The price lists bounce after Black Wednesday, waiting for the ECB decisions. The trend is the redeemed by Crédit Suisse, supported by the guarantees received from the SNB, the central bank, willing to lend up to 50 billion in liquidity to avert the possible (but improbable) Lehman effect.
Stock exchanges latest news: the rescue of Credit Suisse
Le quotations of the Swiss bank they are rising by 22%, positively infecting the entire European banking sector, also recently penalized by the bankruptcy of the Californian bank Svb. Partial redemption of the sector is also underway in Milan after a roaring start: Unicredit +2,5% (from +3,4%), Intesa +1,4% (from 2,4%) , Fineco +0,9 %. (first prices at +2,5%).
And for ECB rates, the hypothesis of a soft rise is growing
The market remains tense awaiting the verdict of the ECB. At 14.15 will be communicated the rate decision, ever so uncertain followed by the press conference of Christine Lagarde. The Swiss central bank's backing for Credit Suisse prompted fresh second thoughts today, with investors pricing a 50 basis point hike about 50% likely and a 50 basis point hike 25% likely. a soft upside. The crucial theme of the president's press conference will be that of liquid assets, Christine Lagarde is likely to be called upon to answer questions regarding the ECB's readiness to rapidly provide liquidity to supervised banks.
Race for US T-bonds, Btp and Bund yields are rising, spreads are decreasing
The race for US Treasury securities was very strong on Wednesday with the drop to 3,5% of Ten-year Treasury Bonds: Markets are betting that the US rate-hiking season is over. The number one enemy is no longer inflation, but the recession.
The yields of the Italian governments, in line with those of the euro zone, recorded sharp increases: the safety net launched by the central bank of Bern has revived the appetite for risk. Shortly after 8,30, the rate of the Italian XNUMX-year BTP worth 4,17% from 4,09% yesterday at the end, lo spread on the Bund on the same stretch it stands at 189 basis points from 196 at the end of the last session and the 2-year BTP rate – particularly sensitive to interest rate expectations – at 3,23% from 3,11% on Wednesday evening at the close. The two-year German yield is up 36 basis points to 2,737% and that of the 17-year Bund is up 2,285 points to XNUMX%.
This morning Istat revised the estimate marginally downwards'Italian inflation in February, highlighting a deceleration in consumer prices which is confirmed on a general level while the underlying component continues to rise. Based on the final data, last month the Nic index recorded increases of 0,2% on month and 9,1% on year, compared to +0,3% and +9,2% in the preliminary data.
In Piazza Affari banks in partial recovery. Saipem and luxury run
The main index of Business Square at 11.30 it settles at around +0,60%, in any case well below the 26 thousand mark. after reaching an increase of more than 2% at the start. Since the beginning of the month, the balance for Piazza Affari has been in the red by 5,5%, while since the beginning of the year it has still maintained a growth of just under 10%.
Bounce the oil sector after the sharp declines induced by the drastic drop in the price of Brent, which fell to a 15-month low. Saipem runs +2,9% (+4,6% at the opening), promoted by Morgan Stanley which raised the recommendation to 'Overweight' from 'Equal weight', but lowered the target price to 1,85 euro. Also slightly up +0,8%, very impressed by the recent letter and Eni at +0,10%.
Bene the luxury, in particular Brunello Cucinelli which jumps by more than 5%, among the best in the index, after the 2022 results in line with expectations and the improvement in prospects. Equita raised its target price on the stock to 66 euros (+6%), and Avanza also Moncler up 1,9%.
