The short Easter week of the stock exchanges opens in the name of uncertainty: Wall Street opens sharply lower and the closing in Europe is weak, while in Ukraine the war continues and the (final?) offensive of the Russians in the Donbass is underway. Meanwhile, the race in government bond yields continues and oil weakens with Covid in China.
In Europe: Positive Stock Market Closing in Paris, Declining in Milan
In the Old Continent, Paris stands out positively, +0,12%, in the aftermath of the first round of the presidential elections, with Emmanuel Macron ahead of Marine Le Pen, even if the results of the ballot they do not appear at all obvious, as Maddalena Tulanti explains on FIRSTonline. To drag the Cac 40 were above all the purchases on Société Générale (+5,17%), following the announcement of the bank's exit from the Russian market. A move that will have an impact on the accounts of the French giant for 3,1 billion euros. Sogen will sell his entire stake in Rosbank to the investment fund Interros Capital, created by Vladimir Potanin, an oligarch close to President Putin and hit by EU sanctions.
in the rest of the continent Milan limits losses to 0,28% (24.749 basis points), while the red is lit in Amsterdam -1,38%. I'm in fractional decline Frankfurt -0,61%, Madrid -0,25%, London -0,65%.
The climate is cold in Moscow, where the Moex is down 1,3% and the dollar-denominated index is down 5,8%. The ruble is down, having recovered its war losses in the last eighth. The decision of the central bank to loosen the temporary capital control measures to limit the collapse of the currency is being felt on the Russian currency. Meanwhile the country's railways are in default, as they failed to honor a payment on notes issued to secure a 250 million Swiss franc loan. This was decided by the Credit Derivatives Determinations Committee (Cddc) of the EMEA area which counts among its members some of the largest investment banks in the world.
The euro shy with the uncertainty about the French elections
On the currency market, the euro attempts a timid recovery against the dollar and changes around 1,088, looking with fear and hope to Macron's advantage over its rival. Some commentators compare a possible defeat of the current French president to the shock caused to European markets and the single currency by Brexit.
Among the raw materials, oil is in sharp decline, with Brent below 100 dollars a barrel, weighed down by the prolonged lockdowns in China due to the growing number of Covid cases. Inflation rises in the celestial empire, +1,5% in March. The session was heavy for Asian stocks.
Spreads down, but rates soar: Bund +0,81%
The rise in government bond yields continues in Europe and the USA, pending a tightening by the central banks induced by rising inflation. The Fed's step appears much more decisive and inflation data will be released tomorrow in the US and in Germany. On the other hand, the ECB is meeting on Thursday and it is feared that the hawks may prevail, while the economic recovery is showing signs of a slowdown due to the war and energy problems.
Indeed, according to the super-index calculated by the OECD, the euro zone economy is losing momentum even if growth remains sustained. For Italy, the index drops to 100,8 from 101,0 in February; for the whole area of the single currency the drop is from 100,6 to 100,5; for the G7 to 100,2 from 100,3.
Returning to the data of the day: lo spread between 10-year BTPs and Bunds for the same duration, it narrows slightly to 164 basis points (-0,71%), but rates still rise: +2,45% for the Italian bond (the highest since March 2020) and +0,81% for the German one ( the highest since 2015). French 1,3-year bond yields, which at first seemed ready to celebrate Macron's lead, also saw the yield climb back more than 2015% to its highest level since XNUMX.
Overseas, the prices of US Treasury bonds fall and the 2,77-year rate reaches 2019%, the highest since XNUMX.
Closure of the Milan Stock Exchange: Iveco redeemed, Moncler collapsed
In a weak session, Iveco finds reasons for redemption, +6,16%, which last week had reached its annual lows and which has lost more than 40% since the spin-off from CNH (+0,98%) and the stock market listing at early 2022.
In progress Leonardo +4,66%, in great shape since the start of the conflict in Eastern Europe.
It is appreciated Prysmian +4,18%, rewarded by Credit Suisse which brought the recommendation to "Outperform" from "Neutral" and the target price to 35 euros from the previous 33.
Raise your head too stellantis + 1,13%.
At the bottom of the list it is instead Moncler -4,8%. Rbc cut its target price to 60 euros from the previous 61 euros, but the drop in the queen of down jackets is part of a negative context for luxury due to the new lockdowns in China.
Nexi -3,65%, Amplifon -2,68%, Diasorin -1,95% are down.
They are mixed banks: Banco Bpm drops 1,96%, awaiting developments after Crédit Agricole has acquired 9,18% of the capital. Unicredit rises by 0,58%.
Atlantia weakens -1,09%, after press sources wrote that the investment funds Global Infrastructure Partners and Brookfield are not planning any "hostile" initiative against the Italian group.
Out of the main basket Maire Tecnimont, +4,81%, celebrates the order in the United States worth approximately 185 million dollars for a new project in the production of urea Diesel Exhaust Fluid (Def)
