Bags in red, as expected, even after the week of passion. To accentuate the negative trend contributes the diagnosis of the World Bank which lowered forecasts for world GDP to 3,2% from 4,1% in January. In the afternoon, the publications of the Monetary Fund will also arrive, starting with the Economic Outlook: needless to say, another wave of pessimism is expected. No less heavy was the effect of the statements of James Bullard, the Fed's hawk, who called for US rates of 3,50% within the year. But what conditions the session is above all the expectation of sanctions on Moscow's oil, openly invoked by Bruno Lemaire, French Economy Minister in response to the Russian offensive on Mariupol.
Stock markets weak for war and oil. Bond under pressure
Brent oil and WTI are trading slightly lower on fears of an exacerbation of the Covid-19 outbreak in China.
The war in Ukraine weighs on the performance of US natural gas at 8 dollars per mWh, the highest for thirteen years in view of supplies to the EU. The reference gas for Europe loses -5% to 89 euro megawatt/hour, the lowest since the outbreak of the conflict in Ukraine due to signs that the Kremlin may postpone the payment obligation in rubles until next month. The price was down -9% on Friday.
The yield on government bonds starts to rise again. The 2,90-year Treasury Note traded at 2,56%, while the 6-year BTP also appreciated at 0,92%, +6 basis points. Bund at 162%, +XNUMX basis points. Stable the spread at XNUMX points.
Borsa Milano black mesh, but the detachment weighs heavily
In this setting in Piazza Affari it's up to the black jersey, a result however drugged by the detachment involving eight blue chips. Among these stands out Stellantis – 6%, which he announced this morning the closure of the Kaluga plant, south of Moscow, already operated in partnership with Mitsubishi (already fleeing Moscow). After the exit of the Italian-French company (which places 1% of production in Russia) Renault, which controls Autovaz, and Mercedes, which has a plant near Moscow, remain to produce in Russia. In Milan shortly after 12 the index signals a drop of 1,8% below 24.500 points. Paris also fell -0,8% (Hermés lost 2,5%). Frankfurt is also down by one percentage point.
In Milan, Saipem shines +2,2, best title of the session. Eni +1%. JP Morgan raises the target price to 20 euros. Luigi Di Maio and Stefano Cingolani's mission to Angola and Congo to purchase natural gas quotas starts tomorrow.
Iveco's rally continues +2%.
Among the stocks that appear to be the worst are the blue chips that have come off their coupons: Banca Mediolanum -6%, Banco Bpm and Prysmian with drops of more than 4%.-
Generali fell sharply -3,2%: the company filed an urgent complaint with Consob against the second shareholder Francesco Gaetano Caltagirone and his candidate for the role of CEO, Luciano Cirinà, for the statements made to the newspapers.
