European stock exchanges rise cautiously but futures fall on Wall Street, focused on Elon Musk's blitz on Twitter, and the final slowdown in China confirm the difficulties of the Bull, between war and rate hikes in sight. Piazza Affari +0,3%, just below the barrier of 24 points, in line with the Stoxx 600 index and the Frankfurt Dax.
European stock exchanges: the landslide of the euro continues
However, the landslide of the euro continues, slipping to 1,068, the lowest level for two years, down by 0,3%. Pressure is growing on the markets to bring forward the rate hike in Europe as well. The bond market is up: the Treasury has auctioned short-term BTPs (maturity 29/11/2023) for 2,75 billion, against a request of 4,4 billion. The gross yield came in at 0,48%, up 34 basis points.
The 2,58-year BTP trades at 2,79%. The Ten Year Treasury Note [ZN.OTC] traded 19%, down five basis points from Monday. The yield curve is flattened: the two-year-ten-year spread rises to 23 basis points, from 40 on Monday and around 175 ten days ago. The Btp/Bund spread rises to XNUMX points.
Oil down and focus on big banks
Oil is still down, Brent -1,3%, against the decline in Chinese demand: according to Bloomberg, Beijing's demand for some types of fuel (gasoline, diesel and kerosene for aviation) decreased by 20% in April than a year ago.
This morning UBS climbs +1% on European stock exchanges buoyed by earnings as HSBC loses momentum -1,5% due to higher than expected credit losses. Salt also the Bank of Santander +2,5%. Ubs raises the targets of Banco Bpm +0,49% and Bper +1,13% in view of the Italian quarterly reports. On the other hand, Unicredit - 1,9% and Intesa -0,44% fell. Banca Akros cuts the rating from accumulated to buy and the target price from 2,9 to 2,5 euros.
Mediobanca did well +2,1%.
European stock exchanges: Vivendi backs Tim
Telecom Italia gains positions +2,4%. List leader title. The declarations of Arnaud de Puyfontaine at the assembly of Vivendi. "Italy is more than ever one of our priorities" - he said - and we want to remain a long-term investor". The CEO reiterated that he has "much more important ambitions on Tim's value" than the 0,505 euro per share indicated by the KKR fund. Vivendi, after the last devaluation; has Tim shares recorded in the balance sheet at 0,657 euro. On the agenda today is the Board of Directors of FiberCop (TIM's secondary fiber network, with KKR at 37.5%, TIM at 58% and Fastweb at 4.5%) to approve the commercial agreement with Open Fiber in white areas.
Positive Campari +2,45% and Interpump +2,39%. Still positive Enel +1,6% which is negotiating the sale of Celg-D, its energy distribution company in Brazil, an operation that could reach 2 billion dollars in value, according to four sources familiar with the matter.
In this setting, Piazza Affari is preparing to financial statements and board marathon typical of the end of April. Generali +0,66% is preparing for the big confrontation between the list of the board of directors and that of Caltagirone. The company has published the answers to the questions received in view of the April 29 Shareholders' Meeting submitted by some shareholders. And he confirmed that he considers the stake in Banca Generali as strategic and that the BoD has not received formal offers in the past.
