The European stock markets close positive, government bond yields are growing and the single currency is slipping ever lower (1,07 against the dollar, at its lowest since April 2020): this is the final picture of the markets after the ECB confirmed its accommodating and flexible monetary policy , leaving rates unchanged and saying they may rise "some time after" the end of the App program in the third quarter. It is therefore not known exactly when this adjustment will be implemented as Eurotower will have to assess the risks of inflation, but it seems that inflationary pressures have intensified, especially in the short term. On the other hand, there are the risks of recession in a context of war in Eastern Europe. "An abrupt boycott of Russian oil - underlines Christine Lagarde - would have a significant impact".
Among raw material oil weakens moderately, Brent -0,79%, 107,92 dollars a barrel; Wti -0,96%, 103,24 dollars a barrel. Gold sales, -0,67%, 1964,1 dollars an ounce.
Positive Europe, contrasted Wall Street. Musk wants Twitter
In the last session before Easter, with exchanges which, for many squares (including Milan) will resume on Tuesday, Piazza Affari rises by 0,51% at 24.848 basis points led by Atlantia, +4,29%, on which this morning it was announced the takeover bid by Edizione, the Benetton and Blackstone holding company at 23 euros per share, including the 2022 coupon of 0,74 euros, with the aim of delisting.
Madrid, +1,04%, with the travel and leisure sector in evidence throughout the continent. Well Paris, + 0,72%, thanks to luxury. Hermes in particular rises by 3% thanks to quarterly sales beyond expectations, driven by demand for the group's accessories, particularly in the United States and Europe. Progress in Frankfurt +0,62%, Amsterdam +0,23% and London, +0,37%. In the English capital crolla Petropavlovsk (-17,2%), one of Russia's leading gold producers, is considering selling its assets due to sanctions targeting Gazprombank, the group's lender.
Overseas mixed moves Wall Street in the American morning, with the quarterly reports of the big banks in chiaroscuro and macro data to interpret, while Elon Musk wants to buy Twitter (-0,5%) and remove it from the bag. The pyrotechnic entrepreneur has launched a hostile takeover bid on the social network for 43 billion dollars ($54,20), while last week he turned down a board seat after becoming the company's largest shareholder with 9%. “My offer is my best last offer”, clarified the Tesla patron and in case of refusal he will also have to reconsider his position as a shareholder.
In Piazza Affari the banks are doing well, Telecom is down
On the main list of Piazza Affari still goes up Leonardo, +2,12% which has gained more than 60% since the beginning of the year.
Campari +2,48% and utilities archive a recovery session and the banks, Intesa +1,38%, Unicredit +1,38%, Mediobanca +1,16% stand out.
Sales on US big tech sink Stm, -1,47%, while profit-taking after a few sessions on the shields send Iveco into the red -1,31%.
In black shirt is Telecom which loses 2,34%. The company has signed an agreement with a consortium of funds led by Adrian for the sale of 41% of Dafne 3, a shareholder with 30,2% of Inwit, the main telecommunications tower company in Italy. The parties announce the agreement, which will yield Telecom 1,3 billion euros, against a valuation of the Inwit share of 10,75 euros (dividend included). Upon completion of the transaction, Ardian will hold 90% of Dafne3, equal to 27,2% of Inwit, while Tim will remain in the vehicle with an indirect 10%, indirectly holding 3% of Inwit's share capital. The conditions precedent of the transaction are the OK from the antitrust, the authorization pursuant to the Golden Power regulations and the dissolution of the shareholders' agreement with Vodafone (Europe and Central Tower Holding Company.
Out of the main basket Autogrill goes into orbit, +8,89%, in the wake of the good performance of the travel sector, despite the war in Ukraine. Little move Brunello Cucinelli (-0,95%) after the accounts.
Spreads and yields on the rise
Lattitude of the ECB, prudent and flexible in its path of normalization of monetary policy, but also determined to contain inflation, is reflected in the euro and in a rise in yields on government bonds. The single currency is at a two-year low, below 1,08 on the dollar
The Italian card closes today in red: the spread between ten-year Italian and German it rises to 165 basis points (+4,31%) and the rates grow respectively to +2,49% and +0,83%.
It starts again interest rate race also in the USA and the 2,8-year Treasury yield once again exceeds XNUMX%.
