The race for government bond yields continues and the Stock Exchanges are slow, with the US technology index declining. After a fitting start, Wall Street has in fact changed pace (the Nasdaq is in red), even if it will probably archive the second consecutive week in progress.
In Europe, the main squares are moderately positive and see a further recovery, after the losses recorded with the start of the war 30 days ago. The closure is below the highs of the day, with attention always focused on the Ukrainian front and on the visit of US President Joe Biden, who is in Poland this afternoon after the important round of meetings in which he participated yesterday in Brussels.
Business Square it was confirmed as the most in tune and trading was halted with an increase of 0,64% to 24.582 basis points, thanks to utilities.
Progress is being made ad Amsterdam + 0,42% Madrid + 0,32% Frankfurt +0,24% and London +0,17%. It's flat Paris.
Lose altitude Moscow Stock Exchange, after trading resumed yesterday. The square reopened with only 33 blue chips and reduced hours, as well as various restrictions, including a ban on short selling and for foreign investors, who cannot sell local shares. The Moex, after the recovery on the eve, is back today by 3,66%. Among the stocks in the red are energy giants such as Gazprom and Lukoil, as well as the country's first bank Sberbank, with the US having established new sanctions against companies and managers in the country, including Hermann Gref, head of Sberbank, person considered very close to Russian President Vladimir Putin.
Among the raw materials, the Petroleum, which trades in progress with Brent at 120,34 dollars a barrel (+1,1%) and Wti at 113,64 dollars (+1,15%).
The price remains high Of their, 1956.43 dollars an ounce.
On the currency the euro-dollar it doesn't deviate much from 1,1.
The most substantial sales are recorded on government bonds, in the growing bet of a major tightening by the Fed in 2022 due to the run of inflation.
The 2,5-year Treasury rate close to +XNUMX%
Selling on T-Bonds continues, showing falling prices and rising rates.
The 2,48-year Treasury is currently trading at 5,88% (+2019%), the highest since 75. Yields have risen more than 190 bps in the past two weeks as traders revised their expectations on the monetary policy of the Fed. Reuters writes that markets today expect US interest rates to rise by up to 25 basis points over the course of the year, following a 88 basis point hike last week. Investors assign an 50% probability of a XNUMX bps rate hike in March.
It should also be noted that an inversion of the curve between 10-year and 5-year bonds has been underway for a week, while the spread between the 2-year bond and the 19-year bond fell to 130 basis points, against XNUMX basis points five months ago.
According to Bofa, global bond markets are experiencing one of the worst phases in their recent history. Analysts note that US stocks are close to the biggest annual loss since 1949.
Sales also continue in Europe, even if the spread between 10-year BTPs and Bunds of the same duration, it drops to 150 basis points (-2,05%). The rate of the Italian bond is +2,06% and that of the Bund rises to +0,57%.
On the other hand, the uncertainties induced by the war in Eastern Europe have had repercussions on the morale of economic operators on the continent, as demonstrated by the German Ifo data on companies, which fell in March (given the problems in the supply chain resulting from the rise in energy prices ) and the data on consumer confidence in Italy, which collapsed in March due to fears related to the conflict. Business confidence is also down sharply.
Piazza Affari appreciates itself with Terna
Queen of the main Milanese price list is today Terna, +3,55%, following the update of the business plan to 2025. The plan provides for 10 billion investments and revenues of 3,08 billion by 2025, Ebitda at 2,14 billion, for an average annual growth of over 4% for revenues and over 3% for Ebitda. The dividend policy was also confirmed. The targets are 'above the estimates', underline the Equita analysts, who confirm the “buy” judgment, raising the target price by 4% to 7,9 euros per share. Positive judgment also from Bank of America, which revises the target price to 8,9 euros from 8,5.
Among utilities they also stand out Ivy +2,09% and Snam + 1,96%.
It is located at the top of the list Campari, +3,46%, with the 'buy' promotion by BofA Global Research even if the broker reduced the target price to 12,30 from 13,70 euro.
It is confirmed in money Telecom, +1,81%, at the center of news and rumors both for the potential takeover bid of the Kkr fund, and for the single network project, and for the possible interest of third parties for some of the group's assets. As for the single network, according to rumors, talks between Tim and Cdp should start shortly and the signing of a confidentiality agreement is expected at the beginning of April. Furthermore, an offer from the CVC fund should arrive shortly for some assets of the future ServCo, the service company that will form one of the two legs of the future Tim designed by the CEO Pietro Labriola's plan and which is also of interest to Vivendi. All while the offer of Kkr remains in the background, which appears less compatible with Labriola's projects, even if yesterday the fund specified that it was not prejudicially opposed to the single network.
It remains effervescent Generali, +1,86%, title in the spotlight for the battle over governance. Today was presented the plan 'Awakening the lion' proposed by the shareholder Caltagirone who is nominating a new management to lead the group as an alternative to the current CEO in view of the battle for the renewal of the board of directors at the meeting at the end of April. Jefferies raised the target price of the Trieste-based company to 17,5 from 17 euros.
Good oil Tenaris +2,48% ed Eni +1,13%, while Saipem loses 2,47%, after the presentation of strategic plan to 2025 and the financial package which envisages a gigantic capital increase of 2 billion euros (equal to double the market capitalization) to be implemented by the end of the year.
“Although the industrial backdrop is supportive due to the sharp rise in oil prices, we do not believe the market is willing to discount long-term goals,” Bestinver wrote in a note.
Realizations penalize managed savings, in particular Post -1,33% and Finecobank -1,5%. In black jersey it is Iveco -4,13%.
