The week of the European markets begins in a low key, awaiting the quarterly reports and the moves of the central banks. In the coming days, the accounts of Nestle ed Unilever together with the big banks, from Barclays to Ubs. Advance to Zurich Swiss credit +2,8% despite the discounted price escape from warehousesi (61 billion dollars) after the outbreak of the crisis.
Stock exchanges latest news: the headlines in Europe
The Stoxx 600 index recorded a slight decline despite the rise in the energy sector. But it stands out in Amsterdam the leap of Philips +10,8%: the Dutch group, now concentrated in medical technology, published better results than expected for the first quarter after having set aside 575 million euros to meet the requests of the American justice for some defects found in the products. Also the British group Medica it jumped 32,5% after the telehealth services company recommended a takeover bid by private equity firm IK Investment.
Business Square shows a drop of just under a percentage point, roughly the amount (-0.9%) linked to the detachment of the coupons due today. Better Frankfurt -0,2% after the release ofIfo index relating to business confidence beyond the Rhine. The figure rose in April for the sixth consecutive month, reaching 92,2 points from 91 in March, the consensus was 91,1. Orders to industry are holding up well and bottlenecks in the supply chain are less and less heavy, reads the commentary signed by Bloomberg Intelligence analysts.
Bonds don't move much. The German bund it is trading at 2,43%. BTP with 4,30% yield, -4 basis points. “We are waiting for wage growth and core inflation to slow before we can get to the point where we can stop” rate hikes. Pierre Wunsch, governor of the Belgian central bank who sits on the ECB governing council, told the Financial Times. The ECB raised deposit rates at an unprecedented pace from -0,5% last July to 3% and the markets are now betting on an increase up to 3,75%. “I wouldn't be surprised if we have to go to 4% at some point,” added Wunsch, who said investors are underestimating how much the eurozone's borrowing costs will rise. This year, according to the accounts of Le Monde, it will be necessary to find 555 billion euros to finance the debt of the first ten countries of the European Union to replace the purchases of the ECB.
And those on view in Piazza Affari
In Piazza Affari, the race is led by the stocks that have partially recovered the coupon detachment: in the lead is Stellantis +2% in front of the banking couple Bpm and Unicreditaround +1,5% and Ferrari +1,2%. . In the Italian list, the banks are highlighted, promoted this morning by Equita.
Avanza Enel +0,5%. Citi raises its recommendation to Buy, target price at 6,50 euros. The CEO candidate proposed by the Treasury, Flavio Cattaneo, aims to cut costs and confirm the dividend policy, as reported by Bloomberg citing sources close to the situation.
The initial rise of is extinguished Telecom Italy -1%. All 'Vivendi assembly the pdg Arnaud de Puyfontaine said: "We have left the posts of directors" to be more independent and we want the group to have "its true value". To achieve TIM's goals, "a new chapter" is needed, he concluded. The heaviest decline is that of Saipem -2,5% followed by Leonardo at the center of the controversy over the delegations to the top management.
A busy week of quarterly reports on Wall Street
With the data of Coca-Cola the most intense week of the Wall Street Quarterly which provides the accounts of 180 companies. On the market, slightly up at the start, the spotlights are already focused on the meeting of the Fed of 2-3 May. First attention to the preliminary reading of the US GDP for the first quarter of 2023 which will be published on Thursday. Expectations are for a weakening of economic activity.
