Three Covid-free days in Shanghai and the possibility of an easing of regulatory pressure on the tech sector in China today injected some new life into the markets, starting from Asia, despite the drought brought about by inflation e war in Ukraine continue to thirst for investors. Signs of nervousness appeared during the European session and on bonds, in view of the speeches in the evening by ECB number one, Christine Lagarde and Fed chairman Jerome Powell.
In the meantime the start of is intoned Wall Street and the closure of the continental lists is in green.
Business Square it appreciates by 1,12% and consolidates over 24 thousand points (24.301), remaining a little behind compared to Frankfurt + 1,62% Paris + 1,3% Madrid + 1,47, Amsterdam +1,59%. It's more backward London 0,72%.
The price lists continue to move between bids and offers in this period, given the many variables that make it difficult to identify a clear path. According to Jp Morgan's strategists, however, there is room for a recovery in the equity sector. Indeed, according to the experts of the American investment bank, the markets in the USA and Europe are pricing in a 70% chance of recession in the medium term, a very high percentage compared to other asset classes (we are at 50% in the investment debt market -grade), which gives the prospect of a potential rebound, should this recession be dodged.
The Konot hawk pushes the euro and interest rates
On the foreign exchange market, the euro revived, gaining about one percentage point against the dollar and trading at around 1,053. The words of the hawkish Klaas Knot, Dutch central banker and member of the executive council of the ECB, contributed to giving a boost to the single currency, according to whom a 50 basis point rate increase in July cannot be ruled out.
However, this attitude weighs on the Italian card, which closes in red: lo spread between BTPs and Bunds with a ten-year duration, it rises to 191 basis points (+1,29%), with yields growing to +2,96% and +1,05% respectively.
Among the subjects, waiting for the European Union to square the circle on theRussian oil embargo, black gold futures are trading moderately higher. Brent appreciates by 0,56% to 114,9 dollars a barrel.
Piazza Affari towed by Nexi, Unipol, Iveco
Among the blue chips of Piazza Affari it shines today nexi, +4,19%, which rebounds after updating the lows yesterday (to 8,5 euros) since spring 2020.
He is also on the podium Iveco, +3,23%, galvanized by the indications on 2022 of the rival Daimler Truck (+6,49%) which presented the quarterly and updated the guidance for the whole of 2022.
On Iveco, the Equita Sim analysts confirmed the "buy" following a meeting with the management in which the indications communicated during the quarterly report on orders and price trends were reaffirmed.
Raise your head Unipol, +3,32%, after the sell-off in the last few sessions.
The banks have been well bought: Bpm bank +3,04%; Bper +2,29%; Understanding +1,82%; Unicredit +1%. From the communications released by Consob it appears that on 6 May Parvus Asset Management Europe Limited became one of the major shareholders of Unicredit with a share of 5,059% of the capital.
Bene stm, +2,66%, with the tech sector well bought in the wake of Chinese choices.
They also turn back on Telecom +2,09% and Moncler + 2,01%.
The sales hit defensives hardest, with utilities, in particular Ivy -1,65%. Down Diasorin -1,25% and Campari -0,93%. Oil stocks are doing well: Saipem, +0,13%, after the recent rally, with theshareholders' meeting called today to resolve today on the recapitalization of services for the oil and gas industry with the attribution to the board of directors of a proxy to increase the capital up to 2 billion euros. Among the stocks in the oil sector, Saras still shines +5,35%.
Eni up, opens account in euros and rubles
Eni also scores a gain of 0,77%, on the day it announced that it had started the procedures to open the current account with Gazprom Bank in double currency, euros and rubles, to be able pay for supplies of Russian gas. The six-legged dog writes that "in view of the imminent payment deadlines scheduled for the next few days, as a precautionary measure, he has started the procedures relating to the opening at Gazprom Bank of two current accounts denominated K, one in euros and one in rubles, indicated by Gazprom Export according to a unilateral request to modify existing contracts, in line with the new procedure for the payment of gas established by the Russian Federation.
Eni, however, has already rejected these changes for some time. Therefore, the opening of accounts takes place on a temporary basis and without prejudice to any contractual rights of the company, which provide for the satisfaction of the obligation to pay against the payment in euros. This express reserve will also accompany the execution of the relative payments. As is known, this is Moscow's claim that is dividing Europe. For example, according to the Tass agency, Gasum, a Finnish company, has said it will not pay Russia in rubles and will not use the payment system proposed by Gazprom.
Some German companies have already taken the path chosen by Eni.
For the EU, opening an account in rubles violates le sanctions and opens the door to an infringement procedure. In the next few days it will be understood whether the mechanism chosen by Eni, with the relative clarifications, avoids this drift.
