The surprising ones quarterly of the big ones American banks help us European lists to close another positive session, while they are not enough to support Wall Street, which moves uncertainly in the American morning. The drop in retail sales in March and the flight of some Fed hawks weigh on the mood of US investors, a mix that rekindles fears of a recession.
Europe grows, with Milan as queen
Square Business, after yesterday's stop, regains the European leadership with an increase of 0,89% which brings it to 27.872 basis points, thanks to the purchases of financial stocks.
They are slightly behind Frankfurt + 0,49% Paris + 0,52% Madrid + 0,51% London + 0,39% Amsterdam + 0,11%.
The dollar raises its head and gold falls
Il dollar raises its head and is currently recovering some ground towards the main currencies, even if today it is destined to close the longest series of weekly losses in almost three years with the strengthening of expectations of an imminent end to the cycle of rate hikes from part of the Fed.
THEeuro it is down fractionally against the US currency and the exchange rate slips just below 1,1.
The appears volatile Petroleum, after the International Energy Agency warned against the risk of a supply deficit due to the new production cuts decided by OPEC+ with a consequent increase in market prices.
Brent and WTI futures have flattened out at $86,5 a barrel and $83 a barrel, respectively.
lose altitudegold, with spot gold trading below $2.000 an ounce, down more than 2%.
Wall Street down, Boeing collapses
JpMorgan, Wells Fargo, Citi, BlackRock in the first quarter they recorded higher-than-expected accounts, making the markets breathe a sigh of relief, after the great fear following the bankruptcy of some North American regional banks. In particular, JPMorgan (+7%) posted record revenues and exceeded expectations on profits and turnover, thanks to the favorable interest rate environment. The stock is currently the best on the DJ and one of the best on the S&P 500.
Among the worst, however, there is Boeing (-6%), which has not yet resolved the problems with its aircraft. The aerospace company has announced that it will likely have to reduce production of the 737 Max in the near term due to a problem with a fuselage component supplied by Spirit AeroSystems (-20%).
The drop in retail sales in March also made itself felt on the market: -1% (against expectations of -0,5%), due to price tensions and the rate hike by the central bank.
Mixed signals from central banks
With less than perfect timing, while investors were still digesting the macro data, Christopher Waller of the Federal Reserve said that US inflation is still too high and that the central bank's task is not finished. “There is still work to be done”, until there are signs of a slowdown in demand and inflation moving significantly and continuously towards the 2% target.
The day had started well instead from Asia, where the central bank of Singapore decided to stop monetary tightening to avoid an excessive slowdown in growth, on the basis of what has already been done by other countries such as India, South Korea, Canada and Australia.
The president spoke for the ECB today Christine Lagarde, according to which considerable uncertainty remains on the trajectory of inflation despite Eurotower expecting a progressive slowdown. However, core inflation pressures will remain high and ease slowly, favored by the rapid growth of nominal wages.
Piazza Affari divided between banks and utilities, Enel goes down again
Financials are on the positive side, utilities on the negative side. Thus today the main price list of Piazza Affari is divided, where they stand out Bper + 4,67% Finecobank + 4,52% Understanding SP +3,37%, Bpm bank + 3,35% Monte Paschi Bank + 3,12% Unicredit + 2,92% Azimuth + 2,52% Mediobanca +2,29%. On the opposite side there are Ivy -2,82% Snam -2,19% Terna -2,1% A2a -1,54%. The rebound also fails Enel, -0,85%, already very sold yesterday after the surprise government indication of Flavio Cattaneo as CEO. For Fitch, the change at the top of the electric giant increases uncertainty about the group, but has no direct impact on creditworthiness.
The session was also in favor of the automotive sector, with stellantis +2% and Ferrari +1,72%, which has a record order book until 2024, according to what the chairman John Elkann told the meeting. Bad day instead for some health titles such as Diasorin -1,8% and Amplifon -1,45%.
Outside the main basket, it closed slightly down Rest, -0,15%, on the first day of the mandatory public offer promoted by Dufry on the 49% of the capital not already controlled.
Flat spreads, rising rates
Eurozone government bond yields continue to rise, albeit slightly. The 4,21-year BTP closed at +2,39%, while the Bund at +XNUMX%, for one spread which does not differ from the levels of the previous day, at 181 basis points.
