The markets raise their heads and, perhaps out of coherence with this crazy phase, they do so on Friday the 13th. European stock markets close sharply higher and Milan recovers 24 basis points. Overseas, Wall Street is moving vigorously (Nasdaq +4%), while bonds begin to weaken again.
The euro is making cautious progress after yesterday's losses and trades against the dollar in the 1,034 area, but the fact remains that the euro is at its lowest level against the dollar for twenty years.
They go down gas prices, after the surge on the eve (but they remain above 105 euros per megawatt hour in Europe), while oil is trading positively. Brent grows by 3,4% and trades at 111,9 dollars a barrel.
Digital currencies recover some losses: the bitcoin it rises almost 5% and is approaching 31 dollars.
It is probably a technical rebound, after many sales. But Jerome Powell may have also contributed to restoring some optimism, easing worries about a possible rate hike of 75 basis points. Yesterday, on the day of his official confirmation at the top of the Fed by the US Senate, Powell reiterated that he will raise interest rates by half a percentage point in each of the next two monetary policy meetings.
Heart-pounding Twitter with Musk's chirping
In a context of trust, at least momentarily, it provides some thrills Elon Musk, who at dawn USA twittered as follows: "the operation on Twitter is temporarily suspended pending details to support the calculation that spam or fake accounts are actually less than 5% of users". Then he corrected himself by saying that he was "still busy buying". A shot that made the bird's stock heart beat wildly. Futures first lost 20%, falling below $35 (after closing at $45,08 yesterday), then shares recovered but are still down 9% to $41. The shares of Tesla, of which Musk is CEO, instead rise by 5,5% as proof that investors see well the shipwreck of the entrepreneur's economic commitment in the famous social network.
European stocks rise with war in the background
While remaining constantly in tune with the news coming from the war, the European stock exchanges have regained momentum today.
Business Square gains 2,05% and closes at 24.048 basis points. The recovery is even clearer for Amsterdam + 2,82% London + 2,56% Paris + 2,52% Frankfurt +2,12%. Bringing up the rear is Madrid, which marks an increase of 1,64%.
Among the stocks in evidence is Deutsche Telekom, +2,35%, which raised its annual earnings forecast.
Leads the rises of the Cac 40 Stm, +6,03%, in the aftermath of Capital Markets Day during which the medium-long term growth ambitions of the semiconductor group were presented (revenues of 20 billion dollars and more between 2025 and 2027, with a gross margin of approximately 50%). The title stm it also appreciates on the Ftse Mib, +6,03%.
However, the general context remains very volatile.
"The risks are to the downside with a huge increase in economic uncertainty and large shocks to real disposable income for households," Deutsche Bank economists said in a statement. Furthermore, “the risk of a recession is increasing. The war in Ukraine is the main concern in 2022. The main concern in 2023 is instead the combined ECB/Fed tightening”.
For the record, it is added that today German Chancellor Olaf Scholz had a long phone call with Russian President Vladimir Putin, to invite him to accept a ceasefire in Ukraine.
While the Turkish leader Erdogan has said he is against the entry of Finland and Sweden in NATO.
Piazza Affari held back by Unipol
Piazza Affari archives an excellent session, which could have been even better if Unipol had not lost 8,25% on the day of quarterly presentation. On the wheel Unipolsai (-3,17%). The Bologna-based giant, which yesterday was among the best stocks of the day, plunged today after recording a 31% drop in profit for the quarter. The plan to 2024 called "Opening new ways" and which envisages the generation of profits of 2,3 billion euros and the payment of cumulative dividends of 750 million and 1,4 billion respectively for the holding has evidently not warmed up the market either and controlled. According to the analysts of Intesa Sanpaolo "the objectives are above our estimates for Unipol for net profit and dividends, while for UnipolSai they are below for the part of the dividends".
Apart from the exceptional crash of the group led by Carlo Cimbri, the other few reductions are of a normal order and related to Inwit, -1,26%; Bpm bank -0,78%; nexi -0,73% A2a -0,09%.
At the top of the list stands out Saipem, +9,29, which revives after the recent losses. The whole energy sector is gaining, Tenaris +3,76 ed Eni, +2,13%. The six-legged dog, writes Reuters quoting three sources close to the dossier, "next week will start the procedures necessary to open a ruble account to pay for Russian gas, unless the European authorities clarify that this is contrary to the sanctions introduced as a result of the war in Ukraine”. Time is running out as Eni is required to settle Gazprom's monthly supplies around 20 May. Both the company and Palazzo Chigi have not commented.
Shines Maire Tecnimont, +9,77%, which yesterday did not react to the announcement of an Epc contract for a green hydrogen plant in India.
Health sector stocks also recovered such as Diasorin + 6,39% Amplifon + 5,97% Recordati + 3,61%.
The quarterly gives the tone to Interpump +4,32%. In the Agnelli galaxy they appreciate each other Cnh +4,08% and stellantis + 3,89%.
Spreads up
The Italian secondary closes down, where the spread between 10-year BTPs and Bunds of the same duration, it rises to 190 basis points (+3,08%). Yields are growing: +2,85% for the Italian stock (from +2,71% yesterday); +0,95% (from +0,87%) for the German stock.
