Stock market, Piazza Affari opens lower after the words of the Federal Reserve. Financial stocks down. Spread at 190 points
First phases always subdued in Piazza Affari after some Federal Reserve officials consolidated the fear that US interest rates will remain higher for a longer period. “I remain willing to support the Fed’s rate hike at a future meeting if incoming data indicates that progress on inflation is stalling or is too slow to get inflation back to 2% in a timely manner.” , Fed Governor Michelle Bowman said yesterday. The Ftse Mib retreats by 0.30% to 27,765 points.
On the financial markets move into negative territory on the main list with Generali at -0.37%, Mediolanum -0.25%, Mps -0.85%, Intesa -0.08%, Mediobanca -0.44%, the latter after Delfin made the presentation of its list official of 5 members for the renewal of the board of directors. Tim drops by 0.47%. Industrials also performed poorly with Stellantis -0.43%, Pirelli -0.67%, Prysmian -0.64%. Finally, regarding the energy, Enel fell by 1.25% and Eni by -1.09%. Negative opening also for the main European stock exchanges: Frankfurt marks -0.40% and Paris -0.37%. London flat at -0.07%. The spread between BTPs and German Bunds opens at 190 points, slightly up compared to 189 the day before. The yield on the Italian ten-year bond stands at 4.81%.
Stock market, Evergrande makes a splash in Hong Kong
Meanwhile, the Chinese real estate giant Evergrande, heavily indebted, has resumed trading on the Hong Kong Stock Exchange. “Trading in shares of China Evergrande Group will resume at 9am today,” it said in a statement. The recovery of stock market prices comes after last Thursday’s suspension. The group made the decision the day after the media reported that the company’s director, Xu Jiayin, had been placed under house arrest. Evergrande shares had lost 19%.
The actions of Evergrande they gain nearly 10% in early trading in Hong Kong. When trading resumed on Tuesday, Evergrande’s share prices initially jumped over 60%, then fell to 10% and then recovered to 35%. However, trading was very volatile.
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