Morning on the roller coaster for the European Stock Exchanges. Business Square, several times above and below parity, around 13 pm it was in the red by 1,17%, just below 24 points. US stock exchange futures are down slightly just over an hour after opening. Stable it spread around 153 points.
The markets are starting to count on the costs of war: according to the OECD, global growth could fall by about one percentage point, while global inflation could rise by almost 2,5 percentage points, in the first full year after the start of the conflict.
The intervention of the president of the ECB fits into this framework Christine Lagarde who declared that “the European central bank is ready to backtrack on his monetary stimulus reduction plans if the risks posed by war so require". Lagarde herself said that Russian aggression has taken the European economy into “unfamiliar territory and revealed our collective vulnerability that comes from economic dependence on hostile actors”. In short, green light for the investments necessary to emancipate the EU on the energy front despite the awareness, concluded Lagarde, that "it is unlikely that the euro area will return to the low levels of inflation seen before the pandemic".
A kind of whatever it takes Mario Draghi style? "This is not the time," said the governor of the Banque de France, Villeroy de Galhau instead.
To signal the slowdown of the German economy to the 2,1% expected by the Ifw, one of the country's main economic institutes, which is part of a group of government advisers. The institute revised downwards its previous estimates of 4% growth. “The German economy once again faces strong headwinds,” Ifw said, citing new supply bottlenecks, high raw material costs and a decline in sales opportunities due to the war.
While awaiting more precise indications from the Frankfurt bank, the markets are awaiting the statement from the Bank of England, which should raise rates, in line with the Federal Reserve's decisions, in tomorrow's session, where the day of the three witches is expected in which (as happens four times a year) technical maturities will probably further increase volatility.
Diasorin (+6,5%) runs in Piazza Affari, which closed 2021 with a net profit of 310,7 million euros, up by 25,1%, better than expected. Revenues of €1.237,7 million, up 40,4% (+41,2% at constant exchange rates) compared to 2020.
On a positive note for Moncler (+2%): the company temporarily suspended all commercial activities in Russia and closed its shop in Kiev, but does not expect any impact on 2022 profitability from the crisis in Ukraine and the increase in production costs.
They bounce Iveco e Leonardo, the second after the fatal training plane crash.
The heavy fall in bank stocks, which deteriorated sharply in the late morning, weighed down the Italian stock market: Bper e Unicredit I'm down by almost six points, Bpm bank -3,3%. Bad too Intesa Sanpaolo (-4,5%), which disclosed its exposure to Russia and Ukraine as of 15 March 2022, slightly down on the data at the end of 2021 (5,4 billion compared to 5,7 billion).
They return to climb the Petroleum (+ 4,5%) and the natural gas (+ 5%). Saipem (+1,2%) was awarded a contract by Aker BP for a drilling campaign off the coast of Norway. The start of operations is expected from the end of the fourth quarter of 2022, when Scarabeo 8 will have completed the work in which it is currently employed. Value 325 million dollars.
