I European lists closed sharply higher today, improving on the partial progress of the first few days of the week, driven by Asian gains and the harmonious start of Wall Street. The rally in tech stocks is supporting risk appetite, amid the boom of Alibaba (+12,23% in Hong Kong), after the announcement of the division into six potentially quotable units and German forecasts Infineon (+2,67%) on the second quarter of 2023 and on the whole year in general. Well the banks, which seem to have found (at least for now) the right balance.
For the chief economist of the ECB, Philip Lane, the recent tensions in the eurozone banking sector should dissipate and interest rates will still have to rise to contain inflation.
In Italy, meanwhile, the prime minister's party has presented a bill to Parliament to separate commercial banks from investment banks. A piece of news that is prominently featured on the FT and which, if it were to arrive in port, would radically transform the sector.
Green wave in Europe
Business Square rises by 1,56% to 26.739 basis points, thanks to the good intonation of the banks and the jump in stm (+6,32%), best blue chip also a Paris, where the Cac 40 appreciates by 1,39%.
In the rest of Europe it stands out Amsterdam, +1,6%, the most exposed to fluctuations in technology stocks. They follow Madrid + 1,47% Frankfurt + 1,21% London + 1,06%.
A Zurich +1,19%, they stand out ubs +3,69% and Credit Suisse +4,01%. The market rewards the surprise return of Sergio Ermotti, in the role of CEO and president of UBS, demonstrating confidence in his ability to best lead the marriage between the two banking giants.
The manager has already been at the helm of UBS from 2011 to 2020 and will resume his post from 5 April to replace the current CEO, Ralph Hamers.
Wall Street in progress, yields of T-Bonds remain high
Overseas it is on the rise Wall Street in the American morning and after yesterday's slightly lower closing.
The purchases are particularly copious on the Nasdaq (+1,3%), despite the fact that yields on T-bonds remain high and the two-year bond rate is still over 4%.
Attention in these hours is directed to Washington, to the testimony of the vice president of the Federal Reserve, Michael Barrbefore the House Financial Services Committee and Treasury Secretary Janet Yellen before a US House subcommittee on the 2024 budget.
“Our regulatory system has failed,” Barr argues – because it was unable to prevent the collapse of Silicon Valley Bank.
According to the Washington Post, the White House is preparing a plan to push federal banking regulators to impose new rules on medium-sized institutions. Among the possible measures would be the obligation to have higher capital requirements and a greater number of safe assets compared to riskier loans.
The framework favors purchases in the sector e First Republic Bank salt by 5,5%.
Growing oil
On the currency market theeuro-dollar it moved little, with the exchange rate still above 1,08.
Among the raw materials, it is confirmed as well bought Petroleum (Brent +1,16%, 79,56 dollars a barrel; Wti +1,2%, 74,08 dollars a barrel). The black gold could finish the third consecutive session higher as fears of a global banking crisis eased and because of the interruption of exports from Iraqi Kurdistan.
In addition, last week, oil inventories in the United States decreased significantly (-7,489 million barrels), contrary to expectations (-0,3 million barrels), according to data released by the Department of Energy.
Il gas in Amsterdam it closes at just under 43 euros per MWh.
Stable spread, but the yield of semi-annual bots flies on the primary
The Italian secondary appears quite stable, with lo spread between ten-year Btp and the same German maturity at 178 basis points. Yields also showed little change, at 4,04% and 2,26% respectively.
On the primary, however, the rate of six-monthly BOTs in the morning auction reached a record level of 3,076%, the likes not seen since 2011. The Treasury placed five billion with an increase in yield of three basis points and also placed two billion of the reopening of the annual Bot expiring on 14 July 2023 and with a quarterly residual life with an average yield of 2,934 per cent. Demand for this security amounted to 3,286 billion (1,64 coverage ratio).
Piazza Affari toned up between banks, tech and luxury
Banks, tech and luxury today attract purchases in Piazza Affari.
At the top of the list is stm, which looks to the positive forecasts of its rival Infineon. Banks appreciate starting from Monte Paschi Bank, +5,79%, particularly penalized lately. Highlights are also Bpm bank + 3,72% Bper + 2,72% Understanding +1,5%. Stay a little behind Unicredit +0,58% after yesterday's rush following the ECB's go-ahead for the buyback of treasury shares.
Other financial stocks are also positive, such as Banca Mediolanum + 2,44% Unipol + 2% Banking Generali + 1,83% Finecobank + 1,87%.
The seat rewards luxury titles: among the big names Moncler +3,1%, but also Brunello Cucinelli with a gain of 4,29% following the launch of her perfume in a men's and women's version, a fragrance on which she had been working for three years.
There are only four blue chips down. It starts from Diasorin -1,98%, on which Jefferies cut the target price to 102 euros from the previous 122.
Follow Iveco -1,5% Tenaris -0,52% Recordati -0,23%.
Out of the main basket it makes a bang km +23,15 (0,947 euro per share) after the announcement of the improvement of the total takeover bid to 1 euro.
