- European indices they found some reason for optimism today in the harmonious start of Wall Street, but they close a controversial session while waiting for the Federal Reserve announce its monetary policy decisions later and offer indications for the future. A few hours ago, the Japanese central bank also decided not to touch rates, while tomorrow they will pronounce the Bank of England, riksbank Swedish and the Swiss National Bank.
Square Business rises to 39.712 basis points with an increase of 0,45%, supported by energy stocks and banks.
The shades of green are similar to Paris + 0,70% Amsterdam + 0,96% Madrid + 0,46% London but it's flat and Frankfurt falls by 0,45%, also due to gains after the recent rally.
The only truly critical front of the day was the Turkish stock exchange, where the Bist 100 lost 8,72%, due to the arrest arrest of Istanbul mayor Ekrem Imamoglu, one of the main opponents of President Recep Tayyip Erdogan. Even the lira hit historic lows today.
The time zone then takes us to New York which, at the end of the morning, seems to have regained its good mood after yesterday's losses. DJ earn 0,56%, S & P500 + 0,66% Nasdaq +0,92%. Big tech is progressing, among all Nvidia (+1,41%) which yesterday presented new chips. Traveling strong Tesla (+5%), with the company having obtained from the Californian authorities one of the necessary permits to be able to offer a public transport service based on self-driving vehicles. Musk hopes to launch robotaxis in Texas and California within the year.
Central Banks in Focus as Trump Closes 'Great Call' with Zelensky
The Russian-Ukrainian front is running these days on the telephone wire of the White House and today Trump spoke with Zelensky for an hour after discussing yesterday for three hours with Putin. "Great call" commented the tycoon, similarly to what was leaked yesterday about the conversation with the Russian leader. So, still hoping that steps forward will be made towards a truce that has the same meaning for everyone, what is holding the stage in these hours on the markets is above all the expectation of the words of the president of the Fed Jerome Powell, at the end of the meeting of the US central bank. The market is betting on unchanged rates at 4,25%-4,5%, but what interests it most is what the president will say and what the economic projections of the central bankers will be, taking into account the impact of trade and immigration policies on economic growth, inflation and unemployment.
According to Lseg data, this year the Fed expected to cut rates by about 60 basis points, with the first cut scheduled for July.
About the trade war Trump, today we see what Fox News reported, namely that White House economic adviser Kevin Hassett spent the night negotiating, along with Commerce Secretary Howard Lutnick and Treasury Secretary Scott Bessent, with other countries to mutually lower tariffs before the April 2 deadline.
From the macro page, the Eurozone stock markets have drawn some inspiration from Eurostat estimates on 'inflation in the block, filed downwards (to 2,3% from 2,4%) for the month of February and after 2,5% in January.
In Italy Price growth in February is seen at 1,7%, stable compared to the previous month.
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Dollar on the upswing
On a day full of news for the dollar, the US currency moves in tune against major currencies. The greenback gains 0,4% against the yen for a change at 149,93. Theeuro retreats from 1,09 and is trading down at 1,088.
THEgold is not affected too much by the strengthening of the dollar and is holding on to record levels, even if it is currently trading after new highs touched during the day at 3045,39 dollars an ounce. At the moment, spot gold is at 3034,83 dollars.
The trend is moderately positive for the PetroleumBrent crude for May is priced at $70,80 a barrel, while WTI is at $66,97.
The price of gas breaks away to +3,5% and revisits 42 euros after the first Trump-Putin agreement and a 30-day truce in raids on infrastructure, starting with energy.
Piazza Affari, Tenaris soars and Mps is still rallying
Buying rewarded many energy, bank and auto stocks today.
The biggest gain of the day among blue chips is that of Tenaris +2,7%. In the oil sector, the following are also noteworthy: Saipem +1,24% ed Eni +1,31%. As for the six-legged dog, today's news is that Vitol has purchased stakes in some assets in the Ivory Coast and the Republic of Congo for 1,65 billion dollars.
Among energy products, they show robust progress Enel +1,44% and Italgas + 1,21%. Snam records a rise of 0,24% in day of reckoning, which showed a 2024 net profit growth of 10,4%, with a 3% dividend increase.
Three banks confirm rally Ps +2,49%, promoted to “buy” by Deutsche Bank. It is still progressing also Mediobanca +1,06%, on which Siena has launched a public exchange offer. However, the engaged couples have opposing views on this marriage: yesterday the number one of Piazzetta Cuccia, Alberto Nail, reiterated its opposition to the offer, while MPS remains convinced that the merger will bring benefits to the entire Italian economy.
The performance of flattens out towards the end Unicredit, -0,07%, engaged in national and international matches. Intervening at the European Financials Conference in London, the bank's CEO, Andrea Orcell, said that for the takeover of Commerzbank, "patience is needed", while for the takeover bid on Bpm. "We have not ruled out increasing the offer, but only with more value. For now, what has happened is a negative development".
It is doing well in the automotive sector Ferrari, +1,46%, but also makes some progress Stellantis +0,29%, on the day ofHearing of President John Elkann in Parliament.
Leonardo, always under special observation in these times of war, gains 0,98%, after having written a new record during the day.
On the negative side of the list there are profit takings for Campari -2,08% Iveco -1,56% Inwit -1,1% Buzzi -0,93%.
Stable spreads and declining rates
The closure is flat on the secondary, where the spread between the Italian and German ten-year bonds remains at 105 basis points. Yields are falling, encouraged by the good performance of inflation. The BTP is indicated at closing at +3,84% and the Bund at +2,8%.
