Unicredit, Telecom and oil stocks keep morale up Business Square (+0,47%, 26329 basis points) which closes as queen in Europe, where the picture today appears mixed, in line with the trend of Wall Street and after a morning on the rise. Zurich appreciates by 0,45%, with Madrid +0,4% and London +0,19%. It's flat Frankfurt (+0,09%), while Amsterdam falls by 0,29%.
Enthusiasm is held back by the still uncertain underlying climate, between inflation, interest rates, war and banks, while the latter are trying to regain confidence after the storm of recent weeks. However, the chairman of the ECB's Supervisory Board, Andrea Enria, remains concerned about the recent collapse in the shares of Deutsche Bank (-1,81%), which showed investor jitters, while there are concerns about the thin credit default swap (CDS) market.
Furthermore, in France, the offices of some were searched during the day big banks, among which Company Generate (-0,93%), BNP Paribas (+ 0,5%) and Hsbc (colorless), for suspected money laundering and tax fraud.
Finally, in general, equities suffer from competition from profitable government bonds and are still concerned about the inversion of the yield curve between T Bond in the long and short term, a trend that on Wall Street is seen as a prerequisite for a recession. Stars and stripes two-year government bonds are over 4%, while ten-year government bonds are around 3,56%.
Piazza Affari is doing well with Unicredit, Telecom and oil
Piazza Affari closes in fractional progress supported by the leap of Unicredit, +4,38%, the best share of the Ftse Mib after the go-ahead from the ECB to the treasury share buyback program for 2022 up to a maximum amount of 3,34 billion euros. Between the banks raises its head Ps, +0,98%, after yesterday's losses and goes up Mediobanca + 1,21%.
Oil stocks file a session of gains, driven by the rebound in crude oil: Tenaris + 2,97% Eni + 1,93%.
Telecom, +2,5%, is among the best blue chips of the day, following Bloomberg rumors that CDP is ready to raise its offer for the network. The adjustment would be 2 billion euros, for an offer of approximately 20 billion, even if, writes the agency, “a final decision has not yet been taken and the terms could still change”.
He is recovering Diasorin +2,04% after yesterday's crash.
To ballast the basket are stm, -2,85%, Recordati -1,8% A2a -1,7% Banca Mediolanum -1,3%, Leonardo -0,96%.
The spread goes up
The session ends in the red for the Italian paper on the secondary. The rate of the ten-year BTP rises to 4,02% and that of the equal Bund is indicated at 2,24%, for one spread widening to 178 basis points (+1,05%).
In any case, Istat reports that confidence is improving in Italy in March for consumers (from 104 to 105,1) and businesses (from 109,2 to 110,2). “The increase in the index is driven by industry and, to a lesser extent, by services,” the Institute claims in its commentary.
For the record, there is also the news that the president of the ECB, Christine Lagarde, last Friday, after the European summit, had a car accident remaining "slightly injured" according to a Eurotower spokesperson. Therapy is a collar, which will not prevent her from continuing to perform her duties.
Wall Street uncertain
Overseas Wall Street moves listlessly. Lose the Nasdaq (-0,56%) with megatechs under pressure. The S & P 500 takes a breather (-0.09%) after three days of gains following the bank support measures. First Citizens Bancshares is little moved, but is back from stellar gains on the eve following news that it will buy deposits and assets of Silicon Valley Bank, whose collapse earlier this month triggered a sector meltdown.
Shines Alibaba (+10,8%) after having announced dividing its businesses into six major units covering e-commerce, media and cloud which could be listed separately.
The title of Walgreens (+3,8%) leads the Dow Jones (+0,26%): the pharmacy chain's accounts exceeded expectations, despite a quarterly decline in profits of more than 20%, due to the collapse in sales of vaccines and tests against the coronavirus.
The dollar goes down
On the currency market, the index of dollar keep going down and theeuro takes the opportunity to bring the exchange rate back above 1,083.
Sterling gained 0,17%, around a two-month high, after the Bank of England said Britain was not exposed to stress from the collapse of Silicon Valley Bank e Credit Suisse (+ 0,94%).
Among commodities, the leap in the European afternoon decreases Petroleum, driven since yesterday by the risk of supply interruption from Iraqi Kurdistan and by the hopes that the turmoil in the banking sector has subsided.
Brent rose by 0,73%, to 78,69 dollars a barrel; the WTI marks +0,6%, 73,24 dollars a barrel.
Try to highlight thegold, with spot gold over 1968,3 dollars an ounce.
Natural gas remains close to 43 euros per MWh ad Amsterdam, after yesterday's surge which could find some reason in the social protests in France.
