Equity files a weak session in Europe, while appearing well bought on Wall Street, despite the mysterious New York subway bombing and record inflation in March, which may have peaked.
Instead, the financial climate remains cloudy-variable in the Old Continent with the war in Ukraine and the gas problems, waiting for the ECB meeting, bank sales, uncertainty over the French ballot.
Piazza Affari loses 0,33% and drops to 24.667 basis points; London -0,6%; Frankfurt -0,5%; Paris -0,28%; Madrid -0,07%. In contrast, Amsterdam +0,23%.
On the currency market it is still super dollar and the euro is falling around 1,085.
Record US inflation, but "core" inflation is better than expected
The data on inflation in March gave impetus to the US markets, in particular the Nasdaq. By paradox the leap is the largest in 41 years (+8,5%), a record, but the good news is that growth is lower than expected excluding the jump in energy and food costs. In fact, the core index rose by 0,3% on February and by 6,5% on the same period of the previous year. This is an indication, according to some analysts, that inflation has already reached its peak and that, as the White House said yesterday, it could begin to go down. This may offer a respite to the Fed, forced by the price race to an aggressive monetary policy, with the risk of undermining growth.
Today's data is also welcomed by the bond sector: in fact, prices on US Treasury bonds are currently rising and yields appear to be declining. The 2018-year rate, which yesterday hit its highest since 2,7, is moving down around +XNUMX%.
The grip on government bonds in the Eurozone also loosens slightly: the 10-year BTP scores +2,41%, the Bund with the same duration +0,79%, for a spread of 162 basis points, an improvement for Italian paper (-0,88%). Among the macro data: in Germany, the German economic sentiment falls, to a lesser extent than forecasts (-41,0 points for the Zew index, from -39,3 in March, down less than the estimates).
Rallying oil
Easing of some anti-Covid restrictions in Shanghai helps oil rebound, as OPEC warns it will be impossible to replace potential supply losses from Russia.
The cartel cuts growth estimates for the global economy in 2022 to 3,9% from 4,2%, mainly due to the pandemic in China and consequently reduces its forecasts on the increase in demand crude oil production of 500 barrels per day to 3,7 million barrels.
Right now Brent up 6,47% at $104,86; WTI +6,83%, 100,73 dollars a barrel.
Among the raw materials gold is also appreciated: +1,05%, $1973,79 an ounce.
Piazza Affari limits losses, but the banks are in the red
Sales on financial, pharmaceutical and utility stocks weigh down the main Milanese stock exchange.
The German thud contributes to weighing on the banking sector Deutsche Bank (-9,14%) and Commerzbank (-8,21%) in Frankfurt, in turn ballasted by the sale, yesterday, of 5% of their capital by an investor (according to the Financial Times this is Capital Group, which allegedly unloaded a share of 1,27 billion euros).
In black jersey in Piazza Affari is Unicredit -3,86% and are in sharp decline Bper -3,19% Finecobank -2,24% Understanding -2%. Flat Bpm bank, +0,03%
Among the worst ten blue chips of the day there are also Diasorin -2,71%, Terna -2,35%, Recordati -1,93%.
It stands out in the green area of the price list Tenaris +3,23%. Dusting Leonardo +2,74%, promoted to "buy" by Deutsche Bank and supported by rumors about a possible entry into the European tank project, the Franco-German Main Ground Combat System (MGCS).
On the podium Ferrari, +2,48% which also wins again on the Stock Exchange. Well Cnh +2,27%, Nexi +2,37%, Moncler +1,27%.
Among the titles in the spotlight in this period it appears rather neglected Atlantia, -0,5%, with rumors about an imminent takeover bid by Edizione and Blackstone aimed at delisting from Piazza Affari.
