Calm seems to be gradually returning to the markets. In Europe they are rising the companies that obtain benefits from the drop in rates, those of public utility and those of the real estate sector. Still declines, albeit moderate for the banks. In Piazza Affari the excellent response of the ai market general accounts +3,2% protects Taurus from a new descent. The credit Bigs are holding up: Intesa Sanpaolo ed Unicredit (many funds will vote against Orcel's salary). Strong recovery Mediobanca +2,5%. Still in red Bper, Bpm and Mps -3,5%. At 14 pm the index rose by 1,61%% to around 26.500, preceded by the Frankfurt Dax. Volkswagen -2,9% announced today 180 billion of additional investments for the next five years, two-thirds dedicated to the electric car.
The worst seems to be over, even if there are new negative surprises: -5,7% for Crédit Suisse after the discovery of new "holes". But the data arriving from overseas authorize a certain optimism for now. The future of the S&P500 index is up 0,5%. Particularly trying to react the securities of regional banks after two days of passion (190 billion dollars in smoke): . First Republic Bank +45% in pre-exchange, from -61% yesterday. PacWest Bancorp +40%. Western Alliance Bancorp +20%.
US inflation is reviving European stock markets, but rates are under tension
To give courage to the price lists is the data on theUS inflation: prices in February grew by 0,4% compared to January. The "core" data, i.e. the one excluding the food and energy prices component, grew by 0,5%, against expectations for a rise of 0,4%. On an annual basis, the general figure recorded +6%, the lowest figure since September 2021 against expectations for +6,1%. The data are in line with the expectations of analysts who expected a slowdown: +6%, from 6,4% for general and +5,5% from 5,6% for core. A significantly lower reading could lead to a pause, while a reading in line or higher would lead the Fed to confirm the 25bp hike. The 50 basis points given for certain until last Friday are now out of the question. And there are those who, like Nomura, call for a cut.
To justify the move is the sharp decline in bond yields: the 3,60-year Tnote trades at XNUMX% . The movement in interest rates anticipates the approach of the recession, aggravated by the slowdown in bank lending.
Le interest rate tensions however, they shouldn't lead the ECB bankers to question the 50-point increase already announced for Thursday's meeting, even if there is no shortage of opposing voices.
Il Bund at ten years trades at 2,35%, +10 basis points. 4,21-year BTP at XNUMX%.
Euro zone finance ministers yesterday backed a recommendation from the European Commission proposing to start tightening fiscal policy this year and next, phasing out public support offered to businesses and households against high energy prices.
THEeuro dollar thus losing 0,3% to 1,070. Also down thegold at $1.903 the ounce.
Il WTI oil loses 2% to 73 dollars a barrel, yesterday -2,4%.
In Piazza Affari Generali leads the recovery of Milan
Leading the recovery of Milan is the extension of Generals +3,5%. The board of the Leone has proposed a dividend per share of 1,16 euros, up on the 1,07 distributed last year. Generali confirms an extremely solid capital position, with the Solvency ratio at 221% from 227% at the end of 2021. The company has confirmed all the objectives of the "Lifetime Partner 24: Driving Growth" strategic plan.
They bounce Iveco +3% and utilities: A2A+2,5%. Salt too Enel +1,26% which announced yesterday that it has signed a cooperation agreement with Turin-based clean nuclear technology company Newcleo under which they will pursue the opportunity to work together on fourth generation nuclear technology projects. Eni is also on positive ground +0,2%, despite the sell by Goldman Sachs. In red instead Tenaris and Saipem.
In great dust Tod's +5,13% at 13. The company. The delisting objective having failed, it closed the year with a net profit of 23,1 million euros which compares with a loss of 5,9 million in 2021. The operating result is positive for 58,2 million in 2022 , more than double the value of last year. Diego Della Valle underlined that "considering the excellent start of the season in our stores and the solidity of the order book for next season, we are very confident about the group's future results".
