European stock exchanges recover from initial losses. Although the Ukrainian crisis is spiraling towards a state of war and the West is ready to introduce new sanctions against Moscow, the markets are evidently convinced that in the end a way out will be found. Or at least a compromise.
Stock exchanges in balance, from Milan to Frankfurt. Well the spread
At 12 the main index of Business Square is in balance, Frankfurt it marks a slight progress as does the Eurostoxx. The liabilities of the futures on the Nasdaq, significantly decreasing in the morning.
Bond market prices are up. The ten-year BTP trades at 1,90% (from a high yesterday of 1,94%), the spread drops to 168 against a rise in the Bund to +0,22%. Expectations of rate hikes are reduced under the skies of the crisis.
At least in part, the optimism of German consumers compensated for the chills arriving from the East: in February the IFO index on the expectations of German economists and entrepreneurs. it rises to 99,2 points from 95,8. Germany's exit from the toughest phase of the third wave of the pandemic has brought the index to its highest level since July 2021.
Late morning indicators point to a rise in risk appetite. Gold loses 0,7%. The euro is back up after three sessions of decline. The ruble gained 0,5%, from -3% this morning.
Volkswagen leap, Porsche is preparing to return to the stock market
The stability of the price lists is mainly ensured by the automotive index driven by news that is as welcome as it is expected: Volkswagen +9% has kicked off the return to the Porsche Stock Exchange. Bloomberg writes that the sports car house could be worth just over ninety billion.
In parity Stellantis, on the eve of the accounts. Weak Cnh Industrial -1,3% which today presents its quarterly and business plan.
The rise in Energy stocks returned in the morning, pushed upwards at the start by the increase in raw materials: oil is up between 3% and 4%. Natural gas +7%.
Energy and raw materials up, banks down
Ma Eni and Enel advance both +1%. , in red Tenaris -0,3%. Snam also dropped slightly -1% after the announcement of De Nora's request for listing, in which the company led by Marco Alverà controls 34%.
The giant of raw materials advances in London Antofagasta +2%: 2021 profit more than doubled with stronger copper prices, the mining company raises the coupon and confirms the guidance.
They give ground banks: Unicredit -2%. Bper Bank -1%. Nexi +0,5%.
The colossus also loses its shots in London Hsbc -1% despite the sensational accounts. Net income more than tripled in 2021 as the bank announced plans to launch a buyback of up to $1 billion, on top of the $2 billion buyback it announced late last year.
The companies most closely linked to business with Russia are in red: Pirelli -0,5%, Recordati -2,5% and Buzzi -3%.
