Warnings from central banks about the danger of inflation are pushing up bond yields, but do not scare Europe's stock markets. In Milan, the FTSE Mib index gains 1% over 24.500 points thanks to the boost of financial stocks, in turn supported by the rise in market yields. Then at the end of the morning it eases the ride. The 2-year BTP reached and exceeded 2,03% at 0,50%, while the German Bund reached 153% for the first time in the last four years. The spread fluctuates around XNUMX points.
Stock market: banks and insurance companies push the Ftse Mib
The brightest sectors are Banks +2,4% ed Insurance +2%. At the top of the Italian list is a sample of assets under management, Banca Mediolanum +2,8%, Poste Italiane +2,72%, one of the "department stores" of government bonds, and Banca Intesa +2,44%. Unicredit also did well +1,9%. SocGen raised Intesa's rating from hold to buy, lowering the target from 2,75 to 2,35; analysts have reduced the judgment on Unicredit from 16 to 10,50 euros.
The insurance companies also advanced: Unipol +1.95% and Generali +0,7%, in positive ground for eight sessions.
Even this morning there Borsa Italiana is among the best price lists, but the performance since January 2022, 10 is still in the red by around -3%. Meanwhile, the government is preparing to revise its growth estimates downwards to 4,7% from the current XNUMX%, forecast before the outbreak of the crisis.
Stock exchange: Leonardo in evidence in Milan
Dollar in great dust supported by the race in US rates (2,33-year T bond at 2,17% against 1,098%): the euro falls to 1, the yen loses 13% against the American currency at the most in six years. The rally of the Brazilian real continues, the best currency since the beginning of the year, benefiting from the increase in expectations on the rise in interest rates (expected at XNUMX% for the end of the year) and from the increase in raw materials.
Oil rises (Brent at 116 dollars, Wti at 110 dollars). Tenaris +2,2% as well as Eni +1,8% benefited from this. Still suffering Saipem -1,36%.
Recommended Leonardo +1,8% which announced that its US subsidiary DRS, has signed a binding agreement for the sale of the Global Enterprise Solutions business to SES, for an amount equal to 450 million dollars, before tax. GES is the largest provider of commercial satellite communications to the US government. Leonardo confirms the 2022 guidance relating to the group's net debt, equal to approximately 3,1 billion euros.
