European stock markets close last session higher by a week on the swing, driven by the rebound in oil and the renewed optimism in the economic recovery. The Ifo index, which measures the confidence of German businesses, rose above expectations to 96,6 points in March.
Risk appetite starts on Wall Street, where tech and financial stocks are on the rise, while investors bet on what should be the fastest growth since 1984. The aggressive anti-Covid vaccination campaign put in place is injecting optimism act in the US, while the European Union is trying to use all its weapons to get out of the initial impasse and overcome the risk of vaccine shortages due to non-delivery. Meanwhile, there is the green light from the EMA for the trade in the EU of vaccines produced on the German site of Pfizer and on the Dutch site of AstraZeneca. According to EU Internal Market Commissioner Thierry Breton Europe is expected to become the world's leading producer of vaccines against the coronavirus by the end of the year, with 52 factories involved in the process across the continent. On the foreign exchange market, the euro recovered some positions against the dollar and the exchange rate was close to 1,18.
Leading the rises of the Old Continent is Amsterdam reaching all-time highs reaching the goal of the day with a growth of +1,65%. Frankfurt and London appreciate by one percentage point; Madrid does even better +1,12%; Paris +0,61% lags behind.
Milan gains 0,72%, driven by Telecom, +3,48%, celebrating following the assignment, until 2024, of Serie A TV rights to Dazn, which moved on this match with the technological support of the telecommunications company led by Luigi Gubitosi. According to Reuters sources, on the basis of this agreement, Tim will guarantee the payment of more than 40% of the amount owed by Dazn to Serie A.
Oil stocks rebound, at the end of an octave roller coaster with crude oil prices. Tenaris appreciates by 36,4%. Lagging behind are Saipem +1,35% and Eni +1,19%. Maire Tecnimont (+2,71%) and D'Amico (+5,48%), a company active in tankers for the transport of crude oil, did well. It is recalled that oil prices have begun to soar in recent days, after a ship ran aground in the Suez Canal. The situation is costing world trade dearly, but 13 tankers still lined up to pass, with uncertain times, push up the costs of commodity futures. The May 2021 Brent contract appreciates by approximately 4,3% to 64,60 dollars a barrel. A similar trend for the Wti which trades around 61,10 dollars. Yesterday prices had collapsed, in a climate of concern over the grip of the pandemic in Europe and the consequent lockdowns.
Returning to Piazza Affari: positive performance for Stm +2,29%, in the wake of American technology. In the Agnelli team, Ferrari is pressing the accelerator +2,15%, Stellantis is doing well +1,61%, while Exor rises by 0,31% after the accounts. Atlantia scores +1,62%, pending the presentation of an offer for Autostrade per l'Italia, which according to press rumors could value the company at over 9,5 billion, even if yesterday Edizione said "no" to the spin-off of Aspi itself. Negative Diasorin -2,32%; Inwit -0,59%; Pirelli -0,76%. Neglected banks.
The bond is stable: the spread is 96 basis points (-0,8%) and the BTP rate rose slightly to +0,61%. Ansa reports that the German Constitutional Court has suspended the process of ratifying the Recovery Fund, due to an appeal filed with urgent proceedings against the plan financed with common debt. The supreme court "decided that the text of the law" on the Recovery Fund, which had just been approved by Parliament, "must not be signed by the head of state" pending the situation being clarified and the legitimacy of the appeal examined. The timing of a decision on the appeal has not been communicated.
Meanwhile, the morning went well the auction of 6 billion semi-annual BoTs and yields are declining. In detail, bonds maturing on 30 September 2021 were placed with an average yield of -0,486%, down by 6 basis points compared to the previous auction. Demand slightly exceeded 8,4 billion for a coverage ratio of 1,40.
