Stock exchanges shy in Europe, on the day the EMA admits that they exist possible links between the AstraZeneca vaccine (-1,17% in London) and some very rare cases of thrombosis, even if the European drug agency reiterates that the benefits outweigh the risks.
They close flat Milano (-0,08%), Frankfurt e Paris, record fractional losses Amsterdam -0,3% and Madrid -0,4%.
Off the block he leaps London +0,9%, favored by an all-out vaccination campaign that will allow it to take the first steps towards normality starting next week and by the drop in the pound, which is trading downwards against the euro and the dollar. The title Deliveroo it gained 2,14% on the first day that retail investors were able to trade the shares purchased during the IPO, despite some British riders planning a strike to demand a fair wage.
Overseas Wall Street appears volatile in the first hours of trading, awaiting the minutes of the last meeting of the Fed, while the T-Bond market appears stable with yields declining for the 916.000-year term. The USA is the driving force behind world growth revised upwards by the estimates of the International Monetary Fund, but this should not rapidly upset the central bank's monetary policy. After the excellent job report in March, investors were in fact assured by the president of the Cleveland Fed, Loretta Mester, who told CNBC that the significant increase in jobs (675.000, against the 2 expected) is not enough to make change course from the Federal Reserve's very accommodative policy and Mester is not worried about the recent increase in yields. Inflation could go beyond XNUMX%, if this favors full employment.
Meanwhile from the G20, at the end of the second meeting of ministers and central bank governors of the group meeting today under the Italian presidency, the Italian economy minister Daniele Franco reports that the countries want to avoid the early removal of the support measures taken to cope with the crisis. "There is a general consensus - he says - to strengthen cooperation to address the challenges posed by the pandemic".
THEeuro-dollar is still recovering and the exchange rate is approaching 1,19. Among the raw materials, there is little movement there'gold, while the Petroleum it is at a loss. Brent is down 1,6% and trades below 62 dollars a barrel.
Between thrusts and counterthrusts, the Piazza Affari session is in the end colorless, with the main index still nailed to below 25 thousand basis points, also in light of the fact that Istat has provided a map of Italian companies from which it emerges that 45% of the same is structurally at risk. Furthermore, the publication of the PMI indices showed a contraction in the Italian services sector in March, for the eighth consecutive month, with a slightly faster pace than in February.
The profit-taking on securities that rose yesterday, such as Moncler -2,64%. Diasorin -1,65%; Inwit -1,83%.
Pressurized oil with Tenaris -1,57%. Among industrial stocks, sales penalize in particular Cnh -1,49% and Prysmian -1,29%.
Banks in slight decline. The worst is Bpm bank -0,86%.
At the top of the list nexi + 3,52% Azimuth + 1,54% A2a + 1,29% Leonardo + 1,09% Buzzi + 1,02%.
Atlantia rises by 0,54%, after Florentino Perez, president of Acs, said yesterday that he could consider the acquisition of Aspi.
Outside the main basket it is flat Unieuro, which yesterday updated its all-time highs. On the evening before, with the stock exchange closed, Iliad announced that it had acquired a 12% stake in the group.
The climate is also stagnant on the secondary: lo spread rises to 102 basis points, while the 10-year BTP rate remains at +0,7%.
On the primary side, however, the demand for Italian paper does not stop, even in the very long deadlines. The two 7-year and 50-year BTPs offered in dual tranches by the Treasury were launched on the market. The new 50-year BTP benchmark expiring on 01/03/2072, according to financial sources to Radiocor, was placed for an amount equal to 5 billion euro while the reopening of the 7-year BTP expiring on 15/03/2028 was set at 7 billion. For the 7-year bond, demand stood at 66 billion euro while the spread was cut to 9 basis points (from the 12 points at the start of the offer) on the yield of the BTP expiring in September 2027. For the new 50-year benchmark, demand exceeded 64 billion euro while the spread was set at 47 basis points on the yield of the BTP maturing January 2051 (from the initial 50 points). The operation was followed by a pool of banks made up of Barclays, Bank of America, Jp Morgan, Societé Generale and UniCredit.
Finally, the Pepp purchases of the ECB continue, which has bought Italian government bonds for 20,50 billion euros over the last two months as part of the pandemic emergency program (Pepp). In the previous two months, btp purchases amounted to 18,14 billion. The total of Italian securities purchased in the Pepp context therefore rises to a total of 156,81 billion. In the same period, the ECB bought German bunds for 31,76 billion at 220,51, French bonds for 24,63 billion at 158,23 billion and Spanish bonos for 14,38 billion at 104,22 billion.
