Volatile and uncertain stock exchanges, with investors dazed by the many open fronts: the negotiations on tariffs between the US and China; Brexit; Donald Trump meeting with North Korean leader Kim Jong Un in Vietnam. All while Fed Chairman Jerome Powell is speaking to the US Senate on monetary policy and the state of the economy, confirming his "patient" attitude on rates, but warning about US public debt which is on an "unsustainable course".
In this context Business Square finds its position in positive territory and closes up by 0,11%, thanks to the good intonation of some banks, with the bond still brilliant, after the confirmation of the rating by Fitch. The Italian 2,71-year yield falls to XNUMX% and lo spread with the Bund slipping to 259.00 (-2,96%).
Fractional earnings reward Frankfurt +0,31%; Paris + 0,13; Madrid +0,25%. Down instead London (-0,45%) following a surge in the pound (the exchange rate with the euro was in the 0,856 area, the highest for ten months). Investors are reacting to the political upheaval surrounding Great Britain's exit from the European Union, with the British prime minister proposing to Parliament a postponement of Brexit until the end of June and the Labor leader formally supporting the hypothesis of calling a new referendum. Meanwhile, the Governor of the Central Bank of England, Mark Carney, declares that he will take all necessary measures to support the economy in the event of a "no deal" Brexit.
Wall Street opens mixed and finds it difficult to find a direction, after the broadcast of Powell's speech, although the US governor maintains a soft attitude on the cost of money despite the presence of a healthy US economy. The greatest risks for the US outlook, according to Powell, are linked to a slowdown in the world economy, especially in Europe and China. Trade negotiations and Brexit should also be monitored.
Petroleum recovering, after yesterday's crash: Brent +0,91%, 65,5 dollars a barrel. Gold stable in the area at 1326,83 dollars an ounce. The euro-dollar exchange rate moved little at 1,136.
In Piazza Affari the blue chips that record the greatest increases are Bpm bank +3,58%; Ubi +1,93%; Diasorin +1,83%; Mediobanca +1,56%. Well Ferrari +1,29%, which intends to propose a dividend of 1,03 euro per share, with coupon detachment on April 23, and Ferragamo + 1,52%.
The most consistent reductions are those of stm, -1,51%; Azimuth -1,28%; Telecom -1,23%; Exor -1,12%. Out of the basket it's boom for Fincantieri +15,93%, after higher-than-expected 2018 accounts, in a market that is also carefully watching the next public appointments. Today, writes Reuters, a government summit on the issue was scheduled.
