Business Square today it loses 0,75% and drops to 27.537 basis points, but net of coupon detachment by eight blue chips (which weighs 1,36% on the index), the FTSE MIb would be positive and even the best in Europe.
The closure is in fact practically flat a Frankfurt -0,1% Madrid -0,07% London -0,02% Amsterdam +0,04%. It doesn't do better Paris -0,04%, where Lvmh (+0,48%), Bernard Arnault's luxury safe, is the first European company to exceed 500 billion dollars of capitalization.
It does not deviate from the general picture Zurich, +0,03%, with Credit Suisse which appreciates by 1,14% in the light of the quarterly accounts (closed with a net profit of 12,8 billion Swiss francs also thanks to the effect of the write-down of AT1 subordinates) and despite the flight of deposits exceeding 61 billion francs.
The markets seem paralyzed by expectations, in view of the decisions of the central banks, from the macro data that will be published (US GDP) and from the avalanche of weighty quarterly reports arriving this week. On the good side, in Europe, today there is a drop in gas price under 40 euros in Amsterdam, something that hasn't happened since before the war.
Wall Street down slightly
Few apparent emotions also cross Wall Street in the first hours of trading, while mega techs are observed in view of the accounts, such as A (+ 0,12%), Microsoft (-0,96%), Amazon (-1,96%). It proceeds in a timid upward trend Coca-Cola (+0,37%) which a few hours ago showed revenues and profits growing more than expected. Later it will be up to First Republic Bank (+10,8%) lift the veil on its numbers, while sales continue on Tesla -3,5% which last week admitted a decline in net profit of about 20% in the first quarter compared to a year earlier. It goes to peak Bed Bath & Beyond (-28,35%), after the request yesterday for assisted bankruptcy; since the beginning of the year, the stock has lost more than 90%.
Euro tuned; gas never so low since the beginning of the war
On the currency market the euro it is well tuned against the dollar, for an exchange rate around 1,1.
We appreciate the Petroleum in the American morning: Brent +1,09%, 82,55 dollars a barrel; Wti +0,64%, 78,37 dollars a barrel.
Back the gas in Amsterdam and drops below 40 euros for the first time, a level not seen since before the war in Ukraine.
Piazza Affari holds with Stellantis, banks and Enel
In Piazza Affari many banks remain effervescent, while securities of weight such as Enel (+1,64%), after the promotion of Citi, which brought the rating of the electric giant to buy from sell, with a target price of 6,5 euros from 4,5 euros.
The coupon detachment of eight blue chips weighs on the main Milanese list, even if many of these close in progress despite the ballast. It is the case Bpm bank (+ 2,22%) and Unicredit (+1,75%), which remain at the center of speculation in the perspective of a recovery of banking risk. The bank led by Andrea Orcel will lift the veil on its first quarter accounts on Wednesday. Intesa +0,91% and Per +1m44% are also doing well in the sector, while profit taking weighs on Ps, -1,67%. The distribution of the dividend does not prevent a stellantis (+2,29%) to wear the pink jersey and not brake Ferrari (+ 1,68%) and Cnh Industrial (+0,79%), while it is felt slightly up Banca Mediolanum (+ 0,29%), Campari (+ 0,38%) and Prysmian (-0,21%). Out of the main payment day basket also for Edison (+ 0,87%), Maire Tecnimont (+ 2,24%) and Piaggio (-0,41%).
Among the big names they close a negative session Erg -1,96% Leonardo -1,86% nexi -1,82% stm -1,82%.
Stable spreads
The session is colorless for the bondholder. The spread between 186-year and German it is indicated at 0,14 basis points (-XNUMX%), with rates stopped respectively at +4,35% and +2,49%.
