European markets are losing blows in the aftermath of the decisions of the Fed and other central banks. There Switzerland raised rates by half a point, the Central Bank of Norway only by a quarter of a point. An upward adjustment of 0,25 by the Bank of England after the unexpected rise in inflation in February. Meanwhile the Central Bank of Austria announced it will not distribute profits to the federal government for the first time in decades, after breaking even last year.
In exchange Bank of America and UBS they cut their expectations on the Fed's terminal rates after the US central bank hinted at a pause in monetary tightening due to the recent banking sector turmoil.
The tightening of the central banks is slowing down the lists in Europe
In this climate, the share indexes are losing ground, with the institutes of credit leads the downside. The STOXX 600 index is down 0,73% after closing yesterday at a high in more than a week. Same script for Milan: -0,80% around 26.400 points.
European banks return to decline interrupting the rebound following the intervention of UBS in Crédit Suisse. Bpm bank leaves 1,8% on the ground, Unicredit -0,7%.
It stands out on the European price lists Sanofi + 5,2% after the French pharmaceutical company said its asthma and eczema drug Dupixent, developed together with Regeneron, hit all targets in a study for the treatment of "smoker's lung".
On positive ground, however, only the technology sector. The Dutch Prosus rises +4,7% after the leap in Hong Kong of the parent company Tencent +7% which has decided to focus only on video games.
In Piazza Affari the banks go down, Inwit and Terna do well
In Milan shines Inwit + 3,6%: the market is betting on the interest of the French private equity Ardian.
On positive ground too Terna +1,8% which expects to close 2023 with further growth in revenues and Ebitda after filing last year with an increase of 13,8% in revenues and 11% in the gross operating margin. Well Snam +0,91% and A2A +0,63%.
And on Wall Street contrasted futures but new clouds are arriving
Wall Street futures contrasted within hours of opening. The Nasdaq gains about +0,7%, while the S&P500 is little moved. But a new cloud is gathering on the US price list. Coinbase, the most important Bitcoin trading platform marks a 12% decline in the pre-exchange. The SEC has served the company with a "Wells Notice," a letter that typically precedes a subpoena, asking the company for information about alleged irregularities and legal violations. Oppenheimer lowered his stock recommendation.
Treasuries, Bunds, BTPs are back on track: the peak in interest rates is near
The prospect that the peak in interest rates is near has given a new shine to US government bonds. The yield on the ten-year Treasury Note is 3,47%.
The yield on the 2,26-year Bund falls to 5%, -XNUMX basis points.
4,13-year BTP at 3% -180 basis points. Spread at XNUMX points. In the evening we will begin to feel the atmosphere of the month-end auctions with the announcement of the Treasury in view of next Tuesday's placement for Btp 'short' and BtpEi.
According to UniCredit, in the light of the recent placement of the BTP Italia, Via XX Settembre could decide to cancel the offer relating to the indexed security.
The euro-dollar cross rose to 1,087, yesterday it surpassed 1,09, reaching its highest level since the beginning of February.
Gold at 1.982 dollars an ounce, +0,50%.
Il Brent oil and WTI loses 0,8%. Yesterday afternoon the EIA announced an increase in US weekly inventories of 1,12 million barrels, the API had estimated an increase in US inventories of about 3,3 million barrels.
He suffers Saipem -1,9% worst blue chip in Milan.
