Sperance of a rebound in Europe it is broken today against the German recession and decline in oil, even if the quarterly results of Nvidia have supported the tech sector globally. The continental lists close today's session lower, after yesterday's losses, while the movement is mixed Wall Street at the start, with the debt ceiling conundrum still unresolved and the rating agencies on the attack starting from Fitch, according to which the country's triple A is at risk. Promotes running Nasdaq (+1,27%) the leap of the chip giant Nvidia (+28,8%), which reaches its all-time high with the forecast of record results this year thanks to artificial intelligence. Instead, the Dow Jones is down with Intel -6,6%.
Business Square loses 0,44% and falls to 26.408 basis points weighted by energy stocks, while financial stocks moved in no particular order, among them the brightest Unicredit, + 1,98%.
Frankfurt falls by 0,28%, with Paris -0,33% and Madrid -0,5%. The estate of the technological saves Amsterdam, +0,14%, while it is in red London -0,72%.
Falling oil
Il oil loses more than 2% after the tonic session on the eve. The words of Russian minister Alexander Novak on the presumed new production cuts hinted at yesterday by Saudi Arabia contributed to the U-turn. "I don't think there will be new steps - Novak told the Izvestia newspaper - because only a month ago certain decisions were taken on the voluntary reduction of oil production by some countries".
The unexpected has also supported the courses since yesterday shrinking US crude inventories in the week to May 19, while the deadlock in debt talks weighed on the other side of the balance.
In this context the Petroleum Brent type is currently yielding 2,12% and trades at 76,7 dollars a barrel; Texan crude loses 2,4%, 72,56 dollars a barrel.
It goes more and more gas down in Amsterdam, which reaches new lows for many months at 25,475 euros per MWh (-8,3%).
Euro weak as German economy freezes
In a context of uncertainty, it is the dollar, which strengthens to a two-month high against the euro for an exchange rate in the 1,072 area. Weighing on the single currency is the freezing of theGerman economyin technical recession, a condition that occurs when there are two consecutive quarters in contraction.
After the decline at the end of 2022, the Teutonic GDP in fact, it fell by 2023% in the first three months of 0,3 against the three months before.
On the contrary in the Use, at second reading, the gross domestic product increased at the annualized rate of 1,3% in the first quarter of 2023 compared to the previous three months, after +2,6% in the fourth quarter of 2022. Expectations were for a confirmation of 1,1% in the first reading. Consumer spending, which accounts for 69% of the US economy, rose 3,8%, up slightly from 3,7% at first reading. In 2022, GDP increased by 2,1%, after +5,9% in 2021.
Stock market down with oil and Telecom
I energy stocks today the declines of the main price list of Piazza Affari are leading. In particular Tenaris -3,69%, Saipem -2,93%, Erg -2,62%, Eni -2,41. The malaise of the day is also felt on Telecom -2,4%, pending the board of directors which on Monday will have to co-opt a new director in place of Arnaud de Puyfontaine, representing the first shareholder Vivendi who has indicated Luciano Carta, former president of Leonardo, as a candidate. I am utilities are weak.
Some raise their heads instead financial securities, such as Unicredit, Finecobank +1,91%, Banco Bpm +0,34%, Unipol +0,32%. Mediobanca +0,29% on the eve of the rise consolidates, while Mps -1,97% is bad.
In recovery Moncler +1,24% and Interpump + 1,14%.
Generali closed slightly higher, +0,45%, a fluctuating session after announcing in the morning growing quarterly results and have confirmed the targets of the plan.
Stable spreads
Lo spread it does not raise major concerns at this stage, even if rates continue to rise in a context in which the bloc's inflation remains high and the economy shows signs of slowing down.
In closing, the differential between the ten-year Italian and German is 186 basis points, like yesterday, while the yield of Benchmark XNUMX-year BTP is indicated at +4,35% and that of the Bund at +2,48%.
I go up rates also on the primary: this morning the Treasury auctioned Short Term BTPs expiring on 28/03/2025 for 2,750 billion, with a gross yield up by 0,04% to 3,609 per cent. The demand is equal to 4,256 billion.
