The rise in the spread and the bets on a more hawkish than expected ECB held in check Business Square during today's session and the ending is in red, unlike other northern European markets. The Ftse Mib dropped 1,03% and fell to 26.328 basis points, together with Madrid -0,16% and Athens -0,68%. Instead, they make progress Frankfurt + 0,76% Paris + 0,83% Amsterdam +1,14%. Outside the euro area it appreciates London + 0,73%.
To ballast the main Milanese price list they are above all Diasorin (-4,33%) and utilities, the latter sensitive to the trend of the spread, with the market waiting for some insight from the president of the ECB Christine Lagarde, in a hearing in the afternoon at the European Parliament.
Raising the likelihood of one or two borrowing hikes this year was more of what Lagarde didn't say last Thursday than what she did. The president, unlike in the past, has not explicitly ruled out an intervention on interest rates and this has triggered speculation, especially as the Fed seems inclined to move earlier, faster and more massively. Goldman Sachs economists now estimate two 25 basis point hikes for the ECB in September and December 2022.
In the US, in the stock market, today Wall Street started off with a cautious increase and is continuing on this path, after closing last Friday the best week of 2022, thanks to some quarterly reports and a higher-than-estimated employment report. These positive elements largely offset the collapse of Meta (Facebook), which is also currently in decline after threats to close shop in Europe if the dispute over personal data is not resolved. The scenario was aired by Mark Zuckerberg in the company's annual report to the SEC.
In a context of expectation, especially in terms of central banks, the dollar index appears to have little movement, as does the exchange rate with the euro, which trades at around 1,143.
It is worth mentioning the increase of the russian ruble, returned to a three-week high against the dollar, with French President Emmanuel Macron in Moscow seeking pledges from Russian President Vladimir Putin to de-escalate tensions with Ukraine.
moves in the greengold, around $1813 an ounce buoyed by inflation concerns.
Instead, move back Petroleumafter the long run. Some positive signs of progress in the nuclear talks between the United States and Iran are believed to be behind the sell-off. Steps that could lead to the lifting of US sanctions on Iranian oil sales.
Piazza Affari: Intesa shines, Saipem rises again
Among the worst performers of the day are those of utilities such as Ivy -4,28%; Snam, -3,17%, A2a -1,92%; Terna -2,31%. What hurts the most is the collapse of a maximum step like Enel, -3,32%, which suffered the downgrading of Fitch's long-term rating to BBB+ from the previous A-.
Banks are mixed and recovered towards the end from the lows reached in the session.
Understanding is in the pink jersey, +1,8%, with some investment banks having improved their valuations in the light of the 2021 results and the update of the industrial plan to 2025. Jp Morgan has brought the target price from 3 euros to 3,2 ,XNUMX euros. Well too Bpm bank +0,97% and Ps +0,54%. Instead, it is declining Unicredit -1,24%.
Among the titles oil resurfaces Saipem, +1,09%, after the collapse of about 40% last week and awaiting news on capital strengthening, after the managerial reorganisation. Losses for Eni -2,18%.
Spread over 160 points, then goes down
A flare-up on the secondary brought the spread to the highest since the summer of 2020, over 160 basis points, during the session, at the end of which, however, the yield differential between the Italian and German ten-year government bonds returned to 156 points basis, however up 2,95% since Friday's close.
They also go up rates: that of the 10-year BTP closes at +1,74%; the Bund with the same maturity marks +0,19%.
Meanwhile Lagarde, in the European Parliament, returned to the inflation issue and reiterated that "the outlook for inflation is uncertain: it is likely to remain high for longer than previously expected, but to decline this year".
