The planets aligned positively for financial markets today, delivering a brisk session and a bullish close in Europe, Where Business Square stands out with a double gain compared to the other markets, +2,47%, placing itself well beyond the psychological threshold of 27 basis points (at 27.329). Banks, oil stocks and the rally of Telecom (+8,32%), which is enjoying new increases in the offers from the pretenders to the network.
The good morning was seen in Europe right from the morning, but the greatest acceleration came in the second part of the session with the intoning opening of Wall Street, where regional banks have regained share. The higher-than-expected quarterly results shown during the night from greatly helped the general climate Apple Lossless Audio CODEC (ALAC), (+4,4%, best stock on Dow Jones, +1,33%), one of the mega techs that capitalizes on the stock exchange much more than the annual GDP of many states, as well as a report on US jobs in April far better than expected. A cocktail that allays recent fears of a recession in the world's leading economy, after the record series of rate hikes by the Fed.
The icing on the cake, formed by the good news of the day, is the end of the Covid emergency in the world declared by the WHO, after the disease resulting from the virus (which will remain among us in any case) has caused about 20 million deaths in three years, almost like a world war.
In this climate, they close a largely positive session Frankfurt + 1,43% Paris + 1,26% Amsterdam + 1,25% Madrid +1,17% and London + 1,02%.
Oil runs
The big picture favors the rebound of the Petroleum which is preparing to close the third consecutive week of losses. Brent rose by 3,83% to 75,28 dollars a barrel, while Wti pushed the accelerator with greater conviction and rose by 4,22% to 71,45 dollars a barrel.
Money goes away fromgold, with spot gold falling by 2%, but remaining above 2000 dollars an ounce.
On the market for change the euro-dollar it moved little, but just enough for the single currency to remain above 1,1.
Wall Street soars after jobs data
Wall Street moves sharply higher in the American morning, after the comforting employment report. Last month, there were 253 new jobs in the United States, against the 180 expected by the market and 165 in March (data revised downwards from the first estimate of 236). The unemployment rate fell to 3,4% (from 3,5%), against expectations of growth at 3,6%, while average hourly earnings rose 0,5% month-on-month, up from +0,3 .0,3% in March and against the +XNUMX% estimated by analysts. In terms of the Fed, analysts are divided on the effect that this report will have, there are those who think it will not affect the expected change of pace and those who believe that these numbers at least reduce the expectations of a rate cut by the end of the year.
The reaction of government bonds seems closer to this second reading and T-Bond prices appear to be down with yields rising. The 3,439-year Treasury shows a rate of 2,59 up XNUMX%.
The rebound of small banks also brings a sigh of relief, with PacWest which recovers 62,15% after the heavy losses of recent days. The US authorities are assessing whether a possible "market manipulation" has caused the recent volatility of bank shares. Reuters writes it quoting a source close to the situation. The White House has allegedly promised to monitor "short selling pressures on healthy banks".
Piazza Affari in dust with the quarterly
Business Square closes a session with a rally, amidst good news and satisfactory quarterly results.
Queen of the price list is Telecom, with the market betting on a relaunch for the network, while the agencies write that the hypothesis of aCdp-Macquarie joint offer with Kkr would have the support of the Mef. Furthermore, the Treasury would also be willing to involve F2i.
Well the oil starting from Saipem, +6,09%, in a sector recently under pressure with falling crude prices. Today, even Italian oil stocks are in line with the trend of oil futures. He finds his place in the top ten of the day Eni + 4,59%.
The banks hit a decisive rebound and are also looking at theexcellent quarterly di Understanding (+3,69%), which sees prospects for "a clear and strong increase" for 2025. The best banking stocks on the list are Unicredit + 4,88% Bper + 3,99% Bpm bank + 3,97% Mediobanca + 3,51 %
In the list of the most tonic blue chips of the day there are also Diasorin +4,68% and Pirelli + 3,81%.
After the quarterly it stands out Cnh +2,26%, while Terna it is colourless. Only pale red blue chip is Moncler, -0,18%, despite strong growth in first quarter revenues and above expectations. The results failed to impress investors after the stock, which is among the best in Europe's luxury sector, gained more than 30% year-to-date.
Outside the Ftse Mib Piaggio, +2,71%, on the other hand, celebrates “a new record quarter with the best results ever, the sixth consecutive growth” to quote the words of the president and CEO Roberto Colaninno. Boom by Olidata + 17,27%.
Spreads down. For Visco, peak interest rates are not far away
Italian government bonds remained stable after the ECB raised rates yesterday for the seventh time in ten months, by 25 basis points, but announcing that the war against inflation is not over yet.
According to the governor of the Bank of Italy Ignazio Seen but the peak in rates is probably near. When asked what level the central bank wants to reach before stopping the growth in the cost of money, Visco replied: "It is perhaps not too far from where we are today."
Looking at the secondary market lo spread between ten-year BTPs and Bunds with the same duration, it fell by 190 basis points (-0,88%) with slightly higher rates indicated at the end of the year at +4,19% and +2,29% respectively.
