The Bull gallops in Piazza Affari and on the other price lists of the Old Continent. A few hours after the start of the Fed meeting, the American Central Bank, the markets take for granted the end of the monetary tightening and are positioning themselves for the season of the fight against the recession and measures to avoid new bank meltdowns.
At 12:30, the index FTSE Mib it rose by 664,21 points, +2,6%, to 26.555 points, at last Thursday's levels: the market, starting with the banks, is absorbing the losses suffered due to the Crédit Suisse crisis +0,4% in Zurich. The Swiss stock exchange consoles itself with the strong recovery in sales of luxury watches (+12,2% in February): Swatch is up 2,5%.
Banks always in the spotlight, on the rise
To give charge to the price list of our house are the banks, led by Unicredit +7%, among the best European stocks. Finecobank +5,3, Bper 4,7% ed Understanding +3,2%, but the rebound extends to the entire sector including Monte Paschi +2,4% to €1.971, in any case below the price of the capital increase.
Among financials, Unipol also lengthened +2,9% e Generali + 2,7%.
Some profit taking on the bond market pending the choices of the Federal Reserve. The gap - spread - between the yields of Btp and Bund on the 10-year stretch this morning fell below 180 basis points, reaching 179, the lowest level for about a week. To then settle at 181 from 186 at the close. The 4,05-year BTP rate is at 3,99% from XNUMX% at the end of yesterday's session.
“In the absence of negative news, I expect markets to start pricing in further rate hikes,” comments Daniel Lenz, head of euro rates strategy at DZ Bank.
In the context of a particularly lean macro agenda, the focus is onZew index which measures the morale of German investors, which deteriorated beyond expectations in March, reaching 13 from the previous 28,1.
The energy sector is back in sight, Eni and Saipem superstars
The return of risk appetite pushes the energy sector +2,8%. At the Frankfurt Stock Exchange RWE stands out. The leading German utility has promised a higher dividend and more investments to expand its core business of renewables. The oilmen run: Eni + 2,5% Saipem +6.6% flies ahead of the blue chips.
But volatility remains high
While awaiting tomorrow's decision on the other side of the ocean, "volatility remains the name of the game", write the UniCredit strategists, explaining that "fluctuations in risk appetite will probably remain in the foreground": o bookmakers bet on a quarter point up. The same goes for the pound pending the decisions of the Bank of England: Money markets are pricing a 50/25 chance the BoE won't raise interest rates on Thursday and the same chance for a XNUMX basis point hike.
La GBP it fell 0,35% to $1,2234.
Before the opening of the US, the shares of First Republic, yesterday -47%, mark a recovery of 13%.
BANKS: Intesa Sanpaolo +3,71%, UniCredit +7,25%, Banco Bpm +3,24%, Bper Banca +4,89%, Mediobanca +3,13%, Banca Mps +1,81%.
OIL&GAS, UTILITIES: Eni +2,39%, Erg +0,44%, Saipem +6,64%, Snam +0,34%, Tenaris +3,62%, Enel +1,84%, A2A +0,34, 0,05%, Terna +0,69%, Hera +0,45%, Italgas -2,98%, Maire Tecnimont +XNUMX%.
ASSET MANAGEMENT, FINANCIAL SERVICES: Banca Mediolanum +3,16%, Azimut +2,82%, Banca Generali +3,30%, FinecoBank +5,71%, Anima Holding +2,75%, Poste Italiane +3,14 %, Nexi +2,96%.
