The start of the Easter week on the price lists continues in a reduced tone. The negative signals arriving from the Ukrainian front and the expectation of new flare-ups in inflation suggest prudence, as do the negative futures prices in view of the opening of Wall Street. Treasury yields take off. The ten-year btp traded this morning at 2,40%, the highest for two years. The spread is just over 160 points. They also go up US T-bonds on new highs of the last three years at 2,75% yield.
Paris in the spotlight
The most positive note comes from Paris (+0,4%), but it is not so much linked to the outcome of the first round of the French elections, as for the news that Société Générale (+5,8%) starts at divest the stake in the Russian group Rosbank. The novelty also lends a hand to Unicredit (+1,4%), another banking group grappling with a difficult divorce from Russian business.
Leonardo highlighted in Milan
In evidence in Piazza Affari, also flat in the middle of the session Leonardo (+3,50%). The group would be close to joining the Franco-German Main Ground Combat System (MGCS) project. The managing director of the Franco-German defense consortium Knds, Frank Haun, expects it. Beyond the program for the European tank of the future, the possibilities of creating a European defense industrial pole are becoming more concrete. Polo on which the Leonardo group has been thinking for some time.
Also prominently featured Iveco (+ 4,4%) and Prysmian (+4,3%). The world leader in cables has been promoted by Credit Suisse from Neutral to Outperform with a target of 35 euros.
Banco Bpm and Atlantia lose hits
Conversely, the most popular titles over the weekend lose out. Bpm bank leaves about half of Friday's gains on the ground after the Crédit Agricole blitz. Downhill too Atlantia (-2,3%) after the rumors about takeover bid and delisting. JP Morgan initiated Neutral rating coverage. Investment funds Global Infrastructure Partners and Brookfield, ACS's allies, have no plans to take any "hostile" action on the Italian group, two sources told Reuters.
China holds back luxury and raw materials
The slowdown in the Chinese economy is reflected in luxury: Moncler loses more than 3,5%.
Beijing's difficulties also weigh on raw materials: Petroleum Wti down 2,5% to 95,8 dollars, penalized above all by the trend of infections in Shanghai. Natural gas unchanged at 104 euros per mWh. Gold at 1.940 dollars, -0,2%. Bitcoin -2% to $42,160. Bitcoin -1% to 42 thousand dollars.
