Le latest stock market news: Milan proceeds above 27.000 points at the end of the morning, up 0,47% in line with the other European stock exchanges. The focus today too is on oil which sees the Brent still slightly up by 0,55% to 85,4 dollars/barrel and the wtf up 0,86% to $81,11. Crude boost boosts energy stocks: Saipem +3% e Erg at +2,8% they lead the Ftse Mib. Spread slightly up to 183.
European stock exchanges: oil rises but stock markets do not fear inflation
Milan is in line with the other European Stock Exchanges which show increases practically everywhere. Paris + 0,56% Frankfurt + 0,8% Madrid + 0,8%. London it is flat with +0,09%. The sudden rise in oil prices and fears of inflation it doesn't seem to scare the European markets.
There is little macro data: producer prices in the Eurozone (-0,5% in February and +13,2% year on year) and orders for durable goods in the USA.
Credit Suisse Shareholders' Meeting: the anger of small shareholders
If oil and energy stocks remain in the spotlight on the stock exchanges, the other important appointment of the morning is the Credit Suisse meeting in Zurich. The meeting opened at 9 in the morning with shareholders on a war footing for the bailout decided by the Swiss government. Today's 4 April 2023 will therefore be the bank's last meeting and it opened with the anger of small shareholders over the merger operation with Ubs. Norges Bank, Norway's sovereign wealth fund, has said it will vote against the re-election of chairman Axel Lehmann and six other directors. Small shareholders are represented by some consultancies such as Ethos, who denounced the "greed and incompetence of the managers" of the bank. The central bank defended itself by arguing that without the intervention Credit Suisse would have failed and without the government-brokered takeover, it is "very, very likely that a financial crisis would have occurred in Switzerland and in the world," said the vice president of the Swiss National Bank Martin Schlegel to the SRF broadcaster.
Piazza Affari: Saipem shines, Erg does well
Among the stocks, Saipem and Erg stand out in Milan, leading the Ftse Mib, with the Ftse Mib in the lead. Pirelli&C also performed well +2,29%. Bank stocks are also in positive territory, led by Bper +2,35% and Banco Bpm +1,99%. More moderate Stellantis, in the aftermath of the Italian auto data and after the announcement of the reorganization of finance and leasing services in Europe. Outside the main segment, another day of strong purchases for Olidata +59,4% readmitted to trading on Monday after a seven-year suspension.
