The Powell effect continues to weigh on the European stock exchanges, with Piazza Affari wearing the black shirt, weighed down by managed savings.
In the middle of the day The Ftse Eb records a drop of 0,8% above 27.600 points, while the CAC40 and Dax40 both lost 0,3%. In Frankfurt, the negative performance of Leg Immobilien, which collapses by 11% after announcing the suspension of the dividend for 2022, given the uncertainties weighing on the activity and in the wake of the accounts for the year. Instead, they lost 0,6 percent Amsterdam, Paris e London. A Zurich (-0,7%) is in the red by 5,4% Credit Suisse, on the verge of a new historic low on the stock market after the announcement of the postponement of the publication of the annual report for 2022. Negative futures on Wall Street where data on unemployment benefits are expected today.
The monetary policies of the Central Banks still weigh on the Stock Exchanges. Not only there Fed which has not excluded more aggressive grips, but also the ECB which in the meeting of 20-21 March will announce a new rate hike of 50 basis points. After the harsh words of the Governor of Bank of Italy, Ignazio Visco, who yesterday declared that he did not appreciate "the statements of my colleagues on the prolonged rate hikes", this morning it was the number one of the Bank of France who spoke Francois Villeroy de Galhau who explained on France Info television: "The peak is near, but inflation remains too high today in France and in Europe". “We will bring inflation towards 2% by the end of 2024 or the beginning of 2025: this is a commitment, not just a forecast,” added Villeroy.
In Italy, on the inflation front, the drop in the electricity price:”I believe that there will also be a drop in the next quarter, it will be realistically significant, at least corresponding to that of December if not higher. Over 20%”. This was stated by the president of Arera, Stefano Besseghini, on the sidelines of the Top Utility conference in Milan.
Piazza Affari in red, asset management down
In Milan it is the day of the board of directors of B for Bank (-1,49%), Italgas (-1,6%), Prysmian (+ 0,6%) and Leonardo (-0,65%). The company led by Alessandro Profumo announced today the signing of a contract for the purchase of six AW139 helicopters by the operator Abu Dhabi Aviation. Italgas has already disclosed its accounts, which closed 2022 with revenues up by 12,1%, net profit up by 7,6% to 395,7 million and adjusted ebitda at 1,082 billion (+7,3 %).
Above parity nexi (+0,75%) which announced a new partnership with Carrefour Italia, while all the other blue chips are in negative territory. The worst is Buzzi (-4,8%), followed by General Bank (-3,85%), which extends the series of consecutive declines to three. On 8 March, the company led by Gian Maria Mossa published data on February funding, judged "in line with expectations" by analysts and equal to 442 million, with the cumulative since the beginning of the year at 859 million. Also announced Alfredo De Falco's entry into the board of directors following the resignation presented by Massimo Lapucci. The entire asset management sector is in deep red: FinecoBank (-3,7%), Azimuth (-2,2%), Banca Mediolanum (-1,17%).
Sales on Diasorin (-3%) after the rating and target price cut by Exane analysts, e stellantis (-2,17%) than after the signing of the renewal of the contract, announced today that the Cassino plant, where vehicles of premium and luxury brands such as Alfa Romeo and Maserati are currently produced, will extend its activity to the production of vehicles based on the flexible STLA Large platform, one of the four BEV platforms on which establishes the electrification plan of Stellantis.
Oil companies are losing ground: Saipem (-2,45%), Tenaris (-1,56%). 1,1% down Telecom Italy: during the press conference on Vivendi's accounts, the CEO of the company, the largest shareholder of the Italian telephone group with 24%, stated that the current offers for the TIM network, i.e. those of KKR and the CDP-Macquarie couple " they are far below the real value and the true value of Telecom Italia”. “I don't know the details of CDP and Macquarie's offer, so I can't comment on it,” he added, noting that “whether it indeed is on variable terms and at the level of valuation that has been done by KKR, it seems to me that it is completely beyond under objectives that Vivendi has clearly indicated in terms of conditions that would allow it to be able to sustain an operation”.
Enel -0,6%, better than the market after farewell to Romania.
Out of the FtseMib, the performance of De Longhi, which achieved an increase of more than &, supported by the valuation of Equita, which improved the valuation to "buy" and raised the price target from 23 to 26,8 euros per share, following the expected improvement margins in 2023, the “underestimated” strength of the coffee segment and the “not discounted” M&A option.
Btp Italia: definitive coupon at 2%, total demand is close to 10 billion
The 19th issue of the has definitely ended Btp Italy. This morning the treasury announced that the definitive annual (real) coupon rate is at 2%. The placement with institutional investors was completed at 12 today, during which 1,353 billion Btp Italia were assigned.
In the meantime it spread between the Italian 177-year bond and the bund it moves at 4,455 basis points, the same level as the previous day, while the yield increases to 4,42% compared to the XNUMX% of the last reference.
Oil down, gas is 41 euros per MWh
Moving on to energy, the is stable Petroleum (Brent at 82,79 dollars a barrel +0,16%) after the above-expected reduction in US inventories and optimism on Chinese demand.
Instead, continue to drop price of natural gas on the Amsterdam Stock Exchange, with the contract in April falling by 1,5% to 41 euros per megawatt hour after having also reached 40,8 euros. L'euro travels at 1,057 against the dollar (+0,3%).
