After a cautious start European stock exchanges are attempting to rise despite the bad indications that came this morning from Eurostat, according to which the euro area has officially entered technical recession. A piece of news that - paradoxically - pleases the markets, convinced that this trend can help to appease the ardor of the hawks of the ECB. In fact, the stock markets are already projected towards next week's appointments, when the Federal Reserve and the ECB will announce their decisions on monetary policy. As far as the Eurotower is concerned, an increase in rates of a further 25 basis points now seems to be taken for granted.
Stock market latest news: the trend of the stock exchanges in the middle of the day
In this context it is Business Square to wear the pink jersey of the day, marking an increase of 0,9% to 27.298 basis points, driven by banks and securities of the Agnelli galaxy. The other Bags are more shy: Madrid gains 0,55%, while Paris e Frankfurt both show +0,4%. Below parity Amsterdam (-0,18%) And London (-0,1%).
The Eurozone is in a technical recession
The Eurozone entered a technical recession in the first quarter of 2023, following a 0,1% contraction recorded for two consecutive quarters. This is what emerges from the GDP data released this morning by Eurostat. In particular, in the first three months of 2023, GDP in the 20 Eurozone countries decreased by 0,1% compared to the previous quarter, when it had already fallen by 0,1%.
In the whole ofEU 27 on the other hand, an increase of 0,1% was recorded, after the -0,2% recorded in the fourth quarter of 2022. Compared to the first quarter of 2022, however, the growth was 1% in both areas. Over the quarter, the largest increases were observed in Poland (+3,8%) and Luxembourg (+2%). Italy recorded a growth of 0,6%. For Germany instead -0,3%.
The percentages released this morning by Eurostat were welcomed "philosophically" by the markets that prefer to look ahead: according to analysts, in fact, the entry of the Euro Area into a technical recession could give less leeway for the hawks of the ECB pushing for substantial and sustained rate hikes.
Piazza Affari rises with banks and Stellantis
The rally continues in Piazza Affari Monte dei Paschi (+21% in the last month), once again the best stock of the FtseMib with an increase of 2,3%. The market continues to believe that the Sienese bank will soon be the protagonist of extraordinary operations, also to facilitate the exit from the capital by the Government, in order to respect the agreements made in Europe.
The rest of the banking sector also runs: Mediobanca (+ 2%), Understanding (+ 1,9%), Unicredit (+ 1,7%), Bpm bank (+ 1,3%), FinecoBank (+ 1,2%).
On the shields too stellantis (+2,15%), which drags along Cnh (+2,2%). On Wednesday, the company led by Carlos Tavares launched a 500 million buyback as part of the share buyback program of up to 1,5 billion euros announced on February 22, 2023.
Earn 1,5% Pirelli while, according to Bloomberg, the government is working to prepare restrictions against the Chinese company Sinochem, the company's main shareholder, including limits on its influence on corporate roles and veto powers for Italian investors.
Off the main list, the boost of some favorable recommendations from investment houses is causing the share prices of Lottomatica, a freshman who made his debut at the beginning of May, remaining constantly below the placement price. The quotations mark +3,1% to 8,379 euros, for a market capitalization of around 2,1 billion, against a placement of 9 euros per share.
Btp Valore: slow down the race, 1,1 billion raised
After the exploit achieved in the first three days, in the fourth and penultimate day of placement the run slows down Btp Value, which he collected this morning € 1,1 billion, with over 43 contracts signed. Yesterday the requests received during the same offer period amounted to approximately 2 billion euros for a total of subscriptions at the end of the day (approximately 152 thousand) of 4,217 billion euros (5,195 billion on Tuesday). Since starting last Monday the total is close to 15 billion euro.
Oil swings and gas rises
The price goes up Petroleum after US government data showed a sharp increase in activity by refineries, at the fastest pace since August 2019. By mid-day Brent was up 0,77% to $77,54 a barrel, WTI advanced by 0,87% to $73,16.
The bullish wave continues gas, with the price of TFT rising by 10% to 28,8 euros per Mwh following the news of a delay in the reopening of the Norwegian Hammerfest Lng plant. This "unforeseen event will limit supplies from Norway at a time when forecasts point to an increase in European temperatures above the average for the period, with a consequent greater use of electricity for air conditioners", underline the analysts of MPS Capital Services.
Turning to the currency market, the exchange euro Dollar travels at an altitude of 1,07.
