The first session of the week of Business Square closes with new progress, +0,86% thanks to the rally in stocks such as Saipem (+ 6,07%), Telecom (+ 4,18%), Amplifon (+ 4,08%) Leonardo (+2,73%). The Ftse Mib thus grabbed 34.639 basis points, at the end of effervescent trading, although less intense in terms of volumes in view of the Easter holidays, with the stock exchange which will be closed from Good Friday to Easter Monday, inclusive.
The other main European price lists are decidedly more lukewarm: Frankfurt rises by 0,32%, are almost flat Paris, Amsterdam e Madrid +0,28%. It is decreasing slightly London, -0,18%.
The weak start of Wall Street, which however should close the fifth consecutive month of gains. In addition to physiological gains, today sales are weighing on some tech giants such as Apple, Meta and Alphabet, after the European Commission launched a non-compliance investigation against them under the Digital Markets Act (DMA), a market law digital.
I'm in red too Intel e Amd, as China will introduce guidelines to phase out US microprocessors from personal computers and government servers.
It regains altitude instead Boeing, after announcing that CEO Dave Calhoun will step down at the end of 2024.
Markets at highs despite global insecurity; oil runs
The barometer of the financial markets is still in good weather thanks to the more accommodating attitude of the central banks and despite the growing geopolitical risks after Saturday's terrorist attack in Moscow, while on the Middle Eastern front there is news that the UN Security Council has approved, with the United States abstention, its first resolution to call for an immediate ceasefire in the Gaza Strip.
However, international tensions fuel the rise in prices of Petroleum (Brent moves just over 86 dollars a barrel and Texan crude trades around 82 dollars) and the trend of black gold can have clear repercussions on global inflation even if, for the moment, expectations on prices in Europe and the USA are quite optimistic. In particular from ECB statements arrive that strengthen the belief that a rate cut is on the way (in June). For the chief economist, Philip Lane, the European Central Bank is increasingly convinced that wage growth is slowing towards more normal levels; for the governor of Bank of Italy Fabio Panetta, Eurotower is moving in the direction of a rate cut as inflation is falling rapidly and approaching the 2% target.
The numbers will have their say this week: the data on March prices in Spain will be released on Wednesday, while on Friday it will be the turn of Italy and France. Also released on Friday will be the February US Personal Consumption Expenditure Price Index (PCE), the Fed's preferred inflation indicator.
On the foreign exchange market the euro-dollar it floats around 1,083 and is slightly favorable to the single currency.
Piazza Affari, queen of Europe. The banks are doing well
Piazza Affari is once again queen in Europe, in the wake of Saipem. The oil service stock is supported by the positive opinion of Berenberg, who raised the target price to 3 euros from 2,85 euros previously. A tonic session also closed in the oil sector Eni + 1,39%.
It also returns among the best blue chips of the day Telecom Italy, in the face of rumors that the Treasury is evaluating the involvement of the Spanish private equity fund Asterion as a minority partner for an offer on Sparkle which could reach 800 million in equity value.
It also shines in the high rankings Amplifon and the rally doesn't stop Leonardo, in a context of growing global spending on defense and armaments.
Financial stocks are rejoicing again starting from Bper +2,15%, followed by Finecobank + 1,68% Unicredit + 1,44% Bpm bank + 1,56% Popular of Sondrio +1,39%. In the automotive Ferrari +1,12% celebrates the double in the grand prix. Rbc increased the target price on the shares of the prancing horse to 463 euros from 380. Furthermore, the CEO Benedetto Vigna told the Financial Times that demand for supercars is growing faster in Taiwan than in China or Hong Kong, thanks to the boom in the chip sector which has given a big boost to the island's wealth.
There are few big caps in decline, the worst is Erg -1,18%.
Stable spreads
The situation appears stable on the secondary side: lo spread between ten-year BTPs and Bunds of the same duration it stands at 133 basis points, with a Italian bond rate al 3,65%.
