After a lukewarm start i European lists have taken the downward path. The mood of the market, especially on the banking front, is probably chilled by the conviction, supported by a forecast from Reuters, that tomorrow the ECB, regardless of the problems with US credit, will continue by increasing rates by half a point. Wall Street futures also signal jitters on the credit front. The result is that, on a morning with low volumes, the "bank center" Business Square it pays one of the highest prices with a drop of around 3,4%, well below 26 points, a worse drain than Paris and Frankfurt. In 2023 theeconomy of Germany will be stagnant and will see GDP fall by 0,1%. This is estimated by the Ifo which today updated its estimates for 2023 and 2024.
Credit Suisse collapses: the Saudis exclude new aid and the stock exchanges sell the banks
Even the Swiss safe trembles. in Zurich, Credit Suisse loses more than 20%, the stock, in the eighth consecutive session of declines, reaches the lows of the last twelve months, as well as those of all time. There Saudi National Bank, one of the major shareholders of the financial group, has ruled out the possibility of offering further assistance since it cannot exceed 10% of the capital.
Target shooting, however, rages on Italian banks. The big ones pay the price. Unicredit, first suspended upwards, then readmitted, is down by 7,4%. The flagship is a bit better Intesa Sanpaolo -6,5% confirming that sales are testing the solidity of the Italian system on the eve of ECB decisions which, in addition to deciding on the level of interest rates, will not reinvest government bonds in its portfolio from tomorrow. Down too Bpm – 6,5% and asset management securities, on the eve of the approval of the new commission rules: Fineco sells 6,7%.
In contrast to the trend in Piazza Affari, an increase of more than 1% for Getting very which he released this morning fourth quarter results conditioned at an operational level by low wind conditions, Ebitda drops to 126 million euros, below consensus expectations. The debt was better than expected, amounting to 1.434 billion lire at the end of the year. Lead Terna's hikes who presented the new 2023 Development Plan for the grid with record investments of 21 billion over the next ten years to improve North-South connections and strengthen the grid in line with the energy transition and the plan Fit-for-55 of the EU by 2030.
The ECB is preparing to raise interest rates: inflation is picking up in France
On the eve of the communications of the ECB on taxesi, in Europe, news about inflation is back in the limelight. In France year-over-year consumer prices were revised up to 7,3% from 7,0% in January, partly due to higher food prices. It emerges from the final data released by the national statistical institute Insee. According to French Finance Minister Bruno Le Maire, inflation is expected to peak this summer and then decline.
This morning Reuters wrote that the ECB will ignore the dangers of financial stress come to light in the United States, therefore a fifty basis point increase in the cost of money remains highly probable.
The resumption ofemployment in Italy (545 more employed, the highest since 2019) does not particularly help Italian finance: the spread is back to guard level (191 basis points). The Italian 4,23-year bond trades at 2,32%, the German Bund at XNUMX%.
European stock exchanges scared but also Wall Street futures in red
The future of the index S&P500 loses 0,5%. Nasdaq Futures -0,6%, at 2,32%.
La Federal Reserve, according to reports from Bloomberg, wants to review the rules to which non-systemic banks must comply. They range from an increase in liquidity ratios to the introduction of annual stress tests, as happens for systemic banks, those with total assets exceeding 250 billion dollars. The Wall Street Journal reports that some hedge funds lenders of Silicon Valley Bank they have formed a consortium in view of the auction that the commissioner could decide to start later. Some of the bank's San Francisco-area businesses are believed to be highly valuable.
Marr is also on the rise +7%, leader of the Cremonini group.
