It thundered so much that it rained. After yesterday's euphoria on the European markets, target practice is now on the air, also fueled by the rampant nervousness of the US markets. THE futures on the Nasdaq and the S&P 500 index, in fact, predict a deep red start also for today's session, complicated by disastrous performance of cryptocurrencies: Bitcoin fell to $25 from $69, or 60 percent lower than in November. A disaster aggravated by the collapse of Coinbase, the cryptocurrency trading platform.
Against this highly volatile backdrop, the stock exchanges of the Old Continent are dealing with the turnaround announced by Christine Lagarde: by June, the purchases on the markets of the ECB (for years the main buyer of Italian debt) will end. from July we will think about raising rates, a quarter of a point at a time (up to 1,25%, assumes Ubs). As a consequence, shares go down, bonds go up (and, consequently, yields go down). In summary:
- Piazza Affari falls by 1,9%
- The other lists are doing even worse, with losses well above 2%. Of note Paris - 2,47%: Renault collapses -6% on the wave of the results of the subsidiary Nissan which also reports its first profit after three years
- Frankfurt also loses more than 2%. Allianz -3,2% after cutting profits by 75%.
- Among the sectors, all in red, at the bottom we find Basic Materials -4,4%. Tech -2%, Automotive -2,5%.
- The yield on the German Bund fell by 10 basis points to 0,88%. The BTP follows closely at 2,77%, from 2,87% yesterday.
- Rates up this morning in the medium-long term Btp auction offered by the Treasury.
- The three-year average yield rose to 1,53% from 1,32% of the previous placement and that of the seven-year to 2,39% from 2,04%.
- The thirty-year rate is equal to 3,06%. The Treasury has placed the maximum pre-established amount of 6,75 billion euros against requests exceeding 11,4 billion.
- Futures anticipate a start on Wall Street still down by a good 1%.
- 2,81-year Treasury notes yielded 2,97%, up from 25% the day before. As a result of the two-year sales, the curve flattened: the two-year-ten-year spread narrowed to 38 basis points, from XNUMX yesterday. Bond markets are feeling a recession.
In this context, there is no shortage of positive notes in Piazza Affari. Over all shines Stm +2,1% on the day of the Parisian Capital Markets of the company. Orio Bellezza, CEO for Italy, confirmed that in the third quarter the production of 300 mm diameter silicon wafers will start in the new Agrate R3 factory, doubling the offer on the market.
Positive too Italian post office +1.6% which closed the first quarter with an operating profit increase of 12% year on year to 694 million euros, the consensus was 652 million.
Out of the main price list, the rally of Brembo +5,46% .
Long list of negative items. At the bottom of the list, with losses of more than 5%, are health sector stocks: Diasorin, Amplifon and Recordati.
Unicredit holds -0,16% after the leap of eve. Among the financials, Banca Mediolanum falls -3,7%.
Tod's revenues improve but leave 6,72% on the ground: Jefferies confirmed the underperform rating on the stock and Ubs the sell recommendation.
Finally, the title AS ROMA the trade rose sharply by 15,16% to 0,421 euro, approaching the price of the takeover bid launched yesterday by the Friedkin owners on the company's free float at 0,43 euro per share, aimed at delisting the company.
