Financial markets are trying to leave a negative September behind.
Yesterday for Milan + 1.57%, driven by the banking and energy sectors.
Today + 2.58% for Milan, even greater rises for Frankfurt (+ 3.15%) and Paris (+ 3.30%).
All the sectors rise to Piazza Affari.
In the US yesterday was the best session since late July, and futures indicate that the trend appears to continue today.
However, these are increases that seem to be due not to good but negative news: yesterday in the United States the manufacturing index in September fell, from 52.8 to 50.9.
Data on non-manufacturing sectors are expected tomorrow, and employment data on Friday.
The rationale is that with the slowdown in the economy, central banks can 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%.
And for the same expectations, the yields of government bonds fall, from America to Italy: -30 basis points for the yield of the ten-year BTP in Italy, to 4.08%, the spread with the German bund falls to 230 basis points .
Gas, waiting for today's Ecofin, opened today with a sharp decline, below 160 euros per megawatt hour.
It is now at 166 euros, however down by almost 60 euros compared to 223 euros a week ago.
The data from the International Energy Agency also contributed to the downside, which 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.
While Brent oil is approaching 90 dollars a barrel.
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.