Mainly positive indices today in Europe, following the Asian markets and following the news on the reduction of the anti-Covid quarantine for those going to China. Volatility, however, appeared in the afternoon due to the change of sign on Wall Street. Piazza Affari gains 0,79% and closes at 22.101 points, in line with London +0,97%, Madrid +0,9%, Paris +0,54%, Frankfurt +0,35%. Bringing up the rear is Amsterdam, -0,23% after the rally on the eve.
Wall Street, after a fitting start, he decidedly changed his pace. Four out of eleven sectors are currently down, with consumer discretionary down 1,7%. The best sector is energy and travel stocks (driven by Chinese easing), but also those of banks remain well, after passing the stress tests and the decision of some institutions to raise dividends.
The prices of T-Bonds fall and yields grow: +3,22% for the ten-year (+0,83%).
Rates up after Lagarde
Yields on government bonds in the euro area also rose, with Christine Lagarde's words at the Sintra Forum. The president of the ECB appeared more determined than ever to bring inflation under control, therefore to proceed with a 25-base rate hike at the end of July, the first for 11 years, and to intervene again in September, to an even more consistent, calibrating the action on the basis of the macroeconomic framework. Lagarde confirmed that the ECB will also be able to launch new initiatives to break down the fragmentation of the block, that is the anti-spread shield and the instrument "should be effective, proportionate and contain sufficient guarantees to preserve the momentum of the Member States towards a sound fiscal policy".
The Italian secondary takes it well and the spread between 10-year BTPs and Bunds of the same duration, fell by 191 basis points (-3,27%), with rates on the rise: Italian bonds stopped at +3,54% (from +3,51% yesterday) and German bonds at +1,63, 1,54% (from +XNUMX%).
Oil on the rise with the G7
In commodities, oil was up for the third day in a row on global supply concerns given new restrictions in Libya and Ecuador and the fact that the UAE says it is already at capacity productive.
Brent appreciates by 0,9% at 116,22 euros per barrel. WTI oil on the Nymex climbed 1,29% to $110,98 a barrel after the G7 reaffirmed its commitment to phase out dependence on Russian energy and gave the green light to "explore" further measures against Moscow, in order to reduce Russian revenues from hydrocarbons.
On the ceiling of gas, the orientation is not very clear and Europe will have to think about it. "We have given a mandate to the ministers to work urgently on a ceiling on the price of gas and oil - says the Italian premier Mario Draghi - The EU Commission has said it will speed up the work and we can only welcome this decision".
US sanctions will hit Russian gold, as announced by the US Treasury Department. Spot gold in Europe appreciates by 0,39% to 55,59 dollars per gram.
The euro falls, while pessimism advances in France and Germany
Sul currency market the euro loses ground. The exchange rate with the dollar returned to the 1,053 area, weighed down by the sharp declines in household confidence in France and Germany.
In France, pessimism has been ripening for six consecutive months, with families worried, according to the Insee statistical institute, about their financial situation and the evolution of their fear of life. The indicator loses three points and falls to 82, below the long-term average which is 100 and against expectations at 85.
Il German consumer sentiment on the other hand, it will probably reach an all-time low in July due to the war in Ukraine and the consequent jump in prices. The GFK institute expects an index of -27,4 points for next month, the lowest since the start of the series in 1991.
Piazza Affari is positive with Leonardo and utilities
Crazy numbers again today for Saipem, with the capital increase that sends the shares of a theoretical +69,64% into orbit and the rights -43,37% to the bottom. "A bottleneck has arisen between the common stock that is in demand, but there are few of them around, and the right that falls because investors want to get rid of it, but can't," observes a trader interviewed by Reuters.
The company has also been awarded onshore drilling (onshore drilling) and deep water construction (offshore E&C) contracts in the Middle East for a value of approximately 1.250 million dollars (1,18 billion euro).
Net of Saipem the price list is led by Leonardo +3,68%. Oil stocks appreciate starting with Tenaris +2,49%, while utilities recover with Terna +2,42% and Italgas +2,37%
In managed savings, it shines Post office +2%. Chinese reopenings lend a hand to Moncler +1,83% and more generally to luxury stocks in Europe.
At the bottom of the list are Inwit -1,64%, Amplifon -2,01%, Stm -1,27%, Banca Generali -0,47.
The headlines that orbit in the Delfin sphere, traumatized yesterday by the death of Del Vecchio, rear their heads: Mediobanca +1,23%; Generals +1,19%.
Outside the main basket, the parable of Ovs ready to buy its former shareholder is fascinating. The stock appreciates by 2,59%, after the letter of intent for the possible acquisition of 100% of Coin, the former parent company, by next November. The company has also extended the buyback plan for another 10 million euros.
The talks with the Switzerland Dufry, for a possible industrial integration, they appointed Autogrill, which closes with a rise of 3,76%.
