Commodities rally and stock exchanges mixed today at the end of the European session, with Wall Street which moves in random order in the first trading hours (DJ +0,5%; Nasdaq -0,9%). Crude's jump boosts buying of oil stocks, but casts a shadow over future inflation that had just begun to cool from Milan to New York.
Contrasted Europe
Business Square closed with a small step forward, +0,24%, at 27.179 basis points thanks to purchases on Saipem (+ 4,34%), Eni (+ 4,08%), Tenaris (+ 3,02%) and Unicredit (+2,99%). In the rest of Europe London shines +0,52%, lit by the oil majors, followed by Paris +0,32% and Amsterdam +0,29%, while they are down Frankfurt -0,32% and Madrid -0,78%. Zurich is flat, weighed down by the drop in ubs -2,8% and Credit Suisse -2,43%, following the opening of an investigation by the Swiss Federal Prosecutor into the negotiations for the merger between the two institutions.
Crazy about gold and oil
The great protagonists of the day are the raw materials, which fill up with purchases. Oil is celebrating the further cuts announced yesterday by the surprise'OPEC+ for about 1,16 million barrels per day. After a quarter to forget, crude oil is thus re-tasting the possibility of grabbing the hundred dollars a barrel in the coming months, despite the efforts of the central banks to curb inflation. Meanwhile, in today's session i futures of Brent and Wti show progress of around 6%, with the former trading above 84 dollars a barrel and the latter above 80 dollars.
He also hits the accelerator gas, over 51 euros per Mwh, with a growth close to over 8%.
The uncertain climate favors gold and spot gold it pursues 2000 dollars an ounce, currently trading around 1990 dollars (+1%).
On the currency market, the slows down dollar, which trades fractionally lower against the main currencies. The euro changes to 1,088.
US manufacturing slows down; Italy continues to expand
The manufacturing industry slows down around the world, from China to the United States via Europe.
In the Old Continent the eurozone manufacturing PMI by S&P Global, is indicated in March at 47,3, a minimum level for four months and retreating from 48,5 in February. However, the figure is better than expected (47,1).
THEItaly, among other things, remains beyond the 50 line that separates contraction and expansion, even if it drops to 51,1 (expected 51) from the ten-year high recorded in February (52).
In Use the ISM falls beyond expectations, to a 21-month low, to 46,3 (estimated 47,5) and from 47,7 points in February.
THEPMI manufacturing index drawn up by Ihs Markit, on the other hand, rises, but remains below 50 and is 49,2 from 47,3 in February.
Also in China the growth of industrial activity weakened in March: the PMI manufacturing index, calculated by IHS Markit for Caixin, is at 50 points, from 51,6 points in February (record in eight months).
Piazza Affari asset oil and mixed banks; flies Olidata
Piazza Affari remains in the wake of the recoveries of the last week of March and opens April pushed by oil stocks, while the banks are mixed. In a session with trading already before the holidays, in view of Easter, the Ftse Mib is therefore dominated by Eni, Saipem and Tenaris. Among the banks it stands out Unicredit, on the launch day of the first tranche of the buyback plan. Among the financial titles they stand out Banca Mediolanum, + 1,24%, Bper +0,88% and Unipol +0,78%, while Mps Bank it loses 1,82% after the recovery of the last octave. They retreat Finecobank -1,59% and Post -0,91%.
Telecom it appreciates by 1,48%, while CEO Pietro Labriola underlines that the network sales process "is moving forward" with two offers on the table, in a scenario that was unthinkable a year ago. Well Leonardo +1,25% and among the utilities it returns to the top ten for the day Terna + 0,45%.
At the bottom of the list Iveco -2,72% Prysmian -1,81% Interpump -1,45%.
Out of the main basket back on track with a bang, after seven years of absence, Olidata, which remained suspended in volatility for most of the session. The final figure is a theoretical +50%.
Spreads up slightly
The Italian paper is being defended in a day that looks at the surge in oil, the risk of inflation and the trend of manufacturing in Europe, while news on the Pnrr is expected from the Belpaese to obtain European funds.
Scope Ratings told Reuters today that significant delays in implementing the Pnrr would likely reduce the country's medium-term growth prospects, negatively impacting Italy's scorecard.
In closing it spread between ten-year BTPs and Bunds with the same duration, it is indicated at 181 basis points (+2,32%), with rates slightly down to 4% and 2,19% respectively.
