The ship goes and free the Suez Canal, but the financial waters, especially those of the banks, are very troubled since Archegos case, the US hedge fund forced into a huge asset liquidation. The end-of-day summary for European stocks is mixed, while Wall Street after a weak start is accelerating to the downside.
Business Square gains 0,12% and closes at 24.421 points, supported by Post + 2,18% Telecom + 1,64% Italgas + 1,45% Eni +1,13%, but weighted by Cnh -1,83%, Diasorin -1,34, Interpump -1,22% and bank stocks. Unicredit loses 1,34%; Bper -1,04%; Understanding -0,5%. Bucking Bpm bank +0,37% and Creval +0,83% (12,12 euros), the latter increasingly distant from the offer price of Credit Agricole Italia of 10,5 euros and after the bank's board of directors deemed the offer price "inappropriate". The bond is stable: lo spread stands at 96 basis points and the BTP rate stops at +0,64%.
In the rest of Europe Frankfurt is positive, +0,6%, even at the historic highs despite the thud of Deutsche Bank -3,75%. Progress also a Paris +0,45% and Amsterdam +0,19%, while Madrid loses 0,11% e London 0,07%. The latter despite seeing the end of the pandemic nightmare approaching, at least in its most serious form. Yesterday the capital did not in fact register any deaths from Covid as it hadn't happened for six months. Zurich loses 0,22% and all in all holds up quite well the collapse of Swiss credit -13,83%. The Swiss bank together with the Japanese Nomura (-14% in New York), is overwhelmed by the cyclone set in motion by Bill Hwang's Archegos Capital family office, which was allegedly induced by the banks to close positions (the so-called margin calls).
Overseas Wall Street “trembles”, reconstructing the "film" of the most sensational crash in US financial history: a 20 billion dollar margin call that went up in smoke on Friday evening to the detriment of giants such as, in fact, Crédit Suisse and Nomura (the latter estimates 2 billion losses).
Among the major events of the day was the resumption of traffic in the Suez Canal, thanks to the fact that the Ever Given cargo ship was released. One of the largest commercial arteries in the world therefore begins to pulsate again, restoring oxygen to the traffic of raw materials. The Petroleum, which was much appreciated last octave following the accident, is a bit fluctuating, but at the moment it is traveling slightly up. Brent rose by 0,1% and traded at around 64,50 dollars a barrel.
Sul currency market the dollar remains well tuned, while the euro is weak against the greenback with an exchange rate below 1,18. A fragility that can be attributed to the different pace of the vaccination campaign and the prospects for economic recovery. On the first front, the EU seems determined to recover and as far as Italy is concerned, it seems that the whey produced by Johnson & Johnson will also arrive in our country on 16 April.
Meanwhile, according to a joint note by Istat, Ifo and Kof 'Eurozone economic outlook' in the fourth quarter of 2020, economic activity in the euro area decreased less than expected but the recovery of production rates is estimated starting from second quarter 2021.
Returning to Piazza Affari, the session sees reduced trading in the short Easter week, but Telecom confirms itself among the best blue chips of the period. The upward trend has lasted for five weeks and was strengthened after Dazn (with whom Tim has a technical-distribution partnership agreement), obtained the rights to broadcast Serie A championship matches for the next three seasons. According to Mediobanca Securities, "thanks to the agreement, Tim will have the opportunity to increase the penetration of its ultra-broadband through one of the most popular premium contents, such as Serie A".
Well the utilities with Italgas +1,45%; Enel +0,95%; Terna + 0,93%.
Atlantia it rose by 0,31%, on the day of the shareholders' meeting which did not approve the extension from 31 March to 31 July next of the Autostrade demerger project, which had been approved by the same meeting on 15 January practically unanimously. The vote against by Edizione (Benetton) and Crt was decisive, the only two shareholders - who together own a share of around 35% of the holding - to have voted against the extension, as announced in recent days. All the other shareholders (1.167 in all, including the large institutional ones such as Gic, Lazard and Tci) voted in favour, apart from 12 abstentions (equal to 0,14%). Therefore, in the absence of offers for the purchase of the overall stake that Atlantia would hold in Autostrade Concessioni e Costruzioni, the demerger will be interrupted and the transaction of which it is a part will not be completed. The proposal by Cdp-Fondi, which should arrive in the next few days, therefore it remains the only one in the field at the moment for the reorganization of ASPI.
Out of the main basket Carraro it rises by 1% and practically aligns with the price of the takeover bid of 69 euros announced over the weekend by the Carraro family with the aim of delisting the stock from Piazza Affari.
