Volatile session and mixed stock exchanges in Europe, where Business Square soars in the aftermath of elections won by the centre-right and in particular by the Brothers of Italy, which becomes the first party in the country, while the League is heavily downsized. The climate is also variable a Wall Street, which is rambling (DJ loses, but Nasdaq is modestly up) still reeling from recession fears due to Fed tightening.
At the photo finish the Ftse Eb gains 0,67% and rises to 21.207 basis points, led by managed savings and by Moncler +3,46%, favored by the encouraging indications of CEO Remo Ruffini for the second half of the year.
In the rest of Europe they are saved Amsterdam, +0,18% and London, +0,07%, while ending up in fractional decline Madrid -0,87% Frankfurt -0,44% and Paris -0,23%.
The Stock Exchange goes down Moscow, which has come to lose up to 10% in fear of new sanctions.
Italian card in red
However, the performance of the secondary market was in the opposite direction and the Italian 4,5-year rate exceeded 2013% during the day as it has not happened since XNUMX. In closing, the spread with the German ten-year bond it is at 237 points (+7,41%) and the rates are 4,46% for the BTP and 2,09% for the Waist. A gap that for now does not alarm the operating rooms, which remain on alert, however, waiting for the government team that will be composed by the prime minister in pectore Giorgia Meloni. Italian debt will then be under Moody's scrutiny on Friday and already tomorrow the fever of the market will be measured with the sale, on the primary, of 2,5 billion Btp, maturing in two years and Btp Italia up to 1,25 billion.
Wednesday will be ai Boots with six-monthly maturity for five billion.
The performance of British securities weighs on the European bond, weakened by the programme huge tax cut decided by the new government, which is also overwhelming the pound.
In the area of the single currency, the picture has also worsened after the words of the president of the ECB Christine Lagarde to the Economic and Monetary Affairs Committee of the European Parliament. The Central Institute expects a sharp slowdown in the bloc's economic activity over the next few quarters and still sees upside risks to the inflation outlook. However, the ECB's tightening cannot stop: “as things stand, we expect to further increase interest rates in the next several 'meetings', to dampen demand and avert the risk of a persistent upward shift in inflation expectations”.
Giorgia Meloni's ears will also be whistled when Lagarde clarified that Frankfurt will not activate the new government bond purchase programme to mitigate an increase in funding costs linked to domestic economic policy errors.
In that case, support to the country through the OMT programme, which involves heavy conditions, will be more appropriate.
Lastly, on global growth, there is the OECD concern, according to which the planet's economy is slowing down, more than expected months ago, due to the Russian invasion of Ukraine and because the energy and inflation crises risk leading to recessions in the main economies.
New lows for euro and pound. Dollar up
Il dollar the preferred purchase of the period is confirmed, while euro e GBP they keep falling back.
The single currency is currently trading at 0,961, after updating the twenty-year low, while the British currency has touched a new record low against the dollar at 1,0327, -4,9%. Losses then narrowed, but UK government bond prices tumbled on rumors that Bank of England could intervene to curb the fall of the pound. The yield on UK 2-year gilts climbed more than 4,5%.
On the energy front, the trend of the Petroleum, after the recent losses (Brent +0,8% to 86,84 dollars a barrel), while gas slips around 170 euros per megawatt hour.
Piazza Affari: financial stocks are doing well
The main list of Business Square it is largely supported by financial stocks, especially managed savings. The pink jersey goes to Finecobank +3,55%, boosted by the promotion of Ubs to "buy" from "neutral" with a target price that goes from 14,6 to 13,1 euros. In the wake Banca Mediolanum +3,28%. Banks are more shy, with Bpm bank e Bper slightly declining. Health stocks are well bought with Amplifon +2,68% and Recordati + 2,33%.
Back to shields Telecom, +2,61%, after recently testing new all-time lows. According to some observers, the electoral result fuels the speculative appeal on the stock in the perspective of a takeover of CDP, which would be appreciated by some exponents of the Brothers of Italy. There is also talk in the press of the possible sale of the Brazilian assets.
Industry purchases are back: Ferrari + 2,29% Leonardo + 2,24% Iveco +2,19%. Well Campari + 2,41%.
In decline there are mainly utilities. The greatest weight hangs on Enel, -2,08%. Weak Terna -0,88% and Snam -0,8%. Among the oil companies, it retreats Eni -0,63%.
