Business Squarei closed the fourth consecutive session up (+1,06%) and regained 27 thousand points in a well-tuned European context and with Wall Street progressing in the American morning.
On the geopolitical front, it worries the arrest in Moscow of a journalist from the Wall Street Journal, but investor confidence is eased by fears of contagion in the global banking system. In fact, insuring against the failure of European banks costs less today than a few days ago and Deutsche Bank's five-year credit default swaps fall to 166 basis points from 177 basis points at the previous close.
Moreover, today's rich macroeconomic page brings some good news on both sides of the Atlantic; in particular inflation slows down in Spain and Germany.
Thus Frankfurt salt of 1,25%, Paris + 1,06% Madrid + 1,56% Amsterdam + 0,93% London + 0,77% Zurich +0,63%. It stands out above all Stockholm, +2,33%, driven by the leap of H&M, +16,31%, Swedish clothing giant, second largest fashion retailer in the world, which presented a quarterly operating profit beyond expectations and acted as a springboard for purchases of shares in the sector at European level.
Inflation slows down in Spain and Germany
Finally, inflation looks more tired in Europe. The price run slows down in March Spain (+3,3% from 6% in February) and in Germany (+7,4%, from +8,7%)), even if in the leading economy of the euro area the figure is higher than expected. Even the ECB, in its new Economic Bulletin, thinks inflation in the bloc will fall 3% by the end of 2023, a percentage point lower than its December estimates. GDP should instead rise by 0,5% more than previously estimated.
Wall Street towards a positive quarter
Wall Street it is making cautious progress and is preparing to close a positive quarter. Peace of mind has also returned to the banks thanks to the action of the US authorities. The Secretary to the Treasury Janet Yellen today he reiterated that the sector needs more stringent rules. “These recent events remind us of the urgent need to finish the job,” which began after the 2008 financial crisis.
A barrage of macro data then raises some questions about the company's next actions Fed, while traders are divided between those who believe that Jerome Powell will raise rates again by 25 basis points in May and those who think he will stay put.
Briefly, the labor market shows some timid signs of a cooling down with the weekly unemployment claims climbed by seven thousand to 198.000, against estimates at 195.000.
Il GDP for the fourth quarter of 2022, in the third letter was revised to +2,6% (from +2,7%), while theinflation PCE was confirmed at 3,7% in the same period, +6,3% over the entire year.
Falling dollar
The overall picture weighs on the dollar, which is falling again against the major currencies. L'euro section in progress close to 1,09.
Among the raw materials the Petroleum is gaining, with Brent up 0,8% to 78,91 dollars a barrel and Wti showing more robust progress, +1,66%, 74,18 dollars a barrel.
The good news about inflation in Europe is due in part to falling energy costs, but today the gas in Amsterdam it rose to 43,375 euros per Mwh, with a growth of 1,34%.
Piazza Affari, everyone lined up behind Monte Paschi
The main price list of Piazza Affari also sees today Monte Paschi di Siena in pole position, with a gain of 2,95%, after losing about 20% over the course of a month.
The Italian banking sector is trying to recover the pre-crisis levels of US banks and Deutsche Bank and the big ones are also in green today, Understanding +1,59% and Unicredit +1,22%, but Bper yields 0,61%.
The oil sector is struggling, it is rising Saipem +2,79% and lose Tenaris -1,4%. It's the same with utilities - they make money A2a + 2,14% Ivy + 2,01% Enel +1,85%; pardon Terna -1,07% and Snam -0,06%.
In the industry they are in evidence Pirelli +1,88% and Interpump +2,29%, while they retreat Ferrari -0,52% and Leonardo -0,46%
Goes down Post, -1,09%, after 2022 accounts and 2023 guidance judged disappointing.
Spreads up, but rates down at auction
Closes the Italian card in red: lo spread between 10-year BTPs and 10-year Bunds, it rises to 180 basis points (+1,03%), with rates rising to +4,12% and +2,32% respectively.
On the other hand, rates on the primary sector fell in the morning auctions. For the BTP with a 5-year maturity, the yield drops by 25 cents, to 3,59%. For the 10-year Btp at 4,12% (21 cents less than last month's auction).
