Volatile session, but finally very positive today in Europe, also comforted by the upward trend of Wall Street after an uncertain start.
The rebound of contributed to favorably influence the markets Credit Suisse (+20,21%), after the intervention of the Swiss National Bank in support of the institute (up to 54 billion) and even the orientation of the ECB. Today the European Central Bank, led by Christine Lagarde, raised rates by 50 basis points (+0,5%), without wavering in the face of the banking crisis, however the official press release (compared to the last time) shows that he has removed the commitment to raise rates "significantly" in the future. The next steps will depend on how things go: "the high level of uncertainty reinforces the importance of a data-dependent approach in decisions".
As for the banks in the Eurozone, Lagarde sees no liquidity crisis on the horizon and nothing comparable to 2008, "but if necessary, the ECB will be ready to intervene". The rate decision was taken with a large majority, although some central bankers were against it.
Some concern could instead have created what was said by the vice president of the ECB, Luis de Guindos, which, according to Bloomberg, warned EU finance ministers meeting in Brussels for Ecofin on Tuesday that some Eurozone banks could be vulnerable to interest rate hikes. However, the news did not have a significant impact.
Europe closes higher
Business Square it appreciates by 1,38% and is back within a step of 26 thousand points (25.918). Banks are still very nervous, but Unicredit rebounds in a convincing way (+2,72%). The best blue chip of the day is Iveco (+5,73%), while outside the main list it shines cucinelli +8,55%, after 2022 results in line with expectations and improving prospects. Equita raises its target price on the cashmere king's stock to 66 euros.
In the rest of Europe the rebound is more convinced a Paris +2,03%, in turn driven by luxury stocks (Hermes +4,48%; lvmh +3,54%). Well Zurich + 1,96% Frankfurt + 1,63 %, Madrid + 1,45% Amsterdam + 1,48% London + 0,9%.
Wall Street salt with the techs (Nasdaq + 1,8%)
The serene returns in the morning also on Wall Street, despite the turbulence at the sound of the bell. The titles of First Republic Bank continue to plunge (-16,65%) after several rating agencies have downgraded the shares to junk, but the Wall Street Journal opens to hope and reports rumors that several American banks, including Jp Morgan and Morgan Stanley, are considering an intervention in support of the institute.
On the other hand, tech stocks are rallying, even in the possibility of one Fed more cautious starting from next week's meeting. The market for T Bond.
As far as the macro picture is concerned, the stars and stripes economy is confirmed to be healthy: the new weekly requests from unemployment benefits (after having risen the week before to the maximum since Christmas) they drop to 192 thousand (-20 thousand), against estimates of 205.000. In February, there was a strong monthly increase in new construction sites (+9,8%) and building permits (+13,8%), while import prices decreased by 0,1% (-1,1 % annually), the first decline since the end of 2020. Finally, the Philadelphia Fed manufacturing index remained below parity, registering only a slight increase to -23,2 points.
Euro recovering with ECB and rising rates; flat oil
The monetary tightening decided by the ECB pushes the euro, which regains an exchange rate of 1,062 against the dollar.
Rates are also going up government bonds of the eurozone, even if the spread between the Italian and German ten-year period, it falls by 184 basis points (-4,3%). THE returns at the end they are respectively indicated at +4,3% and +2,22%.
The global situation still appears very fluid (between banking crises, interest rates and recession risks), and the Petroleum remains at the window, after the heavy losses of the eve. In these minutes, Brent has appreciated by 0,14% to 73,79 dollars a barrel; Texan crude rose 0,16% to 67,72 dollars a barrel.
Piazza Affari toned, only three blue chips in red
Piazza Affari recovers part of the losses suffered yesterday thanks to the leap of Iveco, Moncler + 4,3% Saipem +3,95%. The latter is back from a series of down sessions, but today it benefits from the promotion of Morgan Stanley to 'overweight' from 'equal weight', even if the target price has been lowered to 1,85 euros.
In the oil sector he shyly raises his head Tenaris +0,26%, while Eni it is one of three blue chips in the red (-1,2%).
The banks are opposed: Unicredit rebounds, while Mediobanca loses 0,38%.
At the top of the list Italgas +4,2%, along with other utilities such as Snam +3,04% and A2a +2,19%, after the accounts and the coupon on the rise.
Ruin Ferrari +2,99%, with Interpump + 3,17% stm + 2,65% Recordati + 2,1%.
At the bottom of the list it langues Telecom -1,04%.
