The stock exchanges today, 10 October. The US-China chip tightening sinks the lists. New BoE intervention

Sprad, opening slightly up above 250 points

Higher opening for the spread between BTPs and German Bunds. The differential stood at over 252 points against 249 at Friday’s closing. The yield is up to 4.7%.

Hong Kong collapses by more than 3 points

Hong Kong’s stock market tumbled more than 3%, following global market indecision following strong US employment data that could encourage the Fed to continue hikes. The Hang Seng Index fell 3.08% to 17,194.05 points.

Piazza Affari, the takeover bid on Atlantia by Benetton-Blackstone

The takeover bid by Schema Alfa on Atlantia is launched. The offer, launched by the special purpose vehicle owned 65% by Edizione and 35% by Blackstone, concerns all the shares of Atlantia, i.e. 66.90% of the capital, with the exception of the package held by the subsidiary of Edizione, i.e. Sintonia, and equal to 33.10%. After the first trades, the stock on Piazza Affari lost 0.13% to 22.62 euros, under the consideration of the takeover bid of 23 euros per share. The dividend of 0.74 euros is also added to the price for an overall valuation of around 19 billion euros. The membership period will end on November 11, 2022.

Start down for the European stock exchanges

European stock exchanges start to decline pending September US inflation data, which will be released on Thursday. In Asia, the Tokyo and Seoul exchanges are closed.

In early trading, London’s Ftse 100 drops 0.4% to 6,960 points, Frankfurt’s Dax loses 0.70% to 12,189 points and Paris’s Cac 40 drops 0.57% to 5,833 points. In Milan, the Ftse Mib sells 0.98%.

Euro slightly lower against the dollar

The dollar holds open against other currencies as investors await Thursday’s US inflation data. Analysts forecast a slowdown from an astonishing 8.3% annual growth in August to 8.1%. The spotlight, in particular, will be on the core figure expected to accelerate, from 6.3% to 6.5%. If that were the case, the data would give the Fed more strength for a further hike of 75 basis points at the next meeting in early November. This is why the greenback is strengthened. The euro is down against the dollar (-0.12%) to 0.9729 and also against the yen (-0.13%) to 141.41. Dollar / yen at 145.34.

Gas, opening down in Amsterdam

Opening still down for the price of gas, pending European decisions on the price cap while investigations continue on the Nord Stream after the explosions of recent weeks. In Amsterdam, the price drops again to 145 euros per megawatt hour, with a decrease of 7.2% compared to the closing on Friday.

BoE, new measures to support UK government bonds

The Bank of England announces additional measures to support the markets, after taking the field in support of sterling and government bonds that had gone out of control after the announcement of Truss’s maxi-plan for tax cuts, which then reversed. The UK Central Bank is ready to increase the size of the daily auctions and will implement additional measures to support the end of the buying program.

The BoE will therefore increase the daily volume of the auction of Gilt purchases (UK government bonds) to £ 10 billion to ensure there is sufficient capacity before the end of Gilt’s temporary emergency purchase intervention on 14 October. .

The Bank explained that the maximum size of each trade will be confirmed each morning and has been set at a maximum of £ 10 billion in today’s auction. The British Bank also announced that it will launch a new temporary collateral repo facility to support banks in easing the liquidity pressures facing their clients’ funds caught in the recent market turmoil that has threatened pension funds.

Liquidity insurance operations will continue beyond the end of this week, the bank said.

US chip tightening weighs on Asian stock exchanges

The new tightening decided on Friday by the White House on US technology exports to China sinks the Dragon’s lists. Shanghai drops by 0.38%, Shenzhen by 1.32% and Hong Kong by 2.69%. The new rules include, inter alia, blocking shipments of a wide range of chips for use in Chinese supercomputing systems used to develop nuclear weapons and other military technologies, and could also impact the commercial data centers of Chinese tech giants. Shares of Alibaba and Tencent are down 3.3% and 1.7% respectively. Semiconductor Manufacturing International loses 3.8%, while Hua Hong Semiconductor falls 9.5% and Naura Technology Group falls 10%.

China is holding back the activity of services

Service activity in China contracted again in September for the first time in four months, due to restrictions imposed to tackle the coronavirus pandemic that dented demand and dampened business confidence. The Caixin index of service purchasing managers (SMEs) fell to 49.3 points from 55.0 in August, placing itself below the threshold that separates the phases of expansion from those of contraction

Oil slows down

Oil began trading down on Asian markets, weighed down by fears that the monetary tightening initiated by central banks could cause an economic slowdown and a slowdown in global demand. The WTI futures contract dropped 1.03% to $ 91.68 a barrel, while the Brent futures contract dropped 0.93% to $ 97.01.