After an uncertain morning, European lists find their way up, driven by cars and chemistry. The Stock Exchanges have put their fears about the Federal Reserve's future moves behind them and have preferred to look optimistically towards Brussels, where the European Commission is committed to approving, one after the other, the national recovery and resilience plans presented by the various States. A first evaluation on the Italian Pnrr arrived this afternoon, passed with flying colors with only a B on “Costs” and a shower of A's on all the other entries. The final go-ahead is scheduled for tomorrow, while the go-ahead should also arrive for the plans of France and Germany in the following hours.
In this context Business Square manages to overcome the coupon effect and accelerate in the final stages, closing the day with a rise of 0,7%, a percentage that includes the weight of dividends (-0,23%). The best is Frankfurt (+0.95%), the other EU Stock Exchanges are more backward, with Paris up by half a point e Madrid just above parity. Outside the European Union, London earn 0,4%.
Across the ocean, Wall Street moves away from the lows reached last week in the wake of news from the Federal Reserve which could initiate the tightening of monetary policy in 2023. After the -3,5% left on the ground in the previous 5 sessions, the Dow Jones starts running, gaining 1,6%. The S&P 500 also rose sharply (+1,2%), while the Nasdaq, which had opened against the backdrop, rose by 0,5%.
Christine Lagarde also referred to the USA during the hearing before the economic affairs committee of the European Parliament. “The international effects of US inflation can be magnified if people in the euro area also base their expectations on what is happening in the US, but overall the effects on Eurozone inflation are expected to be moderate,” she said. number one of the ECB. Lagarde added that “the risks surrounding growth prospects have become broadly balanced: while worsening risks depend on virus mutations and continue to be a source of danger, improving risks have to do with improved global demand prospects and with faster increases in consumer spending which could result in a stronger recovery”.
Returning to the Stock Exchange, in Milan the spotlights are all for stellantis, which gained more than 3,38% on the back of strong sentiment in the European auto sector. The valuation of Equita also contributed to the purchases, which confirmed the recommendation on the "buy" stock, increasing the target price by 2% to 20,40 euros. The price adjustment - the experts explain - derives from the recent listing of Aramis, a French group specializing in the sale of used cars, 70% controlled by Stellantis.
Remaining within the range of the Agnelli family, it also closes on a positive note Cnh Industrial (+0,84%), which he announced this morning the acquisition of 100% of Raven Industries (+49,55% on the Nasdaq), a US company active in precision agriculture technologies, valued at 2,1 billion dollars.
Also up sharply Prysmian (+2,79%). The group has been selected by SOO Green HVDC Link as the preferred supplier of high voltage direct current cable systems for a project relating to the transmission of energy overland along existing railway tracks. The contract is worth about 900 million dollars.
Among the best titles of the day there is Buzzi Unicem (+1,98%), while in the banking sector it shines Unicredit (+ 1,86%).
On the other side of the fence, the dividend effect crashes down Snam (-3,7%), Terna (-3,13%), Poste Italiane (-1,54%), stm (-0,87%) And Telecom Italy (-0,1%), which today detached the coupon, remunerating their shareholders.
Turning to bonds, lo spread between Btp and Bund, settling at 104 basis points. Instead, the pressure is on Bitcoin, which came to yield about 7% under the 33 thousand dollars, after the news arrived from China. The Asian giant has in fact decided to extend the mining suspension order to the Sichuan area.
On the foreign exchange market, after the highs for over two months reached in Friday's session by the greenback, the euro/dollar cross is at 1,1920 euros. Increasing the price of Petroleum, with Brent reaching 74,44 dollars a barrel (+1,27%), while WTI stands at 72,9 dollars (+1,76%).
