The markets see a light at the end of the tunnel and inaugurate the short Easter week with a marked recovery. Business Square gains 4% and exceeds the threshold of 17 thousand points, with the banks in great shape starting from Unicredit +8,67% and Understanding +9,71%. Well the bond: lo spread between ten-year Italian and German it falls to 190 basis points (-2,59%); the yield of the BTP is 1,48% and that of the Bund -0,43%.
In closing they are even more toned Frankfurt +5,74%; Paris +4,61%; Madrid + 4,27%. Vienna earns 4,12%. The Austrian government plans to reopen shops from next week, a first sign of easing of the coronavirus lockdown measures, although the requirement to wear masks has been extended.
Slightly further back London +3,11%, with Boris Johnson in hospital, but still optimistic, the day after speech by Queen Elizabeth to the nation.
The session has been lively since the European morning, in the wake of the upward closure of Tokyo and with the feeling that the numbers of the epidemic, especially in Italy, authorize cautious optimism on the containment measures and in the hope of a next phase two in the fight against the spread of Covid-19.
The opening was also euphoric at Wall Street, which is still making great progress, even as JPMorgan Chase & Co CEO Jamie Dimon predicts a "nasty recession" in 2020, and announces that the largest US bank could suspend dividends if the coronavirus crisis continues to worsen. The United States is preparing to face perhaps the worst period, but this should also represent the peak of infections after which the curve can be seen to go down. "Light at the end of the tunnel" is precisely the text of a Tweet by Donald Trump, which invites us to look at what is positive there can be in a dark phase like this. The feeling that the meeting of the Eurogroup, scheduled for tomorrow, will find suitable measures to support the economies of the most affected countries fuels the appetite for risk. Press reports accredit an intervention in several stages, starting from the European Stability Mechanism with loans at 2% of GDP and equal conditions for all nations, with very low or even canceled rates, to then move on to an EU plan worth over a trillion, but with strong reforms asked of countries that have not yet faced them. "Europe is facing the greatest test since its birth - says Angela Merkel - It is in everyone's interest and in Germany that Europe emerges strong". In the Mes, according to Merkel there are "precautionary credit lines that are linked to minimum conditions". “
At the Eurogroup "we are converging on some measures but we must be clear that a common budgetary instrument is necessary if we want to avoid an asymmetrical impact of the crisis", argues on the other hand the commissioner for economic affairs Paolo Gentiloni.
In Italy, meanwhile, an agreement has been found on the liquidity package for businesses, capable of mobilizing resources for over 750 billion euros, over 400 more than the 350 billion already envisaged in the Cura Italia Decree". writes it theHandle citing MEF sources who explain that 200 billion are being freed up for corporate liquidity and 200 billion for export support.
While waiting for all these measures, theeuro it is stable against the dollar and moves around 1,08.
Among the raw materials, the gallop of thegold, +2,6% to 1689,10 dollars an ounce, the highest in three weeks. well thesilver, +1,7%, 14,67 dollars an ounce.
Loses the Petroleum, following last week's powerful rally. The black gold is weakened by the postponement, from today to 9 April, of the conference call between OPEC countries and allies in which an agreement should be found for production cuts with the aim of supporting prices.
Brent yields 3,55% and falls to 32,90 dollars a barrel; Wti -5%, 26,90 dollars a barrel.
The banks are highlighted on the main list of Piazza Affari. The two big names, Intesa and Unicredit score an excellent recovery, after the heavy losses of last week. after the heavy correction suffered last week. Bank of America analysts have maintained their buy indication on the two institutes, while cutting the target prices, which are in any case well above the current quotation.
Today's best blue chip is Campari, +10,18%, which would look at possible acquisitions abroad.
Purchases supported on stm +9,23%; Exor +8,16% with fca + 6,71%.
Leonardo +7,48% is on new highs in view of continuing the activity without interruptions.
Down only Italgas -1,43% ed Eni -0,11%.
