The future moves of the central banks remain the obsession of the European stock exchanges, which closed the session shyly higher on the day when Eurostat announced that yes, inflation in the Eurozone continues to fall (+8,5% in February against 8,6% in January), but it is doing so at a slow pace. Too slow to calm the minds of the markets, but above all of the hawks of the ECB. Not surprisingly, the president of the Eurotower herself, Christine Lagarde, speaking to a Spanish TV, confirmed that rates could continue to rise after the half point increase already announced in March. Also in Italy inflation it dropped from 10 to 9,2%, a positive figure, but below the estimates of analysts who had expected a slowdown to 8,8%.
The closure of the European stock exchanges
In this context it cools theeuro, which drops to 1,060 against the dollar, while the European Stock Exchanges are also moving at a snail's pace, closing the session just above parity. In Milan, the Ftse Eb at the end of the day it scored +0,33% to 27.404 points, despite the sales in the banking sector. More decided Paris (+ 0,6%) e Amsterdam (+0,7%), more backward Frankfurt (+ 0,1%) and Madrid (+ 0,03%). Outside the EU London is up 0,37%.
Wall Street contrasted: Tesla collapses, Treasuries at the top
On the day of the meeting between Blinken and Lavrov, the American stock market moved in contrast, with the Dow Jones above parity and lo S & P 500 and Nasdaq which show decreases of around half a percentage point. On the bond, meanwhile, the 10-year Treasury bond rises above the 4% threshold, the highest since November, while the 2-year bond reaches its highest level since 2006. Investors are still worried about the Federal Reserve which starting from the next meeting scheduled for 21-22 March could raise rates again, gradually bringing them well over 5% to then keep them at that level for a very long period of time.
From a macro perspective, data on jobless claims were released today, which fell by 25 to 2.000 (seasonally adjusted) in the week ending February 190.000, according to the Labor Department; expectations were for a figure at 195.000.
Returning to the stock market, it is sinking on the Nasdaq Tesla (-5%) following an Investor Day that disappointed analysts. Presenting the Master Plan 3, Musk not only did not talk about the expected Model 2, but he provided very few details on everything else, leaving the participants dumbfounded.
The best and worst titles at Piazza Affari
The repercussions of Tesla's Investor Day have reached Italy. The automaker has indeed announced its intention to reduce the consumption of silicon carbide (SiC) per vehicle in the future. The news sparked sales on the stock stm, which achieved the worst performance of the day on the Ftse Mib, losing 3,34% of its value. Stm, in fact, is among the major manufacturers of SiC devices in the world and has "Tesla among the top 10 customers", explains Equita in a note.
The banking sector was also bad, which after the rush at the end of February confirmed the correction started in yesterday's session: Bpm bank e Unicredit both lose 1,2%, General Bank 0,64%. You also make up Diasorin e Prysmian, losing 0,99% and 0,85% respectively.
Telecom Italy -0,4%, on the day the company launched the new structure of the business unit dedicated to large customers and Pa
The pink jersey of the day is instead Amplifon (+3,95%), closely followed by Campari (+ 3,68%).
Taking advantage of the slight increase in the Petroleum (Brent at 84,6 dollars) are gaining ground Tenaris, which closes the session with an increase of 2,58%, ed Eni which earns 1,4%.
After yesterday's achievements, utilities are recovering: Terna (+ 1,6%), Erg (+ 1,8%), Enel (+ 1,4%), A2a (+ 1,2%). Ivy rises by 0,89% on the day in which Tommasi di Vignano, who has led the Bologna-based multiutility since its inception, announced his intention to leave the presidency. In his place, the Union Committee of the public shareholders of the Group has indicated Cristian Fabbri, current central market manager of Hera and managing director of the subsidiary Hera Comm.
Outside the Ftse Mib, the positive guidance for the current year pushes Maire Tecnimont +2,13% on Capital markets day, while it is in the red Brembo (-2,87%): the accounts are record-breaking, but the margins disappoint analysts.
Spreads and yields on the rise
On bonds, the spread between BTp and Bund closed at 187 basis points, up slightly from the 185 points reached at Wednesday's close. The yield of the 4,62-year benchmark BTP rose, reaching 4,56% from XNUMX% on the previous day.
Up to 47,4 euros per megawatt hour gas price natural in Amsterdam on the day in which the Arera announces a new drop in bills: – 13% for February consumption.
