The European stock exchanges do an encore and today close again down, despite the fact that the red has faded as the hours go by looking at the encouraging trend of Wall Street, where is the Nasdaq (+1,2%) celebrates the accounts of Microsoft (+ 8%).
Markets are nonetheless nervous ahead of next week's central bank meetings and are weighing up the earnings season with a view to understanding the health of the real economy and its prospects. The banking sector suffers above all, with the Californian First Republic Bank (-40%), which updates its historic low, after leaving almost half of its value on the ground in the previous session.
Business Square it loses 0,54% and saves 27 basis points (27.107), despite the fact that the banks have gone down. Bounce instead Telecom +1,62%, best blue chip of the day.
In the rest of Europe it retreats Paris -0,86%, with realizations on luxury stocks, after the recent rally. In particular, the quarterly does not convince Kering (-2,85%), whose most famous brand is Gucci. The balance sheet for the day is similar to Amsterdam -0,77%, weighted by Asm International (-7,7%), which recorded a drop in orders in the first quarter. They retreat Frankfurt -0,49% London -0,47% and is flat Madrid.
Pessimism takes off in Zurich, -1,3%, even if Credit Suisse and Ubs float.
Mixed winds from Wall Street
The winds from Wall Street, positive at the start, are mixed. The Nasdaq moves up, driven by Microsoft's quarterly good, while A is much more shy (+0,8%) and expect the numbers of Meta (+2,75%). Once again, First Republic Bank is worrying, also suspended due to excessive reductions, after CNBC, citing government officials, reported that the White House does not intend to participate in the rescue operation of the regional bank. The Californian bank had already collapsed yesterday following news of a massive flight from deposits in the first quarter, while Bloomberg wrote that the bank is considering the possibility of selling up to 100 billion dollars in assets, as part of a restructuring plan . The risk that many commentators see is that of a fire sale.
At the moment, however, the plight of First Republic Bank is not infecting other American regional banks, after that PacWest Bancorp (+8,6%) communicated that deposits stabilized at the end of March and that there was a "good rebound" in April, easing concerns about the health of the sector after the crisis triggered last month by the closures of Silicon Valley Bank and Signature Bank.
Nervous markets awaiting the Fed and the ECB; today the Swedish bank raised rates by 0,5%.
The markets are also nervous in anticipation of the meetings Fed and ECB of next week. Frankfurt's choices will also be guided by the data on European inflation to be released on 28 April and 2 May. Meanwhile, the roundup of governors convinced that rates must continue to rise, due to persistent core inflation, continues. The size of the hike which will be decided on May 4 and which the markets estimate at between 25 and 50 basis points will also depend on the price trend which will be announced in the next few days.
Today, still in Europe, it was the Swedish bank to adjust the cost of money, with an increase of 0,5%, which brought interest rates to 3,5%. The Riksbank also expects to have to intervene in June or September with further hikes of around 25 basis points.
Currency
However, the effects of the Riksbank's decision on the currency market testify to the perception of a Swedish bank that is more accommodating than expected. Following the close in fact the crown it went down 0,7% against the dollar. Yet sales are back on the greenback today, after yesterday's flare-up. L'euro he takes advantage of it by bringing the exchange rate above 1,1.
They are not moved i crude oil prices after the losses of the eve, while the gas it goes further and further down and closes the session in Amsterdam at 38,445 euros per MWH.
Piazza Affari faces the bears with Telecom
Piazza Affari today faces the bears with the rebound of Telecom, after five forgettable sessions. It is also appreciated Amplifon +1,24%, while money headed towards utilities and oil. It starts from Tenaris +1,51% (on the day of the quarterly results) and continues with Ivy +1,05% ed Eni + 0,97%.
On the other hand, the day's balance sheet is heavy for the banks, starting from Bper -6,77% (today the shareholders' meeting approved the 2022 financial statements and the distribution of a dividend of 0,12 euro), Bpm bank -5,29% Monte Paschi Bank -4,93%. The declines of the big companies are also noted, Unicredit -2% and Understanding -1,3%. Some industrial stocks such as Prysmian -3,15% Cnh -1,58% Leonardo -1,24%.
Italian luxury follows the trend of its French cousins e Moncler it dropped 1,39%. Out of the main basket there is no peace for the Juventus -3,32%, which reaches its lowest since February. A trader, heard by Reuters, highlights how there are no institutional investors on this title and therefore moves at the pace of the results on the field and the rumors about the possible exclusion from the European cups.
Slightly moved spread
The climate is wait-and-see on the secondary: lo spread between German ten-year BTPs and the same duration, it closed at 188 basis points (-0,26%), with returns respectively at +4,26% and +2,38%.
