The bloody war in Ukraine and the consequent new sanctions that the EU will impose on Russia keep the continental price lists on their toes, which end a nervous but ultimately moderately positive session.
They go up Paris + 0,7% Frankfurt + 0,5% London + 0,27% Madrid +0,17%. The worst is Business Square, which remains practically unchanged +0,05%, with the blue chips balanced between purchases on Ferrari and Moncler and sales on Generali and Telecom. The queen square is Amsterdam, +1,3%, in the wake of US big tech.
In the afternoon, the start of a contributed to improving the sentiment on the European markets Wall Street, especially the Nasdaq which is currently gaining 1,5% trailed by Twitter (+25,2%) after the news that Elon Musk has become one of the main shareholders of the company, with the purchase of 9,2% of the capital (for a value of about three billion dollars).
Euro down due to new EU sanctions
On the currency market, the euro is falling against the dollar, with the cross around 1,099. The single currency is under pressure from further penalties that the European Commission is preparing to put on the table to put pressure on Russia. Even the gas ban in Moscow would no longer be a taboo, even if Germany and Austria oppose this hypothesis.
Waiting for news the gas stays at the window and deals with little movement, while oil futures rise with Brent up by 3,04% to 107,56 dollars a barrel and Wti up by 3,3% to 102,62 dollars. Many other commodities are also in the green, from gold, which trades around $1934,50 an ounce, to agricultural products.
Piazza Affari weighed down by Generali and Telecom
It is the reds from Maranello that win today's race in Piazza Affari, where the shares Ferrari they closed at 209,50 euros with a gain of 4,99%. Very good too Moncler, + 3,71%, Leonardo + 2,68% A2a + 2,23% Recordati +2,43%. In the credit she dances by herself Bpm bank +2,14%, in a moderately negative sector.
To ballast the price list is above all Generali, -3,84%, weighed on by achievements after an effervescent phase in which it reached its highest level since 2008 in view of the balance sheet meeting at the end of April.
Confirmed in red Telecom, -1,92%, penalized by the uncertainties regarding the possible takeover bid by Kkr. Reuters, quoting a source, writes that "the fund will say in a letter expected today that it will not proceed with a formal offer unless Tim grants due diligence, which has become crucial in light of the changed market situation". Lose altitude Snam, -2,58%, after the relegation to "sell" by Citigroup. Furthermore, last Friday the lists for the renewal of the board were filed and the current CEO, Marco Alverà, will leave the position to the number one of Ivy (+0,8%) Stefano Venier.
Citi also practiced on Terna-0,91%, reducing the opinion on the stock to neutral, but increasing the target price from 7,7 to 8 euros.
Out of the main basket the victory in the championship match allows the As Roma +3,59% to score goals also on the stock market.
Spreads up
The Italian secondary closes in red, where the spread between 10-year BTPs and Bunds of the same duration, it rises to 155 basis points (+0,98%) with yields of +2,07% and +0,52% respectively.
In a context of slowdown in economic growth due to the war, but with the ECB's hands tied due to the race of inflation, the morale of investors in the euro area collapsed, to its lowest level for almost two years in April. The Sentix index for the area fell to -18,0 from -7,0 in March, to its lowest since July 2020. A Reuters poll had indicated a reading of -9,2. According to Sentix, the conflict, related sanctions and uncertainties will push the region's economy into a recession in the second quarter of the year. “Investors do not expect the central bank to rush to the rescue with a more relaxed and expansionary monetary policy, given the still significant pace of inflation growth,” reads a note. Morale is waning globally, but nowhere as pronounced as in the eurozone. "No region is able to resist the negative trend at the moment, even the important region of Asia is already struggling with stagnation."
On the US front i US Treasury securities alarmed by the inversion of the yield curve, between short and long. Even today, the two-year bond shows a higher rate than the 10-year bond.
