European stock exchanges
are moving cautiously up ,
despite the positive start of Wall Street, where fears of a recession and the squeeze on rates by central banks slow down equity markets and push yields on government bonds.
Milan has zeroed its gains and drops 0.4%, while
Frankfurt
(+ 0.33%) and
Paris
(+ 0.33%) hold while
London
fluctuates around parity and the pound tries to recover the losses of the day before.
Nexi's race, after the plan, and Tim's (both + 4.2%) on expectations for the network with the new center-right government supports the Milanese list.
The uncertainty on the composition of the next executive with the test of the Budget Law and the commitments on the Pnrr keep the
BTP Bund spread in particular tension at 246.5 points
, on the levels of 2013, with the yield of the Italian ten-year at 4 , 6% and the 5-year maturity higher than Greece (4% against 3.96% of the Athens bond).
Investors are also worried about the rise in the price of gas after 4 days of drops in Amsterdam (+ 5.2% to 182 euros per megawat hour) due to the damage to the Nord Stream gas pipelines, which raise concerns about the stop from supplies from Russia to Europe for next winter.
