The banking risk animates Business Square, which closed up 0,5% (to 24.261 points), in a positive European context supported by German confidence in the economic recovery.
AstraZeneca's controversial vaccine remains suspended for now in many EU countries, but the company is not affected on the stock market and is appreciated in London as in New York, while the EMA (European drug agency) reiterates that the benefits of whey anti Covid of the Anglo-Swedish society continue to be higher than the risks.
Frankfurt rises by 0,72%, driven by the impressive run of Volkswagen (+10%), which bets on electric mobility; it also stands out Zalando (+4,75%) after the accounts.
They are also in progress Amsterdam + 0,71% Paris + 0,32% Madrid +0,24% and London +0,8%. Overseas Wall Street is mixed, but has already hit several intraday highs after yesterday's new highs. At the moment the Dow Jones is slightly down (-0,35%), while the Nasdaq it is rising (+0,6%) with Apple, Alphabet, Netflix, Microsoft. Meanwhile, the Fed meeting which will close tomorrow has started and from which a response is expected to the fears of an overheating of the economy, after the 1900 trillion dollar Biden plan. It is likely that Jerome Powell will reiterate his pledge to maintain an accommodative policy, but one wonders how long this policy will last. Macro data today said US retail sales fell 3% in February, more than expected; import prices rose 1,3%, above estimates, while industrial production fell 2,2% in February. There are no new tensions on the Bonds at the moment. Above all, we look at the 1,6-year bond, whose yield appears stable, around XNUMX%.
In Europe, however, the macroeconomic picture does not promise sparks in the short term, also due to the vaccination campaign which is struggling to take off, while the pandemic is still hitting hard, forcing many countries, including Italy, into long periods of seclusion. Deutsche Bank cuts its 2021 economic growth forecast for the euro zone by one percentage point, citing the consequences of the lockdowns. Instead, it raises the estimates for Great Britain, the United States and India.
It is no coincidence that the ECB intends to avoid the growth of government bond yields, before the area economy is ready to bear higher financing costs. This is what Eurotower's chief economist Philip Lane reiterated in an interview, emphasizing that last week's decision by the ECB to accelerate bond purchases for the next three months must be read in this light.
Sul currency market the euro is falling against the dollar and is moving in the 1,189 area. Per Simon Harvey, currency analyst at Monex Europe. "The way the Fed communicates will affect the dollar and you'll start to get the first insights into how the institution will interpret the average inflation target."
Between the raw material gold moved little, while oil fell, alarmed by the stop to the Astra Zeneca vaccine in Europe and by the consequences that a delay in immunization could have on the economic recovery of the area. Brent is down 1,1% and trades at around 68,10 dollars a barrel.
In any case, the German Zew index, which measures confidence in economic conditions, rose in March to 76,6 points. It is a greater increase than that expected by some analysts who estimated a result of 74 points. Thus the upward parabola of the Zew index continues, which had already made a leap in February, rising from 61,8 points in January to 71,2 points.
In Piazza Affari it is bank stocks that shine in the firmament of stocks in May capitalization. The push comes from several newspaper articles and rumors about possible marriages in the sector. In the foreground there are Bpm bank +3,74% and Bper +2,21%, back in the focus of investors' attention after an article published yesterday evening by the Dagospia website, which gives the agreement between the two institutes as fact. The news that the president of Bper Pietro Ferrari will not reapply contributes to the climate.
The session was also effervescent for Mediobanca +1,71% and Unicredit +2,05%. According to Only 24 hours, two years after the exit of Unicredit from Piazzetta Cuccia, there are two new elements that make the scenario favorable to a surprise turnaround: the first is the arrival at the helm of Unicredit of the banker Andrea Orcel, who will have to choose the best option in terms of development and aggregation. The second is that Mediobanca's assets are changing rapidly, around the growing position of Leonardo del Vecchio's Delfin (today at 13% but projected at 20%), plus newcomer Francesco Gaetano Caltagirone and the Benettons. The link on both fronts is precisely the founder of Luxottica, also a shareholder of Unicredit with 1,9%. The investment banks are working on an operation capable of creating 3 billion in value.
In the rest of the price list the recovery phase continues by Diasorin +2,67%. Soar again Inwit + 2,5%.
Selling penalizes oil stocks as of Saipem, -2,02%. Down too Buzzi -1,67% and Pirelli -1,29%. Benefits taken up Exor -1,29% and stellantis -0,59%. Utilities are weak after yesterday's good session.
Out of the main basket El.En (+13,33%) celebrates the 2020 results and growth forecasts for 2021.
The secondary was slightly moved: lo spread between Italian and German ten-year bonds, it rises to 95 basis points (+2,02%) and the BTP rate grows slightly to +0,62%.
