European stock exchanges are making a comeback, defying the air of rate hikes blowing from the USA. To support Business Square +1,85% around 27.500 points and the other markets is, among other things, the trend ofconsumer confidence index in decisive recovery (H&M advances in Stockholm by 3,5%) but also the different trend of capital flows on the two sides of the Atlantic: the dollar hovering near seven-week highs around 1,055 against the euro. THE BTP they trade at 4,39% against 3,93% for ten-year Tbonds.
Stock exchanges latest news: what drives purchases
Investors bet on Fed rethinking rates which could rise to over 5,4% (half a point more than at the beginning of February). The inflation rate in the euro area "is unacceptably high" but "it is likely to go down because energy prices are falling," ECB president Christine Lagarde noted in an interview with the Finnish newspaper Helsingin Sanomat. .
But in the Old Continent, galvanized by others deal with London on Brexit, the prospect of an increase in the cost of money, at least for now, translates above all into a increase in the profitability of the banking system. In addition to the irresistible march of Unicredit + 5% boosted by entry into the basket ofeurostoxx 50 (at its highest level since 2015) instead of Linde, the sector can count on the push of the German company Commerzbank +4,1% re-entered the Dax index. In Milan they also shine Bpm bank e Bper, both up about 2,5% after Jefferies' promotion, a whisker above Intesa Sanpaolo + 2,3%.
Poste and Caltagirone with FSI lock down the Italian character of Anima
On positive ground in asset management Soul Holding +1,4% after the moves on the shareholding structure which have in practice armored the group's “Italian character”, a precious requirement in a moment of hunting for savings to meet the needs of the Treasury. Behind Bpm bank (in whose capital the presence of Crédit Agricole stands out) now features the Fondo Strategico ex Cdp and the axis Poste Italiane/ Caltagirone group. The company, strengthened by the new structure, today completed the purchase of castle sgr, company that manages real estate assets of 4,4 billion euros.
The rest of the sector was positive despite the fact that in January PIR funding was negative for 168,8 billion: Azimuth e Fineco they advance one and a half points.
The black jersey of the meeting is up to Saipem -4% waiting for the costs. Profits were also taken for Erg -2,5%. On the contrary, oil companies are advancing: Tenaris +2,3% and Eni +1,7%. Enel also goes up +1,6% supported by the negotiations for the sale of assets in Peru to a Chinese counterpart: Beijing controls a large part of the country's mineral resources.
And Wall Street is preparing to open higher
The US stock is expected to open higher. On the day of the release of data on durable goods orders, the S&P500 index future was up 0,5%. In the open market, the data on home sales is released.
Among the stocks, the biotech Seagen stands out +13%. In view of the purchase by Pfizer determined to strengthen its presence in anticancer products.
