Tim leaps to the top of the Stoxx 600 index, itself at the top. Business Square +0,36% consolidates its leadership among share lists just a whisker from 28. The BTP Italy aat 13,30 pm it collects 2,45 billion. And, finally, it spread slips to 172. Spring air is circulating for corporate Italy on a positive morning for the markets: the next half point increase in European rates is now expected, operators are hoping for a slowdown in the growth in the cost of US money.
Stock exchanges latest news: Piazza Affari does not slow down, Prysmian is on the run
Telecom Italia shares are up about 2,5% after the CDP approves a non-binding offer for the fixed network of the former telephone monopolist, valid until 31 March.
They also run banks captained by Unicredit +1,6% and Bpm bank. nexi +1,4%. A technical table was set up at the Ministry of Economy to identify solutions to contain the costs of payments through Pos on transactions up to 30 euros for merchants with a turnover not exceeding 400.000 euros. The starting hypothesis is zero commissions within 10 euros and cuts to scale between 11 and 30 euros, explains a government source.
Touch the startup Prysmian all-time high to 38,68 euros following two new contracts in the Netherlands (worth 1,8 billion euros) for connection projects between two future offshore wind farms located in the Dutch part of the North Sea. The total value of Prysmian's order book thus rises to approximately 8,5 billion.
In good evidence Piaggio +3% on the wave of growth in the sale of two and three wheelers in India (+15 and +81% respectively): Banca Akros renews the "Buy".
In the other price lists, the exploit of Rheinmetall +2,90% should be noted: the tank manufacturer will enter the Dax 30 next month.
Despite China's partial disappointment after the party Congress set the 5 GDP target at a modest +2023%, luxury stocks are advancing: Lvmh, Kering and Hermès report increases in the order of one percentage point.
Downside: Investor morale falls in the Eurozone
On the downside, investor morale in the euro zone fell unexpectedly in March for the first time since October. L'Sentix index it fell to -11,1 points in March from -8,0 in February. European Union statistics office Eurostat said retail sales in the 20 countries that share the euro rose 0,3% quarter on month in January, down 2,3% from the same month in 2022. The figure is well below the expectations of economists polled by Reuters.
But the collection of the Btp Italia flies
However, the state of grace of the financial center of the Bel Paese is enhanced by the convincing start of the 19th edition of the BTP Italia. In the first three hours, more than 2 billion euros were raised.
Taking into account that "5-year inflation expectations are equal to 2,21% and that 5-year BTPs currently yield 4,09%, the Treasury would at least recognize an annual premium of 12bp, which rises up to about 28 basis points for those who hold to maturity; therefore, slightly convenient (provided that inflation expectations materialize in the coming years)”, reads a comment from the Intermonte bond area.
According to UniCredit, in 2023 the Treasury will issue another bond dedicated to retail in addition to the one currently offered, evaluating whether to offer a new Btp Italia, a Btp Futura or a new instrument dedicated to retail investors.
Tomorrow launch of an EU bond in July 2034?
It could materialize tomorrow the launch of an EU bond via syndicate expiring in July 2034.
At around 12,30 the yield on the 4,43-year reference is worth 4,54%, on the lows of a week, from 180% at the close on Friday while the spread on the Bund fell below 177 basis points and, at the same time, XNUMX basis points. Frankfurt's chief economist Philip Lane spoke of signs that inflation, while remaining at high levels, is declining.
I Wall Street futures anticipate a start of the session on equality.
The prices of the US Treasuries with the 3,91-year yield down to XNUMX%. Tomorrow Jerome Powell is heard by the US Senate Banking Committee, the next day the hearing is in the House. The Federal Reserve chairman takes the floor after a long series of better-than-expected macroeconomic data, this sequence has reduced the possibility of an imminent moderation in monetary policy.
Macro data:
Euro dollar little moved at 1,064.
WTI oil down 1% to 78,5 dollars a barrel.
EU Natural Gas -4,3% at 43 euros/mWh, lowest level for over a year.
