In a financial climate that is still variable due to the uncertainty surrounding the raising of the US debt ceiling and the action of central banks, Business Square limits the damages today to a loss of 0,73%, despite the ex-dividend by 61 companies, including 19 blue chips, which weighs 1,27% on the main index. Net of this burden, the Ftse Mib would be the best in Europe, where everyone, in this session, went their own way, also due to the thwarted start of Wall Street.
Paris loses 0,18% with Frankfurt -0,31%, while they go up Madrid + 0,56% Amsterdam +0,07% and London + 0,2%.
The former great sufferer of Europe is positively surprised, Athens (+6,95%), rally after the victory of the ruling party Nea Dimokratia and waiting for the probable ballot next month. Greek government bonds are euphoric.
As for the euro area, it improves slightly consumer confidence from May, +0,1 points to -17,4 points (in the EU +0,6 points to -18,3 points), but remains well below the long-term average for both areas.
In this context it is stable the euro-dollar, with the cross in the 1,08 area.
Among the raw materials, the Petroleum, with Brent appreciating by 0,17% to 75,71 dollars a barrel; the WTI rose by 0,32% to 71,92 dollars a barrel.
Good news on the front of gas for euroland, with the price below 30 euros per Mwh on the Amsterdam Square.
Meta, up on Wall Street, snubs the maxi European fine
In New York he moves in convinced progress Meta (+2,2%), parent company of Facebook, despite the fine of 1,2 billion euros by the EU privacy regulator for handling user information.
micron Technology on the other hand, it lost 3,34% and is the worst on the S&P 500, after the Chinese authorities decided to ban the country's key infrastructure operators from buy US tech company products.
The three main indices of Wall Street they move in opposition, but cautiously waiting to understand how the agreement on raising the US debt ceiling will evolve. The negotiations continue incessantly, under the impetus of President Joe Biden, who will once again speak today with the speaker of the chamber, the Republican Kevin McCarthy, while the countdown for the availability of money has already started given that the coffers will remain empty at the beginning of June.
On the front Fed there are still aggressive statements from various bankers, from James Bullard (who expects two more rate hikes in 2023) to Neel Kashkari, according to whom a pause is possible in June, but "this does not mean that we are done with our tightening cycle ”.
As for US-China relations, Biden, at the end of the G-7 summit, told reporters to expect an improvement in relations.
In Piazza Affari the banks are stealing, industry suffers
In Piazza Affari the banks are in the light and the securities of the industry are in the shadows.
It stands out on the list Mps Bank +3,92%, followed in the sector by Bpm bank +1,87%, but it is also in evidence Bper +1,24%, despite the dividend.
Bene Mediobanca +1,64%, after the announcement of an agreement with Bank Ifis (+3,81%) for the management of non-performing loans.
The detachment does not even kill the long list of interested blue chips: A2a + 1,03% Amplifon + 0,06% Azimuth + 0,91% General Bank + 1,41% Diasorin + 1,53% Eni + 0,3% Erg + 0,51% Finecobank + 1,74% Generali + 1,12% Interpump + 0,26% Understanding + 0,62% Inwit + 1,79% Italgas -1% Leonardo + 0,95% Moncler + 2,31% Recordati -0,79% Tenaris +0,87% and Unipol + 0,13%.
Industry and auto stocks such as are in the red Cnh -1,39% Iveco -1,07% Prsymian -0,82%.
Out of the main basket Juventus reduces the initial losses to -0,63%, on the day in which the FIGC's Federal Court of Appeal must redefine the extent of the 15-point penalty inflicted on the club in January in relation to the capital gains investigation. Federal prosecutors asked for an 11-point penalty which would still take the team out of qualifying for European competitions.
After the fireworks of recent times, profit-taking is falling apart Italy Independent -27,27%.
Slightly moved spreads and rising rates
Moody's, last Friday, decided not to update the Italian debt rating, which thus remains one step away from the junk level.
In any case, the secondary remains stable and the same spread between the ten-year benchmark Btp and its German counterpart, it rises slightly, but without jolts to 185 basis points (+0,52%).
I grow up returnsrespectively at +4,3% and +2,45%.
Meanwhile, new securities are being prepared for the market: the Treasury has in fact entrusted a consortium of banks (Barclays, Citibank, Deutsche Bank, Jp Morgan and Societé Generale) with a mandate for the syndicated placement of a new 15-year BTP-i benchmark. The security, indexed to inflation in the euro area, will expire on May 15, 2039. "The transaction will be carried out in the near future, in relation to market conditions", reads a note, but the BTP-i auction "expected by May 25 it could be cancelled”.
If Moody's decided to shut up on Friday, today the Dbrs agency (which was not supposed to comment on the rating) decided to speak well of Italy. In recent years, Italy has faced “multiple shocks – he wrote in a report – the pandemic, supply-side bottlenecks and an energy shock, all amidst political uncertainty and three different governments. However, none of these have so far translated into significant economic scarring, contributing to the stability of the rating at BBB (high).” And he added: “The post-pandemic recovery has been better than expected and growth has been stronger than its peers. Potential GDP growth appears to be improving and debt is expected to continue declining over the next few years."
