European stock exchanges in rallies and government bonds euphoric Italians, for one dive spread: the central banks' decisions were appreciated by the markets, which were already pricing in the rate hikes decided in the last 24 hours by Fed (+25 basis points), Boe (+50 bp) e ECB (+50bp). Perhaps counting on the idea that "barking dogs don't bite", euro zone stock exchanges also snubbed the announcement, in the press release, of a rate hike of the same magnitude in March and the decision by ECB president Christine Lagarde to "stay on course”. Beyond words, investors probably think that the bullish trajectory is nearing its end.
Be that as it may, the European lists close in dust, at the maximum session, also favored by Nasdaq run (+3,02%) on Wall Street, where Meta (+20%) goes into orbit with the 40 billion dollar buyback announced by Zuckerberg, awaiting the quarterly reports of other tech giants, such as Alphabet and Amazon. The Dow Jones is weak.
Milan appreciates by 1,49% and is second only to Frankfurt +2,17% and in line with Amsterdam +1,46%, Madrid +1,42%, Paris +1,26%. London is decidedly more backward +0,74%.
Piazza Affari over 27 thousand points, spreads and yields collapse
Piazza Affari hits a new milestone in this splendid start to the year and today crosses the psychological threshold of 27 points (27.100), despite the deep red of CNH (-7,5%), which presented the quarterly report and announced its farewell on the Milanese list to concentrate only on the New York Stock Exchange.
Telecom shines on the Ftse Mib, +9,54%, with the share becoming increasingly attractive following the non-binding offer of the Kkr fund which gives investors hope in a battle for the purchase of the network. Among the best blue chips in the list is Ferrari (+7,3%), awarded for i record results of the fourth quarter and the strong prospects for 2023. In the four wheels it's in the money too Stellantis +4,97% thanks to the data on January registrations in Italy which confirm the improvement in the trend and suggest a recovery in volumes for the entire year.
The performances of Amplifon +7,8%, Nexi +5,97%, Interpump +5,62%, Poste +3,81%, Stm +2,99%, Hera +3,02%, Italgas are more than good +2,79%, to limit ourselves to the top ten.
This mass of purchases more than compensates and exceeds the copious selling on oil stocks and on some banks. In fact, Tenaris -3,46%, Saipem -2,09% and Eni -0,69% are down. Among the securities of credit institutions, Bper -2,77% and Banco Bpm -1,72%, while the big Unicredit +0,32% and Intesa +0,08%, have changed sign in the Cesarini area.
Green is even brighter for bonds: lo spread between XNUMX-year BTPs and Bunds for the same duration, it fell to 173 basis points (-10,69%) e rates shrink respectively at +3,75% and +2,02%.
Euro in slight retreat, oil and gas down
After the decisions of the ECB and the words of Christine Lagarde the euro slowed down, retreating from the 1,1 against the dollar reached in the morning. At the moment the exchange rate is around 1,091.
Three commodities is moving Brent-type oil is down, which lost 1,55% and traded at 81,56 dollars a barrel. Texan crude dropped 1,36%, 75,37 dollars a barrel.
In the energy sector, Dutch Ttf Natural Gas Future falls on the Amsterdam market, at 55,81 euros per MWh.
Lagarde promises to stay the course, but markets are sniffing the spike
The stock markets of the euro zone have therefore not been frightened by the hawkish tones of the president of the central bank, Christine Lagarde, who promises to stay the course and announces an increase of a similar entity to that of today in the month of March. In light of the macro data (and also the words of the bankers) the investors are betting on resilient economies and on slowdown in inflation and they think the bullish trajectory is close to the peak. For Bloomberg, if on the one hand the markets price another 100 points of increases on the other they cut the forecasts of peak of the restrictive cycle with a rate below 3,5%. For Fitch today's message was strong and interest rates will end this cycle another 100 basis points higher than they are now. According to Charles Seville, senior director of the Economics team at Fitch Ratings, "GDP numbers and data this week showed that the eurozone avoided a contraction caused by the gas shock, but higher interest rates will further cool the 'activity".
