Il expensive prices in the United States disappoints the markets, but does not extinguish the desire for stocks in Europe, with investors positively impressed by the quarterly results. Thus the European stock markets close another session on the rise, despite the start and the negative trend of Wall Street.
Business Square is the only one slightly down, -0,14% and, after having touched new highs since 2008, it stops at 37.531, due to sales on utilities and contrasting banks. A positive push came instead from nexi, +3,8%. The title of the queen of digital payments found inspiration in the scenarios outlined by the press, according to which Post (-0,14%) wants to close the “swap” operation within a few days, acquiring 9,8% of Cdp from Tim (+0,3%) in exchange for the 3,8% that the company owns in Nexi, adding a cash balance. A move that, according to analysts, could facilitate the marriage with the French WorldLine.
Frankfurt further updates its highs with a progress of 0,52%, Madrid stands out with +1,12%, followed by Amsterdam + 0,39% Paris + 0,17% London +0,31%. In European stocks shines Heineken (+14,33%), at its highest since 2023 after the brewer reported better-than-expected earnings, initiated a buyback and expects further operating profit growth of between 4% and 8% in 2025. The banking sector finds reasons for optimism in the Dutch company's results ABN Amro (+8,21%), with fourth quarter results exceeding market forecasts.
Wall Street in the Red with Inflation and Powell
Wall Street is moving in the red, even if the price lists are reducing their losses compared to the start and at this moment the Dj loses 0,62%, lo S & P 500 0,44%, the Nasdaq 0,23%. Risk appetite was dampened by data oninflation January: +0,5% month, against expectations of +0,3%; +3% yearly, against estimates of a confirmation of +2,9%, as in December. The core index, excluding energy and food, rises by 3,3% compared to January 2024 and by 0,4% on December, in both cases above analysts' expectations. Consequently, it maintains Bloomberg, Traders are betting that the Fed's next interest rate cut will be pushed back to December rather than September as previously expected.
By the way yesterday the chairman of the Fed JErome Powell recalled that the US economy is strong and that the central bank is in no hurry to cut rates. So now the weight of the news on inflation has the banker saying, in his second day of testimony to Congress, that the Fed "is close but has not yet reached the goal" and that "we want to keep" rates at a "restrictive level, for now". Meanwhile, US President Donald Trump this morning had unleashed a post on the Truth Social platform along these lines: "Interest rates should be lowered, which would go hand in hand with the next tariffs!!!".
Declining oil
After a surge in line with the data oninflation, the dollar falls against the euro. The single currency is trading at 1,037.
On the other hand, the progress of the US currency against the yen (+1,25%) for an exchange rate of 154,35.
Among raw material Gold prices are little changed, while Brent retreats and Brent ($75,72 a barrel) and WTI ($72,05) futures are down more than 1,6% following an increase in US inventories, even though OPEC estimates an increase in demand in 2025-2026 thanks to transport.
Fold the gas in Amsterdam, after the recent rally, with prices moving around 55 euros per MWh.
Piazza Affari, banks challenged
The main barometer of Piazza Affari, the banking sector, did not find a univocal direction today.
La People's Bank of Sondrio (+2,11%) marks one of the biggest increases in the stock market, after having specified yesterday evening that the takeover bid launched by Bper (+ 0,4%) does not reflect the bank's value creation path from a “stand alone” perspective and that the offer was not solicited in any way, nor previously discussed or agreed upon.
They are negative Ps -1,34% and Unicredit -0,66%, whose destinies seem to cross at that crossroads of interests that is Generali (+0,53%), of which the bank led by Andrea Orcel holds 5,118% according to Consob data. It also slightly drops Mediobanca (-0,44%), subject to a public exchange offer by Siena, with the discount on the takeover bid price widening to 13,3% on the eve of the offer.
But above all, the centre of attention was Bpm bank (-0,61%), which presented better than expected numbers (2024 profit rises by 52% to 1,9 billion) and announced the relaunch of the takeover bid of Anima (-1,22%) at 7 euros per share, while it tried to repel with more arguments the appetites of Unicredit which launched a takeover bid on the bank.
On the negative side of the price list today there are many utilities: Hera -1,95%; A2a -1,5%; Terna -1,02%; Enel -0,93%.
It also yields 0,43%. Italgas which saw its 2024 profit jump to 506,6 million euros, with a growth of 15,2%.
In the telecommunications sector, Telecom Italy there was little movement on the day the board of directors approved the binding offer for thepurchase of the total shareholding held by Tim in Sparkle, received yesterday from the Ministry of Economy and Finance and Retelit, which values Sparkle at 700 million euros. The contracts, as stated in a note, will be signed by April 11 and the completion of the sale is expected within the first quarter of 2026, once the preparatory activities have been completed, including obtaining the Antitrust and Golden Power authorizations.
Spreads down
The Italian map today recovers what it lost yesterday in comparison with the German map. spread between ten-year BTPs and Bunds of the same duration, it returns to 109 basis points, with rates at 3,57% and 2,48% respectively.
