The markets remain volatile in anticipation of the next central bank meetings and continue the week in fits and starts. European stock markets closed a weak session today, although recovering somewhat after the timidly positive start of Wall Street in the American morning. Some feeble hopes for a more cautious Fed were prompted by the US weekly unemployment claims, which were higher than expected.
Weak Europe
Business Squarei is among the worst of the day and loses 0,72% falling back to 27.710 basis points, in a kind of push and pull that prevents it from conquering the 28 thousand share. The blue chips are almost all in the red starting from those of managed savings.
In the Eurozone the weather is slightly warmer a Madrid -0,48% Paris -0,12% Amsterdam e Frankfurt (both flat).
Off the block they are in red London -0,62% and Zurich -0,78%. On the Swiss square Credit Suisse fell 1,87% as it postponed the publication of its annual results following an intervention by the US Securities and Exchange Commission (SEC), which raised questions about previous financial statements.
The demands of the US unemployed are on the rise
The financial climate remains at the mercy of the central banks, which in turn will take action in March also on the basis of the macroeconomic data to be released in recent days. In particular, the Fed, which could raise rates more and faster than expected a few weeks ago, will take into account the employment report to be announced tomorrow and the trend in consumer prices expected next Tuesday.
The higher-than-expected increase in risk appetite therefore contributed to boosting risk appetite today weekly unemployment claims, rose to 211 thousand (+21 thousand), the highest level since Christmas. However, according to the Fed's Beige Book, seen yesterday, the labor market remains "solid" in February, there are "sporadic reports of layoffs" and "the search for workers with the required skills or experience continues to be challenging". This suggests that Jerome Powell will be consistent with what he said in recent days in Washington, but one can never say.
In any case i US government bonds are benefiting from the data on unemployment claims and show rising prices and falling yields (+3,96% on a 2-year basis), even if the 5-year bond rate remains above 100% and in this period the reversal of yield curve is above 1981 basis points, which has not happened since XNUMX.
The dollar index is down fractionally, while theeuro attempts a modest recovery which does not allow him to bring the exchange rate back above 1,06.
Hit a rebound on Petroleum, up fractionally.
Prysmian stands out in Piazza Affari
In a context of weakness, it moved against the tide Prysmian, which closes with a gain of 3,14% after presenting better-than-expected 2023 results.
It is also appreciated stm, +1,13%, in the wake of the good performance of US technology (Nasdaq +0,31%).
nexi earns 1,38% and announced a new partnership with Carrefour Italia.
Stay well bought Amplifon +1,41% and continues to rise Inwit +0,3%. They don't find the plus sign utilities, though Enel limits damage to -0,02% after farewell to Romania. Instead it goes down italgas, -2,09%, which also closed 2022 with revenues up by 12,1%, net profit up by 7,6% to 395,7 million and adjusted ebitda at 1,082 billion (+7,3%)
Sales have been massive up Buzzi Unicem, -4,53%, which came to lose up to 6% before being suspended in volatility. Probably the storm was unleashed by the Ukrainian National Agency for the Prevention of Corruption (NAPC) which yesterday announced that it had included the cement producer in the list of international sponsors of the war due to activities with Russia: "despite having declared to refuse any operational participation in Russian businesses – writes Napc – Buzzi Russia continues to expand its activities in the Russian Federation”.
Asset management securities close a session to forget, struggling these days with their accounts and with data on funding: Finecobank -4,67% General Bank -4,13% Azimuth -3,23%.
The balance sheet for the session is confirmed as heavy for Saipem -3,02% and in general for oil sector stocks (Saras -7,22%).
Back off Diasorin -2,87%, following the rating and target price cut by Exane analysts.
Red hits the banks, Bpm bank -1,92%.
Telecom is slightly down (-0,44%), on the day in which the shareholder Vivendi presented its 2022 financial statements, which are weighed down by the loss from the deconsolidation of TIM shares. Little enthusiasm for the offers of Kkr and Cdp-Macquarie for the network: "The offers presented today, as far as I know, are far below the real value and the true value of Telecom Italia" said the administrator Vivendi delegate, Arnaud de Puyfontaine, to journalists.
Spreads down
The Italian card is confirmed as well tuned. The spread between 10-year BTPs and Bunds with the same duration, it fell by 168 basis points (-1,16%) with rates respectively at +4,3% and +2,62%.
The Btp Italia placed in recent days has finally reached a value close to ten billion, between savers and institutions. The Mef communicated this morning that the minimum guaranteed return of the bond is confirmed at 2%.
