants for plastic waste based on the latest generation technologies. Finally, close to parity, Stellantis (+ 0.12%). (in collaboration with Money.it)



Source-www.adnkronos.com