The European financial week opens with another sluggish session, in line with the weak performance of Wall Street (S&P 500% -0,13%), which is awaiting the February inflation data due out tomorrow, given that they will be able to move investors' bets on the extent and timing of a rate cut by the Fed (at the moment guidance on a first intervention in June). Profit taking up Nvidia (-3,2%) and on some mega techs they also weigh down the general climate. Fly instead bitcoin, which marks a new record over 72 thousand dollars, encouraging purchases also on securities linked to cryptocurrencies.
Weak Europe, new collapse of Telecom in Milan
Business Square closed with a loss of 0,27% at 33.315 basis points. The black shirt of the day once again goes to Telecom, -4,6%, after last week's dizzying collapse with the market alarmed by the company's debt. They were not enough to reassure investors today the clarifications of the leaders on the industrial level.
in the rest of the continent Amsterdam it loses 1,12%, due to the many tech stocks that weigh on the main basket; Frankfurt drops by 0,3% e Paris by 0,1%. They go up London, +0,1%, and Madrid, + 0,23%.
It's flat Lisbon, after the early political elections, lost by a narrow margin to the socialists who had governed for eight years. The political page was hot today also in Italy, due to the expected result of the regional elections in Abruzzo, where the outgoing president Marco Marsilio, supported by the centre-right, beat his opponent.
Euro-dollar little moved, yen up slightly
On the foreign exchange market the euro-dollar it is little moved, for an exchange rate around 1,095.
The movements are also contained for the yen, which in any case strengthens to 146,83 after the upward revision to +0,1% of Japanese GDP in the fourth quarter of 2023, compared to -0,1% previously communicated. The Japanese economy is therefore not in technical recession, even if expansion is remarkably slow. However, the trend reinforces the belief that the BoJ could soon put an end to the era of negative rates. In the wake of the currency trend, it closed lower Tokyo, -2,11%, due to many export-oriented stocks.
Among raw materials they are in fractional progress gold and oil. Spot gold continues to fly high and trades just over 2181 dollars an ounce. The Brent future, May 2024, rises by 0,6% to 82,58 dollars a barrel.
Piazza Affari, banks in recovery, A2A retreats
During the session the banks recovered ground in Piazza Affari and the best stock on the list is Bper, +2,13%. What triggered the realizations in the sector last week was the impression that the path towards a rate cut in the euro zone is now clear, despite the prudence of the ECB which, last Thursday, left the cost of money unchanged. Furthermore, on Friday Bankitalia spoke about the launch of a public consultation to introduce a new capital reserve for all Italian banks against systemic risk, an element that triggered the realizations even if the news is not a real surprise.
Today they also find the positive sign at the end of trading Unicredit +0,8% and Bpm bank +0,4%, while Understanding loses 1,01%.
Among the stories under the market spotlight there is also that relating to A2a, -3,63% ed Enel +0,42%, with the former purchasing approximately 90% of the electricity distribution activities in the provinces of Milan and Brescia from the latter for an outlay of 1,2 billion euros. Furthermore, tomorrow A2a will present the accounts and the strategic plan.
In other sectors well Moncler + 1,76% Iveco + 1,14% stellantis + 0,76%.
Male Telecom, which has reached new lows since December 2022. However, CEO Pietro Labriola showed all his confidence in the stock and in the company by purchasing 500.000 shares on the market at a price of 0,2036 euros for a consideration of around 100.000 euros.
They retreat Leonardo -4,06% A2a, nexi -3,57%.
Out of the main basket it takes a leap Fincantieri +11,65%, over 57 cents per share (annual maximum) after the 2023 results and the 2024 guidance. The market also expects news shortly on the negotiation with Leonardo for the former Wass assets in the submarine military sector and on the possible increase of capital.
The title is appreciated Juventus FC, +3,63%, very volatile on the first day of the capital increase of up to 200 million. The stock started off in a nosedive, but climbed back up as the hours passed. The controlling shareholder Exor, which holds 63,8% of the capital and 77,9% of the voting rights, has already paid 127 million euros into capital, which corresponds to its share. It has also undertaken to subscribe up to a further 72 million euros that may not be subscribed. Shareholders who do not participate will have their share diluted by 23,4%. In the event of total subscription of the securities by Exor, the Agnelli-Elkann holding would rise to 76% of the capital.
Spreads and rates cautiously rising
The clasp is also pale red on the secondary, where it spread between ten-year BTP and Bund of the same duration rises to 134 basis points (+1,68%), in the face of slight increases in rates. In particular, the Italian stock is indicated at closing at 3,62% (from 3,57% on Friday) and the German stock at 2,28% (from 2,24%).
