The Stock Exchanges rise after the most difficult day. Only time will tell if it is a matter of "a rebound of the dead cat", as the market adjustments are defined after the great falls, or if the measures being studied by the political and monetary authorities will be able to curb the landslide. Meanwhile, the equity and oil markets rear their heads. Business Square starts well but reduces the initial rise and trades around 18.500 points (+0,25%). More lively increases for the other price lists: Paris +2,8% (from +4,1%), Frankfurt +2,8% and Madrid +1,7%. The price lists outside the euro area are even more tonic: London + 3,80% Zurich + 3,2%.
Futures on US markets anticipate a strong recovery. Last night Donald Trump anticipated a package of interventions to support businesses and tax cuts.
even the Petroleum Brent recovers: +6% to 36,5 dollars a barrel. But the tension between Riyadh and Moscow, at the origin of the crisis, remains high. Saudi Arabia has announced that it will throw all the oil it can onto the market, 12,3 million barrels a day starting tomorrow. An amount that even goes beyond the production capacity, a sign that strategic reserves will also be used. In February, Saudi Arabia was trading below XNUMX million barrels per day. This morning the energy minister of Moscow, Aleksandr Novak, said that "the doors for cooperation with OPEC are not closed". Oil stocks recover positions in Piazza Affari: Eni + 10% Saipem + 7,5% Tenaris + 5,3%.
Also recovering ten-year BTPs: the yield drops by 11 points to 1,30% while it drops, albeit slightly, under pressure from purchases on the ten-year bund traded to -0,75% compared to yesterday's record low of -0,85%.
Like it the Italian response to the epidemic. Kacper Brzezniak, manager of Allianz Global Investors, is betting on a substantial rally in Italian government bonds following the drastic measures taken by the government on the health front. The Strategic Bond Fund has outperformed 98% of its peer funds over the past month.
THEeuro it weakens against the dollar to 1,135 (-0,8%). JP Morgan and other investment banks certainly expect an ECB intervention this week, another cut in deposit rates, accompanied by measures to support the economy and banks, such as moratoriums on the accounting treatment of non-performing loans .
The undisputed queen of the market today is Diasorin (+13%) which announced that it has obtained the approval of the European and American authorities for a molecular test for the rapid identification of the presence of Covid-19.
Starts off great Intesa Sanpaolo (+5,5%). At yesterday's prices, the next dividend offered a yield of more than 10%.
They also go up B for Bank (+ 1,5%), Where's Banca (+4%) and Bpm bank (+ 1,6%).
They recover stm (+ 6%), Leonardo (+ 7,5%) and Ferrari (+ 5%).
They still suffer Atlantia (-6%) And Tim (-2%) which communicates the 2019 data tonight.
