Financial markets are trying to leave behind a particularly bad September.
Yesterday the Milan stock exchange was the best in Europe, + 1.57%, driven by the banking and energy sectors.
Starting today + 1.70% for Milan;
similar increases for the Frankfurt and Paris indices and of 1.20% for London.
In the United States yesterday was the best session since the end of July (+ 2.66% for the Dow Jones index), and futures indicate that the trend seems to continue today.
It is a question of understanding how long this rebound is destined to last, which seems to be due to the negative and not positive news coming from the real economy.
Yesterday, the September ISM manufacturing index in the US fell from 52.8 to 50.9.
The rationale is that with the economy slowing down, central banks could slow down the pace of rate hikes.
So did the Australian central bank overnight, which raised rates by 25 basis points, less than expected.
The Sydney stock exchange rose 3.75%, the Tokyo one by 2.96%.
The Shanghai and Hong Kong stock exchanges are closed for holidays.
Raw materials: awaiting today's Ecofin, the price of gas yesterday fell just below 170 euros per megawatt hour, with the November future.
This morning a new drop, at € 164 (-3%), after a start at € 159, the lowest since 21 July.
The data of the International Energy Agency also contributed to the downside, which yesterday in a report pointed out that gas consumption in Europe has decreased by more than 10% in the first eight months of this year compared to the same period in 2021. .
On the other hand, oil rises, Brent is approaching 90 dollars a barrel (89.56).
Opec +, the cartel of exporting countries, will meet tomorrow in Vienna.
The Bloomberg news agency wrote yesterday that there could be a reduction in production by one million barrels per day.