An exceptional seat even for extraordinary times. This morning, as long-compressed springs, the European stock exchanges, led by banks, cars and travel, go into orbit with increases between 4 and 5%. In parallel, the prices of energy raw materials and in particular the Petroleum which is back $127 a barrel in London and below $123 a barrel in New York. Even stronger the braking of natural gas: -19% in Europe at 175,5 euros per megawatt hour. Leading the race is Frankfurt +5%, ahead of Milan and Paris, both at +4,8%. London's pace is slower (+2,1%). Yet another rejection fell on Russia, this time by Fitch e default is no longer a guess while the ruble falls more and more. But at these prices someone sniffs the deal (see the Chinese): Polymetal, the raw materials giant traded in London, rises by 44%.
Stock exchanges in orbit, at 13 pm here is the bulletin from Piazza Affari
- Index up 4,84% to 23.420 points, driven by banks, cars and technology.
- Spread down to 145 points, thanks to the 1,65-year bond which yields 0,17% and the bund recovers +XNUMX%.
- Back up the Euro, euro-dollar cross, up 0,7% to 1,098.
- Gold slows down -2,2%, which in any case remains firmly above $2.000 (2.005).
I'm in Piazza Affari up 36 out of 40 blue chips. Leading the race is Unicredit +9,36%. The bank confirmed its proposed 2021 cash dividend of €1,2 billion even in the event that the entire exposure to Russia cannot be recovered and is written off. The group also confirmed its intention to carry out share buybacks up to the amount of 2,58 billion euros, provided that the year-end 1 proforma CET2021 remains above 13,0%.
The other banks and asset management are running: +7,7% Intesa Sanpaolo, in asset management +7% for Finecobank and Banca Mediolanum.
Followed by Stellantis + 9.31% and Pirelli +8,52%. In addition to the recovery of the sector in Europe, the euro discounts the positive news coming from the government it evaluates incentives to purchase electric cars up to 6.000 euros, including 2.000 linked to the scrapping of old vehicles, as part of its 8,7 billion plan to 2030 to support the Italian automotive sector. Incentives are also envisaged for the purchase of latest generation hybrid and thermal cars (Euro6).
Stm also recovers + 8,17%, both due to the launch of the latest iPhone and possible innovations from Versailles on the European level for semiconductors.
Fanno turnabout the most purchased stocks in recent days by oil companies (-3,6% Tenaris, -3% Saipem, -1,3% Eni) to Leonardo (-0,6%).
The change of course is favored by some positive signals, framed however in a situation that remains highly dramatic from a military and refugee point of view. But after Zelensky's overtures waiting for the new round of negotiations between Russia and Ukraine with the meeting scheduled for tomorrow in Antalya, Turkey, between Russian Foreign Minister Sergej Lavrov and his Ukrainian counterpart Dimitri Kuleba.
More importantly the change of course of the European Union. The markets continue to trust in a robust response from European countries to the prospect of a recession entrusted to tomorrow's Versailles summit. “We don't know if Eurobonds or other similar moves will be issued immediately – comments Gergely Majoros of Carmignac – but it is already important that the key countries meet in the knowledge that something must be done”. What seems certain is that tomorrow's ECB directorate will renounce canceling the purchases of securities on the market, as already foreseen. And no one talks about rate hikes anymore.
