Between profit-taking and fears of recession, the eighth closed with a session in the red Europe and it could also prove to be weak in the US, where Wall Street, already negative yesterday, continues to be mixed at the moment in the American morning.
Square Business, which boasts a brilliant weekly balance, today lost 0,86% and retreated to 27.268 basis points, despite the stellar performance of Iveco, the best stock of the day with an increase of 15,99%, after 2022 results and 2023 forecasts beyond expectations.
The Milanese index is in financial harmony with Paris -0,82%, even if the political relations between the two countries creak after Macron's decision to invite only the German leader to dinner with the Ukrainian leader the other night.
The rebates are fractional ad Amsterdam -0,64% and London -0,43%, while they are more consistent a Frankfurt -1,45%. The Dax is affected by the sales up Adidas (-11,33%), which threw the entire retail sector into turmoil. Weighing on the sporting goods giant was the break with rapper Kanye West which made itself felt on the 2022 budget and which will also weigh on next year's accounts. Red is on a Madrid, -1,6%, where Inditex (Zara) dropped 4,84%.
Overseas, the main New York indices are mixed (DJ, +0,22%), after attempting, together, a brief foray into positive territory following the encouraging data on consumer confidence calculated by the University of Michigan which in February preliminary, it reached the highest levels of the last eleven months.
Dollar on the upswing
In the macro area, attention is already focused on the reading of US consumer prices in the month of January, which will be disclosed next week. These will be useful numbers for assessing the Fed's next moves, after the strong stars and stripes employment report in January and the very aggressive statements by Fomc bankers, who are convincing investors that the tightening won't stop soon. the peak in rates could go to 5,1% and perhaps even beyond.
Also the ECB pushes on the accelerator and Isabel Schnabel, member of the governing council, confirms that interest rates in the euro area “must reach a sufficiently restrictive level. We have to see that our policies are transmitted to the economy. We will keep rates high until we have concrete evidence that underlying inflation is returning to our target in a timely and lasting manner."
In a context where betting also returns to the Fed, the dollar catches up with theeuro and trades around 1,066.
Swing day for the yen: the Japanese currency strengthened sharply on news that Kazuo Ueda could be the next governor of Bank of Japan, to then retrace when the academic defined the institution's monetary policy as appropriate.
Russia announces cuts and oil rises
Among commodities, the Petroleum (Brent +1,63%, 85,88 dollars a barrel and Wti +1,73%, 79,41 dollars a barrel) with the purchases fueled by Russia's decision to cut its production by 500 barrels a day in the month of March, in response to countries introducing price caps for Muscovite crude oil.
In Piazza Affari, good oil and Enel, financial backslide
Iveco he detaches all the Milanese shares by many lengths, but among the blue chips there are other important increases. Among the highlighted stocks are oil companies such as Eni +2,83 and Tenaris +1,69% and in the energy sector Enel also closes a session in cash, +1,33%, after the accounts released yesterday with markets closed with an Ebitda higher than expected and waiting to understand if the CEO Francesco Storace will be confirmed at the top on the occasion of the renewal of the board scheduled for spring. Equita confirms "the positive view on the stock".
Stay well bought Leonardo +0,96%, in a context that suggests an increase in military spending in Europe and in Italy.
The downside opens with Finecobank, -4,47% and continues with Amplifon -3,97% Azimuth -3,4% and nexi -3,85%. The red is also deep for the automotive sector starting from Ferrari -3,04%. The banks show more contained reductions, but Intesa and Unicredit yield more than one percentage point.
Out of the basket of greatest weight, Illimity Bank loses 8,06%, after accounts and cut in the guidance,
Mps leaves 5,38% in the field, after the leap on the eve. The ad of Unicredit, Andrea Orcel, reiterated that he is not interested in the Sienese institute.
The debut of EuroGroup Laminations in Piazza Affari is colourless, despite the crackling debut in the morning. In the end, the second IPO in Europe in 2023 closed its first session without changes at 5,502 euros per share (+0,04%).
Spreads and yields on the rise
The closure is also in the red for the secondary government bond market. The spread between 10-year NTPs and Bunds of the same duration, it stands at 176 basis points (+1,46%), with rates up slightly to +4,08% and +2,33% respectively.
The yield also rises Boots annuals placed at auction in the morning. The Treasury has assigned the total amount offered, equal to 7 billion, against a request of 9,6 billion (for a coverage ratio of 1,38). The bond yield climbed 9 basis points to 3,179%.
